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What Is the Union Bank Home Loan EMI Calculator?
A home loan EMI calculator is an intuitive online tool that simplifies your financial planning by assisting you in estimating the monthly outgo towards home loan repayment. The online Union Bank home loan EMI calculator by Angel One is one such user-friendly tool that helps you stay consistent with your payments and plan your finances better. It empowers you with accurate and effortless EMI calculations for your home loan with Union Bank and lets you determine if you can afford it or how it will impact your monthly budget.
All you need to do is input the loan amount, interest rate, and tenure into the Union Bank home loan EMI calculator to generate the figures for your monthly instalments, total interest to be paid, as well as the total amount due.
Using the Union Bank home loan EMI calculator eliminates the need for complex and tedious manual calculations which are also prone to errors. Within seconds, you'll have a clear breakdown of your monthly instalments, interest charges, and the total amount payable. Additionally, the Union Bank home loan EMI calculator allows you to experiment with different interest rates and tenures, enabling you to figure out a home loan plan that aligns with your budget and needs.
How Does the Union Bank Home Loan EMI Calculator Work?
A home loan EMI calculator is a user-friendly tool that simplifies calculating your monthly repayments. It uses a mathematical formula that computes results using principal amount, interest rate, and tenure variables.
Apart from your EMI, it generates values of the total interest payable and the total amount you will pay. With this information, you can assess the affordability of your home loan pegged to your monthly income and make informed decisions.
What is the Union Bank Home Loan EMI Calculator Formula?
The Union Bank home loan EMI calculator formula is –
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
P is the amount of money you borrow from the bank
R is the rate of interest per month charged by the bank
N is the tenure by which the loan has to be repaid (in months)
The Union Bank home loan EMI calculator operates on the same formula. You may use the online calculator instead of trying to compute the EMI using this complex equation manually.
How to Use the Union Bank Home Loan EMI Calculator Online?
The online Union Bank home loan EMI calculator offers a user-friendly interface. Follow the steps given below to compute the interest applicable and your EMIs in seconds:
- Open the Union Bank home loan EMI calculator on the Angel One website.
- Enter the principal amount.
- Enter the interest rate. You can also adjust the slider given.
- Type in the loan tenure or adjust the slider.
Once you type in all the necessary values, the Union Bank home loan EMI calculator will instantly calculate your EMI and interest.
You may try varying values for all criteria to determine which combination of principal and tenure fits your budget. Here is an example.
Let’s assume that you want to borrow Rs. 25,00,000 as a home loan to purchase a 2 BHK flat. So, the principal amount will be Rs. 25,00,000. The bank charges you a 9% p.a. interest rate and you hope to repay it in 8 years. Once you input the details, the Union Bank home loan EMI calculator will compute the EMI, which amounts to Rs. 36,626. The calculator will also display that you will pay Rs. 10,16,049 as interest, and the total payable amount will be Rs. 35,16,049.
Benefits of Using the Union Bank Home Loan EMI Calculator
There are numerous benefits of using the Union Bank home loan EMI calculator, available on the Angel One website:
- Accurate and instant calculations: The Union Bank home loan EMI calculator provides precise calculations of your monthly instalments within seconds, eliminating the need for manual calculations, removing chances of human errors, and saving you valuable time.
- A clear breakdown of payments: You can easily gain an understanding of your home loan expenses as the Union Bank home loan EMI calculator shows your monthly instalment amount, interest charges, and the total amount payable.
- Experiment with different options: Experiment with different loan amounts, interest rates, and tenures to find the most suitable home loan plan for your financial goals. The Union Bank home loan EMI calculator allows you to explore and compare various scenarios to find the best loan option that fits your budget.
- Better financial planning: By knowing your EMI amount in advance, you can budget effectively and ensure that your home loan is affordable and well-suited to your income and financial commitments.
Factors Influencing the Union Bank Home Loan EMI Amount
Several factors come into play when determining the Union Bank home loan EMI amount. Understanding these factors will help you make informed decisions:
- Interest Rate: The interest rate offered by the lender plays a significant role in determining your home loan EMI and has a direct correlation with the amount. Higher interest rates result in higher EMIs, while lower interest rates reduce the monthly repayment burden.
- Loan Tenure: The loan tenure, or the repayment period, also directly impacts the EMI amount, but it has an inverse relationship. A longer tenure leads to lower EMIs, but you pay more interest over time. Conversely, a shorter tenure means higher EMIs.
- Loan Amount: The principal amount or the value for which you seek to avail the loan influences the EMI. The higher the loan amount, the higher will be the EMI. Determining an appropriate loan amount based on your requirement and repayment capacity is essential to ensure that the EMI remains within your budget.
- Down payment: When you make a larger down payment to purchase the property, the required loan amount is reduced, which impacts the EMI of the housing loan you may seek to avail of. Therefore, the larger the upfront payment, the lower the EMI, and vice-versa.
Types of Home Loans Offered by Union Bank
The types of home loans provided by Union Bank are:
- Union Home: You can apply for the Union home loan scheme if you hope to purchase or construct a new or old residential unit on non-agricultural land. The maximum repayment tenure possible is 30 years in case of purchase or construction. And for repairs or renovations, the maximum repayment tenure is 15 years.
- Union Awas: This unique house scheme offered by Union Bank is aimed at those who want to construct or purchase houses in semi-urban or rural areas. You can also avail of this scheme if you want to repair/ improve or extend your existing residence in semi-urban or rural areas.
- Union Home Smart Save: A housing loan will be sanctioned to you based on the terms and conditions of the union home. If you deposit any surplus amount over and above the scheduled repayments, the bank will reduce the outstanding resulting in a lower interest burden.
- Union Rooftop Solar Scheme: The bank provides a loan for installing grid-connected RTS ( rooftop solar) for residential purposes. The scheme is operational on an India basis.