Union Bank of India Home Loan EMI Calculator

A home loan might be a huge aid, to start with. Additionally, to enable you to take advantage of large tax deductions and even government subsidies like the Pradhan Mantri Awas Yojana, Sections 80C, 80EEA, and 24 of the Income Tax Act, a home loan also lets you divide your overall cost into manageable monthly payments.

That being said, once you have made the decision to apply for a house loan, it is best to determine how much you will be able to pay each month as an EMI, the current interest rate for a specific bank, and how it compares to the rates offered by other banks.

However, when you apply for a new home, the first step is to determine whether you are eligible for the loan in the first place and to assist you to understand your “borrowing ability,” or your capacity to accept the loan and effectively repay it over time.

As the lender frequently has a number of offers and services that make the procedure easier for you, the same can differ from bank to bank. We shall discuss the Union Bank of India home loan calculator in-depth today as part of a series on raising awareness about house loans from numerous reputable banks in India.

We’ll learn what it is, what it can do for you, and what elements you should take into account when utilising a Union Bank of India home loan EMI calculator to calculate your monthly EMI. Let’s start!

Union Bank of India Home Loan EMI Calculator: Its Benefits

In essence, a home loan calculator assists you in figuring out the monthly loan payments you must make to the bank over a predetermined time frame (usually 10 to 30 years) until the loan balance is fully repaid.

The monthly EMI you should be paying will depend on the amount of the existing home loan you want to borrow, the rate of interest, the length of the loan, as well as some other factors like your credit score and employment type, for example, if you were to use a Union Bank of India home loan eligibility calculator.

While it’s crucial to keep in mind that the results you see are more or fewer assumptions and aren’t always applicable to your current financial situation, they provide a relatively accurate sense of the EMI that will need to be paid on a monthly basis.

Tools like the Union Bank of India home loan interest rate calculator are useful self-planning tools because not everyone is talented in arithmetic. Let’s look at the many advantages the Union Bank of India home EMI calculator offers you as a home buyer before we discuss how it functions.

1. Comparing for self-analysis: Resources like the Union Bank of India housing loan EMI calculator assist in comparing the various loan programmes offered by banks and in determining how much you may save by choosing a particular bank.
2. Look into every possible loan option: You can comprehend the numerous ways you might ease the loan repayment over time by entering several feasible loan amounts, tenures, and rates of interest in a Union Bank of India home loan and EMI calculator.
3. Schedule for amortisation: For example, using the Union Bank of India house loan prepayment calculator, you can clearly see the amortisation schedule or the breakdown of the loan repayments and determine exactly how much interest you are paying on your loan.

In general, the Union Bank of India house loan EMI interest calculator can be a very useful financial planning tool, particularly if you’re a first-time home buyer researching investment opportunities and contrasting different property kinds. Now that we know how the Union Bank of India housing loan EMI calculator functions, let’s move on.

As previously indicated, in addition to the loan amount, interest rate, and loan term, your monthly loan EMI will also be influenced by your work status and credit score. But exactly how does it operate?

Essentially, the EMI calculation formula is as follows:

EMI=PR[(1+R)N-1](1+R)N

“P” stands for the principal loan amount, “N” for the loan’s duration in months, and “R” for the interest rate each month. The desired loan amount’s interest rate (R) is determined on a monthly basis.

So, R is equal to the Annual Interest Rate divided by 100.

Consequently, if we assume that the interest rate is 7.2% annually, R = 7.2/12/100 = 0.006

This means your monthly EMI will be computed as follows if you take out a loan for INR 10 lakhs at an interest rate of 7.2% per year for a term of 10 years or 120 months: EMI= 10,00,000 * 0.006 * (1 + 0.006)120 / ((1 + 0.006)120 – 1) = 11,714.

Did this assist? Use the Union Bank of India’s home loan eligibility calculator if you haven’t already. It will seem like a lot less of a hassle. I’m serious! Examine it below:

According to the Union Bank of India’s house loan interest rate calculator, the amortisation schedule is as follows:

Factors affecting the Eligibility of Union Bank of India Home Loan EMI Calculator

You can use a Union Bank of India mortgage loan calculator to determine your eligibility for a house loan in a manner similar to the EMI calculator. Here, you may quickly determine if you qualify for a loan by using the various variables determining your monthly EMI and loan amount.

As shown in the screenshot above, if you enter your monthly gross income in INR (let’s say 25,000), the tenure (let’s say 20 years), and the annual interest rate (let’s say 6.60%), and presuming you have no other EMI payments due, you will be eligible for a total home loan of INR 13,20,316.

Your monthly EMI will be close to INR 10,000 per month, ensuring that it is affordable.

You can use a Union Bank of India home loan top up EMI calculator to see if you can take out an additional loan on the same property from the same bank for any personal or business purposes. You can also check out other Union Bank of India Prepayment calculators online to see how much sooner you can pay off the same loan in less time.

Basically, the following factors determine your eligibility requirements:

1. You are more qualified for a bigger sum the longer you have left to work.
2. Regardless of whether you are employed by a salary or are self-employed, your age restriction should be between 21 and 65.
3. Your starting wage must be INR 10,000.
4. As a self-employed person, your annual minimum business income should be INR 2 lakhs.
5. The longest term you might get is 30 years.
6. After determining your borrowing capacity, your financial situation will decide how low your EMI’s interest rate will be.
7. Your credit history and credit score will be seen favourably if you have a history of on-time repayments.
8. Being financially free of any other responsibilities, such as credit card debt, vehicle loan, etc., will also be seen favourably for eligibility.

You can also check out NoBroker’s home loan eligibility form to check your eligibility across different banks for further ease:

Tips to Decide the Right Amount for Home Loan EMI

Financial professionals will also give you some sound guidance so that your monthly house loan EMI doesn’t become too burdensome.

1. To determine your monthly income and expenses and your investable money, create an investment plan.
2. After looking at all banks, select a house loan with a reasonable interest rate.
3. Consider Flexi hybrid home loans, where you can plan your future repayments with ease and flexibility, thus lowering your risk of a payment default.
4. Attempt making prepayments to lessen the cost of the EMI each month.
5. Maintain a good credit score; the higher your score, the better your credit history and, consequently, the more creditworthy you are. For Union Bank of India home loans, a minimum CIBIL score of 650 is required. Anything below 600 is deemed to be poor and will be rejected, while 750 and above is regarded as excellent.

Get the Best Home from Union Bank of India with NoBroker’s Assistance

While the Union Bank of India home loan calculator can help you understand your EMIs with rough accuracy, the best way to avoid any mistakes is to get a team of professionals to assist you.

At NoBroker, our home loan and tax experts will guide you and ensure your paperwork is perfect. Not only do we ensure that you get the lowest interest rates in the market by choosing from the best offers, but also ensuring that the maximum Union Bank of India Home Loan Eligibility.

What’s more, we give you a dedicated Loan Manager to assist you through the entire process and ensure your loan gets dispersed successfully.

Click on the link below to check your eligibility and get started. If you have any questions, drop us a comment below and we will get back to you.