UCO Bank Home Loan – 2021
|Interest Rate||6.90% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||0.50% of the loan amount (Min. Rs. 1,500 and Max. Rs. 15,000|
UCO Bank offers home loan at an attractive interest rate starting from 6.90%. A home loan can be availed for purchase/construction/improvement/extension of a house/flat. Both Salaried/Non-Salaried and Resident/Non-Resident individuals can apply for UCO Bank Home Loan. Balance transfer facility is also available to existing home loan borrowers of another HFC.
Features and Benefits of UCO Bank Home Loan
- Flexible repayment period of up to 30 years
- High loan-to-value ratio of up to 90%
- Affordable rate of interest
- Option to avail UCO Griha Jeevan Suraksha insurance cover(premium to be borne by the applicant)
- No prepayment charges
- Available to both salaried and self-employed individuals
UCO Bank Home Loan Interest Rates
The rate of interest offered by UCO Bank on a home loan is directly linked with the Repo Rate based lending rate, named UCO FLOAT RATE., which currently stands at 7.15%. The actual interest applicable on the home loan is the sum of UCO FLOAT RATE and Spread (basis the customer’s CIBIL score). The table mentioned below shows the ROI offered by UCO Bank against different schemes.
|UCO Home||CIBIL Score above 750: 6.90% p.a.|
CIBIL Score up to 750: 7.40%
|UCO Pre Approved Home Loan||CIBIL Score above 750: 7.15% p.a.|
CIBIL Score up to 750: 7.40%
|UCO Top-Up Home Loan||8.85%|
UCO Bank Home Loan Processing Fee and Other Charges
|Loan Processing Charges||0.50% of the loan amount, subject to a minimum of Rs. 1500 and a maximum of Rs. 15,000|
|CIBIL – Report Pulling Charge||NIL|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Other charges as applicable may be levied by the bank as and when required.
UCO Bank Home Loan EMI Calculator
UCO Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. UCO Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your UCO Bank home loan EMI.
UCO Bank Home Loan EMI Calculation
The table below shows UCO Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMI as per Different Loan Tenures|
|10 years||20 years||30 years|
|Rs. 30 lakh||7.15%||Rs. 35,298||Rs. 23,802||Rs. 20,567|
|Rs. 60 lakh||7.40%||Rs. 70,908||Rs. 47,969||Rs. 41,543|
|Rs. 90 lakh||8.85%||Rs. 1,13,279||Rs. 80,109||Rs. 71,447|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing a longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
UCO Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from UCO Bank.
|Eligible Profiles||● Salaried and Non-Salaried Resident Indians|
● Salaried and Non-Salaried Non-Resident Indians
|Maximum Loan Amount||● For Construction/ Purchase/ Takeover/Extension: No upper limit|
● For Repair/ Renovation: Rs.15 lakh
|Age||Minimum: 21 years|
Maximum: 75 years
UCO Bank Home Loan Documents Required
Following are the documents required to successfully apply for UCO Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, business address proof, and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details of two years||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property|
UCO Bank Home Loan Schemes
Considering the distinct requirements of a varied customer base, UCO Bank offers tailored home loan schemes to meet the requirements of customers.
- UCO Home: This is a regular housing loan scheme available to all the eligible salaried and non-salaried individuals. The loan can be used for:
- Purchase and construction of independent house/ready built flat for residential purpose
- Extension/Repair/Renovation of existing house/flat not more than 50 years old
- Takeover of home loans availed from other banks/FIs
- Loan is also available for furnishing of house property
- Purchase of old house/flat up to 40 years old.
- UCO Pre-Approved Home Loan: This is a special facility for Home Loan applicants to get an in-principle sanction of home loan before finalizing the property. The approval is based on the eligibility/entitlement as per Income Criteria under UCO Home Loan scheme. It is similar to the UCO Home scheme in terms of the loan amount, repayment tenure, and end-use. [Read Also: Pre-Approved Home Loan]
- UCO Top-Up Home Loan: This scheme is available to existing UCO home loan borrowers to meet their various needs with regards to their children’s education, repair, renovation & furnishing of a house, business needs, agriculture purpose, etc. The scheme is offered by extending mortgage charge on the property already mortgaged to the Bank under UCO Home Loan Scheme as primary security. The minimum and maximum loan amount available under the scheme is Rs. 1 lakh and Rs. 25 lakh respectively.
Apply for UCO Bank Home Loan on Paisabazaar.com
Customers can apply online for UCO Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com/home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
UCO Bank Home Loan Customer Care Details
Customers can visit this link to find the contact details of UCO Bank at their location.
Q1. What is the repayment tenure offered under the UCO Top-Up Home Loan?
The repayment of UCO Top-Up Home Loan need not be co-terminus with your current home loan. However, the loan must be repaid before the borrower attains the age of 75 years.
Q2. How is interest calculated in my loan account?
Interest is calculated on a daily reducing balance basis, which decreases every time you pay off your EMI or make any prepayment.
Q3. What is the security required by the bank for a home loan?
The security required to avail a home loan is Equitable/legal Mortgage of the property for which the loan is availed.