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

MCLR + Spread = EBLR => Currently at, 4.00% + 5.80% = 6.80%

Home Loan Interest Rate = EBLR + Margin => 6.80% + Margin

Marginal Cost Of Funds Based Lending Rate (MCLR) With Effect From 11th June 2021

 

TENURE

MCLR (%)

Overnight MCLR

6.60%

1-month MCLR

6.65%

3-month MCLR

6.90%

6-month MCLR

7.05%

1 year MCLR

7.20%

2 year MCLR

7.25%

3 year MCLR

7.25%

EBLR Based Interest Rate for Home Loans from Union Bank of India

Lowest interest rate available for salaried individuals

EBLR + 0.05% = 6.85%

Lowest interest rate available for non-salaried individuals

EBLR + 0.10% = 6.90%

Highest interest rate available for salaried individuals

EBLR + 0.55% = 7.35%

Highest interest rate available for non-salaried individuals

EBLR + 0.60% = 7.40%

 

Additional Read: Union Bank Of India Home Loan Eligibility

Note: The interest rate you will get on your home loan is based on various factors like your income, age, the market value of the property, your credit score and the loan amount you want to get.