Band selection (BS) reduces effectively the spectral dimension of a hyperspectral image (HSI) by selecting relatively few representative bands, which allows efficient processing in subsequent tasks. Existing unsupervised BS methods based on subspace clustering are built on matrix-based models, where each band is reshaped as a vector. They encode the correlation of data only in the spectral mode (dimension) and neglect strong correlations between different modes, i.e., spatial modes and spectral mode. Another issue is that the subspace representation of bands is performed in the raw data space, where the dimension is often excessively high, resulting in a less efficient and less robust performance. To address these issues, in this article, we propose a tensor-based subspace clustering model for hyperspectral BS. Our model is developed on the well-known Tucker decomposition. The three factor matrices and a core tensor in our model encode jointly the multimode correlations of HSI, avoiding effectively to destroy the tensor structure and information loss. In addition, we propose well-motivated heterogeneous regularizations (HRs) on the factor matrices by taking into account the important local and global properties of HSI along three dimensions, which facilitates the learning of the intrinsic cluster structure of bands in the low-dimensional subspaces. Instead of learning the correlations of bands in the original domain, a common way for the matrix-based models, our model learns naturally the band correlations in a low-dimensional latent feature space, which is derived by the projections of two factor matrices associated with spatial dimensions, leading to a computationally efficient model. More importantly, the latent feature space is learned in a unified framework. We also develop an efficient algorithm to solve the resulting model. Experimental results on benchmark datasets demonstrate that our model yields improved performance compared to the state-of-the-art.