Home Loans

To repay an existing home loan from Union Bank of India, here are some of the repayment options offered by the bank

Union Bank of India home loan EMI calculator assists borrowers in calculating their loan instalments i.e. EMI for home loan taken. It an easy-to-use online tool that allows better financial planning for a home buyer.

Union Bank of India offers home loans at interest rates starting from 6.80% p.a. The bank offers longer loan tenures of a maximum of 30 years combined with low EMIs of Rs. 652 per 1 lakh. This allows borrowers to enjoy a flexible repayment period. Borrowers can also get up to Rs. 30 lakhs as a loan towards home repairs. The bank also offers a complete waiver of a prepayment penalty on floating rate loans.

Union Bank home loan EMI could remain constant or change depending on whether you have taken a fixed-rate home loan or floating-rate home loan.  In fixed-rate home loans, the EMI remains constant throughout the loan tenure. The interest is decided at the time of loan sanction and remains the same for the entire loan tenure. 

To get a home loan from Union Bank of India, you can either apply online or visit the nearest branch and take the help of the loan officer.  In order to get a home loan from the Union Bank of India, you need to meet the following eligibility criteria

As of 01.11.2020, the interest rate on Union Bank of India home loans is at MCLR + 0.05% to MCLR + 0.50%. The effective rate starts at around 6.85%.  Union Bank of India follows the below formula to determine your home loan interest rates

Union Bank of India encompasses a broad variety of home loan services. The bank is favoured by millions of customers due to its wide array of financial services and loan products. The Union Bank of India Home Loans are tailored to the demands of diverse consumers and are packed with exclusive incentives.

Central Bank of India offers you one of the lowest home loan interest rates in the market. It would be financially smart and economically very beneficial to get a home loan from the Central Bank of India. 

Current Central Bank of India Home Loan interest rates varies between 6.85% to 7.30%. The Central Bank of India follows the MCLR method to determine the interest rates on retail loans. 

Calculating your Central Bank of India home loan EMI in advance before taking a loan helps you to determine if you can afford the monthly EMIs. 

It always a good idea to calculate the EMI amount, you will be paying, before applying for a home loan. The Central Bank of India Home Loan EMI Calculator helps you do that. A Home Loan EMI Calculator will allow you to input the loan amount, interest rate and repayment tenure to give you the approximate EMI amount that you need to pay. 

Central Bank home loan EMI for every Rs. 1 lakh loan starts at Rs. 686. The applicable EMI amount as per the total loan taken can be easily calculated by using an online EMI calculator.

Central bank offers a minimum home loan amount of Rs. 15 lakhs and the maximum amount is Rs. 10 crores with an interest rate of 6.85%. In case the interest rate rises, a home loan borrower may have to pay higher EMI and this can increase the financial burden for a borrower. Interest rates can fluctuate depending on market conditions and as per rates announced by the central bank.

Before taking a home loan from HDFC bank, it is essential to calculate the EMI or equated monthly instalments to get an exact idea about the amount to be repaid including principal and interest component. This can help in balancing your monthly expense schedule. In case you do not calculate your EMI beforehand, it can result in an imbalance of your monthly budget and you could lend in a debt trap.

You can use any good online EMI calculator to determine EMI towards housing loan repayment of HDFC home loan. 

HDFC home loan EMI can change in the future depending on an increase or decrease in interest rates if you have opted for a floating rate home loan. However, in the case of a fixed-rate home loan, the EMI will not change throughout the loan tenure. 

HDFC Bank has a certain set of eligibility criteria based on which it will decide if you are eligible for a home loan. Before applying for a home loan, an applicant can use an online eligibility calculator to check his/her eligibility. This way, there will be lower chances of the loan application being rejected.

SBI home loan is preferred by applicants because of lower interest rates offered by the bank as compared to HDFC bank. Here is a comparison between the home loan offerings of both banks

SBI is preferred for a home loan and HDFC bank is the preferred choice when it comes to personal banking. SBI is known for its low-interest rates whereas HDFC bank is the preferred choice when it comes to the quality of banking services.

For a loan amount of Rs. 10 lakhs, the EMI could be approximately Rs. 7,600 per month. This is considering the ongoing interest rate of 6.75% and an assumed loan tenure of 20 years for a home loan. 

HDFC Bank offers many individuals a convenient way to make their dreams of owning a home come true by offering HDFC Bank home loan. Because of stable or falling property rates, now seems like the right time to invest in a house.