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Union Bank of India Home Loan EMI Calculator

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Union Bank of India Home Loan EMI Calculator

Calculate your Union Bank of India Home loan EMI & plan your finances wisely

Loan Amount
Rate of Interest(p.a)
Loan Tenure
Monthly EMI
₹ 1,135
Total Interest
₹ 36,258
Principal Amount
₹ 1,00,000
Total Amount Paid
₹ 1,36,258

Union Bank of India Home Loan EMI Calculator
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Owning a house is always an excellent idea as it appreciates in value over time. In the present scenario, a home loan is one of the most in-demand loans in the market, offering a predictable path towards house ownership. You can avail this loan at any bank or NBFC (Non-Banking Financial Company) for the purpose of owning a house. 

Before applying for a home loan an applicant has to do market research and a multitude of preparations. Among them comparing multiple loan types, interest rates, lenders, and other terms and conditions are a few. Union Bank of India home loan EMI calculator can provide great help at this juncture. 

The home loan EMI calculator is an online tool with which you can calculate EMIs. It can also show you many other details crucial for strategizing your home loan and repayment of it. To learn more about this necessary financial ally and how to use it, continue reading this blog. 

Union Bank of India Home Loan EMI Calculator – Quick and Accurate Housing Loan EMI Calculation Online
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It is everyone’s dream to own a house. However, not many people have enough money readily available to buy a house. This is where this financial solution bridges the gap. It offers eligible individuals the funds necessary to buy a property. They can use it to buy a plot of land, construct a house, renovate or extend an existing building, and so on. A borrower has to repay this loan over a tenure they choose. 

Union Bank, one the largest PSU banks that serves more than 153 million customers, caters to diverse financial needs. Also known as Union Bank of India or UBI, this public sector bank has a huge network of over 8700 branches across the globe. Home loans are one of its main financial services that make owning a house easier for people. 

Union Bank of India also offers a tool which makes calculating the EMI very simple. Apart from showing you the exact monthly instalments, it will also tell you what the total amount payable and the total interest is. Continue reading to learn how this simple tool can help you strategize far better than before. 

Union Bank of India Home Loan EMI Calculator – Quick and Accurate Housing Loan EMI Calculation Online
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Starting from 8.50% per annum Union Bank offers one of the most competitive home loan rates of interest in the market. On top of that, a borrower does not even have to pay any penalty fee for prepayment to foreclose the loan. How can foreclosing a loan be beneficial in the long run? You can calculate the amount you save with the Union Bank of India home loan EMI calculator.  

This calculator will help you with such calculations and let you create an accurate map of your financial journey. Here are some of the primary advantages of Union Bank of India Home Loan EMI Calculator:

Accurate Calculation
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EMI = [P x R x (1+R)^N]/[(1+R)^ (N-1)]. A loan EMI calculator uses this formula to calculate and provide you with exact EMI figures every time you enter the variables. It also uses other preprogrammed mathematical rules and algorithms to calculate the data you provide. Equipped with error-handling mechanisms, a reliable home loan EMI calculator will always provide accurate results. 

Find the Best Alternative Easily
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This is the ideal tool to find out which home loan you should opt for. You can change the loan amount, interest rate, and tenure separately to gauge what favours your financial situation and goals. This will also help you pick the financial institution you would benefit from borrowing.

Minimum Time Consumption
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From giving the inputs to getting your desired numbers takes less than a second. Whenever you change one variable the results change almost immediately. This swiftness helps you to stay diligent and conduct a thorough investigation which is crucial for enhancing your financial strategy.

A Guide to How Union Bank of India Home Loan EMI Calculator Calculates EMIs
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As we have mentioned a formula that a home loan EMI calculator uses, you may be curious to know a little bit more about how that works. Each alphabet in the formula represents a certain variable, the calculator collects the data you provide and uses the formula to generate an answer. 

The formula is: 

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


Let us imagine a scenario to describe the calculation process better: 

Mr Tanmay applied for a home loan of Rs. 20 lakhs from Union Bank of India at an 8.50% interest rate. His loan repayment tenure is 10 years. It means that P is Rs. 20 lakhs, N is 10 years or 120 months, and R is 8.50% p.a. or 0.68% per month. So, the equation reads like this: 

EMI = [20,00,000 x 0.68 x (1+ 0.68)^120]/[(1+ 0.68)^ (120-1)] = Rs. 24,797 

To calculate and get this one result manually can take extremely long and may not provide accurate results. However, if you put the same data in a home loan EMI calculator, apart from providing this result it will also add that Mr Tanmay have to pay a total amount of Rs. 29,75,657 and Rs. 9,75,657 total interest. 

You should also know that during your entire repayment tenure, you would pay the same EMI. However, your payment towards the principal and the interest would continue to change. This happens as loan amortises. 

To understand this process better let us take a look at the first 12 months of Mr Tanmay's amortisation schedule: 


Principal (Rs)

Interest (Rs)

Principal + Interest (Rs)

Outstanding Balance (Rs)





























































In the beginning, your payment towards interest would be greater than the payment towards principal. Over time you would pay towards the principal more as the loan amortises.

How to use ACKO Union Bank of India Home Loan EMI Calculator: Simplifying your Home Loan Planning
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Before applying for a home loan it is beneficial to learn about the features of Union Bank of India Home Loan EMI Calculator and how to use it properly. Follow the step-wise guide below and try a calculation by yourself:

Gather Necessary Information
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The calculator needs only three numeric variables from you, however, before thinking about applying for any loan you should gather all the information you can by contacting the lender. If you have the information with you, move on to the next step.

