Union Bank of India Home Loan Prepayment Calculator

For eligible floating-rate individual home loans used for non-business purposes, RBI rules generally prohibit such charges. Confirm the latest Union Bank terms for your product.

Union Bank borrowers can use the Union Bank mobile banking app or internet banking to make payments toward their home loan account. For formal part-prepayments, confirm with the branch that the payment has been applied toward the outstanding principal (not the next EMI) and request an updated amortisation schedule.

Following the 2020 merger, Andhra Bank and Corporation Bank accounts were migrated to Union Bank. Your loan terms are governed by the original sanction letter unless the bank communicated specific amendments. Confirm your current rate benchmark, prepayment rules, and applicable charges directly with Union Bank's loan servicing team to avoid any ambiguity.

Tenure reduction is usually the more interest-efficient choice. EMI reduction is mainly for cash-flow relief.

Savings vary by outstanding balance, rate, and tenure. Use the example below for a benchmark and KlearPay for exact numbers.

In the final 5 years of a home loan, the outstanding balance is low and the remaining interest is relatively small. Prepayment will still save some interest and close the loan earlier, but the absolute saving is much smaller than in the early years. Run the numbers on KlearPay to see whether the saving justifies locking up the cash versus keeping it liquid or invested.