Loan amount

₹

Rate of interest (per annum)

%

Loan tenure

Yr

Monthly EMI | ₹0 |

Principal amount | ₹0 |

Total interest | ₹0 |

Total amount | ₹0 |

Principal amount

Interest amount

[gc-union-bank-home-loan-emi-calculator]
## Union Bank of India Home Loan Calculator

**Union Bank Home Loan Calculator**

**How Does a Union Bank Home Loan EMI Calculator Work?**

**What are the Factors that Influence Home Loan EMIs?**

**What are the Advantages of a Union Bank Home Loan Calculator?**

## Union Bank of India Home Loan Calculator – FAQs

Union Bank of India is counted among the top financial institutions in India. After 1st April 2020, it amalgamated with Andhra Bank and Corporation Bank as per the government’s policy regarding bank mergers.

After this merger, Union Bank operates via 9500 branches approximately. Among these, four are overseas, situated in Antwerp, Dubai, Sydney, and Hong Kong. The bank also operates in the United Kingdom through its ancillary, Union Bank of India (UK).

Among the many funding options, the bank also provides a home loan facility of up to Rs. 30 lakh at annual interest rates of 6.70% and above. So, aspiring homebuyers can use it in a Union Bank home loan EMI calculator to assess their instalment amount.

Home loan borrowers need to pay monthly instalments as EMIs towards loan repayment until the advance liability is completely paid. The calculations can, however, be tough to conclude due to various determining factors.

Nonetheless, if borrowers use the Union Bank housing loan EMI calculator, they do not require performing any manual calculation for EMI assessment. They only need to enter their loan details, like the loan amount and tenure opted, to this digital tool that computes the instalment amount instantly.

The UBI Bank home loan EMI calculator operates based on the following formula –

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Here,

- R stands for interest rate
- N represents the tenure in months
- P denotes the loan amount

Now, take a look at the following example to understand the working of the calculator as per the given formula –

Ayaan applied for a housing loan with Union Bank. After assessing the market value and Ayaan’s eligibility, the bank decides to approve a loan amount of Rs. 40,00,000 at an interest rate of 7.5% p.a. Also, the tenure opted for is 22 years.

The entries to the calculator would thus be as follows –

Principal |
Rs. 40,00,000 |

Interest rate |
7.5% |

Tenure |
264 |

Now, based on the formula –

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

= [40,00,000 X 7.5% X (1+7.5%)^264] / [(1+7.5%)^264-1]

= 30,980

Hence, by using the Union Bank home loan EMI calculator, Ayaan can estimate before confirming his loan that he needs to pay Rs. 30,980 as EMI**. **He can thus make a decision of availing credit based on this information.

Here are some components that determine home loan EMIs –

- If the rate of interest is expensive, it results in a higher EMI amount. Therefore, the monthly payout automatically rises. One can thus look for the lowest rates to keep EMIs affordable.
- Also, a change in the amount of loan proportionately changes the EMI too.
- Moreover, by opting for a long tenure for repayment, it is possible to keep the monthly instalment amount affordable. However, it also makes loan repayment costly in the long run.

- Individuals can use this loan EMI calculator free of cost.
- It generates error-free result so individuals can depend on its accuracy when making their borrowing decision.
- Moreover, it gives an estimation of upcoming expenses. Thus, individuals plan to manage their monthly obligations accordingly.

Obtaining a suitable loan amount as per one’s repayment capacity requires thoughtful and calculative planning. A Union Bank home loan EMI calculator thus makes this computing process hassle-free.

**Que**. What happens to the Union Bank home loan if there is any change in the interest rate in the future?

**Ans**. The home loan EMI of Union Bank usually remains unaffected unless the customer requests for a change and the same is approved by the bank subject to its eligibility conditions.

**Que**. What is the maximum tenure provided by Union Bank Home loan for EMI payments?

**Ans**. The maximum tenure goes up to 30 years for repayment of the Union Bank home loan.

**Que**. Why calculate the home loan EMI before taking a loan?

**Ans**. Calculating the EMI before availing of a home loan is usually advised. Some of the benefits are as follows:

– If the calculated EMI is more than the monthly budget assumed then you can apply for a loan amount that is easily affordable and will make sure that you never miss any EMI payment

– One can adjust the budget accordingly if they know the EMI beforehand. Union Bank of India Home loan calculator is made for that purpose only.

**Que**. How to apply for a home loan at Union Bank?

**Ans**. A home loan at Union Bank of India can be applied by going to the official website of Union Bank or by visiting the nearest branch to apply for a housing loan.

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