Visit the ACKO Union Bank of India Home Loan EMI Calculator
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Scroll up and find the calculator form. You can add the necessary details in this tool to get an estimate of your loan amount.

Put the Details In
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To start the calculation all you have to do is put relevant details in the boxes. Carefully put the loan amount, applicable interest rate, and your repayment tenure. ACKO’s calculator also allows you to adjust the variables through a slider.

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You do not have to wait and press calculate here. As you finish filling in the final detail it will automatically show the result. As you keep on changing one variable at a time it changes the result accordingly. 

Analyse the Outcome
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After you have noted down all the results that you received now it is time for analysing each output. You can select combinations that align with your financial goals better.

Save the Results
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ACKO’s user-friendly interface allows you to save the results as screenshots. You can also take a printout of all the results and use them for future reference.

Home Loan and Term Insurance 
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For a borrower, a home loan is a long-term financial responsibility. That is why before applying for a home loan an applicant must ask the following question: In case some unforeseen circumstances like death, terminal illness, job loss due to permanent disability, etc. prevent one from repaying EMIs what would happen? 

The answer is a borrower can protect his/her family from liability of paying the loan, losing assets and collaterals, or losing their house by opting for a home loan insurance or term insurance. It is mention-worthy that it is different from home insurance which covers damage to the house due to unforeseen events. 

Most of the financial institutions that offer home loans now offer home loan insurance along with it. However, you should take note that no bank or NBFC mandates purchasing insurance. It is up to you to decide whether you do or do not want to worry about a mishap and losing your loan repayment along with your investments. On a positive note, you can purchase insurance from any financial institution regardless of your lender. 

Here is what Union Bank of India can offer to you: 

It is at your discretion to purchase this insurance. However, the bank always advises this insurance as it does not let the family members suffer in case of unfortunate events. 

This insurance also allows you to add a one-time Liability Insurance premium to the cost of the property. It will reduce a lot of financial burden. Furthermore, the bank has ties with various insurance providers in order to serve you with the most suitable products and reasonable premiums. 

This insurance covers any loss to the property and basically safeguards the Bank’s interest against any property damage. This mandatory insurance will cover the property structure and its possessions from losses caused by natural disasters and unpredictable damages.

Advantages of using ACKO Union Bank Housing Loan EMI calculator
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The ACKO Union Bank of India home loan EMI calculator offers numerous advantages. Here is a list of perks you can expect from your primary financial ally:  

Customisation Options in the ACKO Union Bank of India Home Loan EMI Calculator
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Using the ACKO Union Bank of India home loan EMI calculator is straightforward, requiring no financial expertise. Simply search from any browser and navigate to the calculator page to determine your monthly home loan payments.

One of the most appealing features of this EMI calculator is its ability to generate personalised results. By entering details like loan tenure, interest rate, and amount you can customise the parameters and get an immediate, accurate estimate.

Moreover, the calculator allows for unlimited adjustments, facilitating comparison of numerous results and instalment options. This ensures you can find the ideal fit for your financial goals. You can refine your calculations until you are satisfied with the results that align perfectly with your objectives.

Final Words
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The ACKO Union Bank of India home loan EMI calculator emerges as an indispensable tool for individuals navigating the complexities of home loan financing. Its user-friendly interface, comprehensive features, and precise calculations empower borrowers to make informed decisions about their financial future.

By using this powerful resource, one can explore various loan scenarios, gain clarity on his/her monthly repayment obligations and assess their affordability. Whether you are a first-time homebuyer or refinancing your existing mortgage, the Union Bank EMI calculator equips you with the insights needed to make sound financial choices. 

Frequently Asked Questions
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Here follows some of the questions people ask when they search for Union Bank of India home loan EMI calculator:


How to apply for a Union Bank home loan? 

You can visit a Union Bank branch near you and collect an application form. Then you can submit it along with necessary documents. You can also visit the official website of Union Bank and make an online application there. 

How long does it generally take Union Bank to sanction a home loan? 

After your submission of the requisite documents and paper, it would take only 5 working days for Union Bank of India to sanction the home loan. 

What is the own contribution or margin? 

Own contribution or margin refers to the amount that you have to add to the home loan amount to buy the property. In simpler words, it is the cost of the property minus home loan. 

What are the eligibility criteria for a Union Bank home loan? 

A loan applicant must be an Indian citizen or NRI, his/her minimum age has to be 18 years and maximum exit age can be 75 years. Individuals can singly or jointly apply for a home loan. 

For what purposes can one take a Union Bank home loan? 

Eligible individuals can take a loan to purchase an old or new residential unit, build a residential unit, on non-agricultural land, purchase non-agricultural land and build a residential plot, complete an under-construction residential building, repair, extend, or improve an existing residential property, purchase solar power panel along with construction or purchase of a residential unit. 

What is a moratorium period? 

Moratorium period is referred to as a period where loan bearers do not have to make home loan EMI payments. It is to give individuals a window after loan disbursal. Banks and NBFCs offer this facility so that you can get acquainted with the lengthy commitment of home loans and plan your finances better. 

What are the repayment periods applicable for Union Bank home loans? 

If you have taken a Union Bank home loan to purchase or construct a house the repayment tenure is up to 30 years. If your purpose is to repair and renovate your existing residence the tenure is up to 15 years.