UCO Bank Home Loan

About UCO Bank

UCO Bank was founded in Kolkata in 1943. It is a major government-owned commercial bank in India. The bank has 4,000 plus service units 49 zonal offices spread all over India. It also has two overseas branches in Singapore and Hong Kong UCO Bank's headquarters is on BTM Sarani,  Kolkata.The bank provides a wide range of banking products and financial services.

What Is a Home Loan?

Home Loanis offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.

An Introduction to UCO Bank of India Bank Home Loans

UCO Bank of India Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. UCO Bank of India Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, UCO Bank of India Bank Home Loans are tailor made, catering to the needs of various customers.

Advantages of UCO Bank of India Bank Home Loans

• Attractive interest rates with floating and fixed type based on your preference
• Low processing fees
• Less paperwork
• No prepayment charges
• Easy home loan balance transfer
• Transparent application process
• Flexible repayment options

Key Highlights

Features of UCO Bank of India Bank Home Loan

Objective:

UCO Bank of India Bank home loan aims to help millions of people achieve their dream of owning a house.

Loan Amount:

Depending on your repaying capacity

Loan Tenure:

Up to 30 years of repayment period is available under UCO Bank home loan scheme

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.50% of the loan amount or maximum of INR 15,000.

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to UCO Bank at ease.

Insurance Cover:

• Insurance cover on House Property under UCO Griha Raksha Yojana Scheme to cover the risk of damage to home by natural calamities
• Critical illness cover for Home Loan borrowers UCO Griha Raksha Plus to cover the outstanding loan in case of (a) death/permanent total disability arising out of an accident and (b) being diagnosed for contracting any of the listed critical illness
• UCO Griha Jeevan Suraksha to cover the outstanding loan in case of accidental or natural death of borrower

Eligibility Criteria:

To avail the home loan from UCO Bank, you need to have the following eligibility criteria.

• You should be over 21 years of age and 70 and below at the time of loan maturity.
• Steady source of income

Interest Rate on UCO Bank Home Loan

Features of UCO Bank Pre-Approved Home Loan

Objective:

Based on eligibility, UCO Bank provides home loan before the applicant has finalised or identified the property.

Loan Amount:

Depending on your repaying capacity

Loan Tenure:

Up to 30 years of repayment period is available under UCO Bank home loan scheme.

Prepayment Charges:

No penalty is levied on prepayment

Processing Fees:

0.25% of the loan amount or maximum of INR10,000.

Interest Type:

Floating and Fixed

Home Loan Transfer:

You can transfer your home loan from other bank to UCO Bank at ease.

Top Up Home Loan

UCO Bank allows you to get additional funding over your existing home loan. It can be used to renovate your house, fund your child’s education, new home theatre system etc.

Interest Rate on UCO Bank Pre-Approved Home Loan

Documents Required to Apply for UCO Bank of India Bank Home Loans

Important documents to be submitted while applying for home loan with UCO Bank

• Completed loan application
• 3 Passport size photographs
• Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
• Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
• Statement of Bank Account/ Pass Book for last six months
• Form 16/IT returns for the last two financial years for salaried employees
• IT returns for the three years for self-employed professionals
• Property tax receipt
• Proof of business address for non-salaried individuals
• Personal assets and liabilities statement

For guarantor (wherever applicable):

• Personal Assets and Liabilities Statement
• 2 passport size photographs
• Proof of identification as above
• Proof of residence as above
• Proof of business address as above
• Signature identification from his/her present bankers

EMI Payment Methods

Your UCO Bank of India Bank home loan can be repaid in following three ways.

Standing Instruction (SI):

If you are an existing account holder with UCO Bank of India Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the UCO Bank of India Bank account you specify.

Electronic Clearing Service (ECS):

This mode can be used if you have a non-UCO Bank of India Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.

Post-Dated Cheques (PDCs):

You can submit post-dated EMI cheques from a non-UCO Bank of India Bank account at your nearest UCO Bank of India Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.

How to Apply for UCO Bank of India Bank Home Loan?

You can either apply online or visit a nearby UCO Bank of India Bank branch for the application. You can also download the home loan application form from the UCO Bank of India Bank official website, complete the form and submit it the bank representative.

You can also check your eligibility for a home loan through CreditMantri and apply for it.

Summary of UCO Bank of India Bank Home Loans

With attractive interest rates and low processing fees, UCO Bank of India Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the UCO Bank of India Bank home loan without any penalty. UCO Bank of India Bank home loan is the best option to buy or construct your dream house.

UCO Bank of India Bank Home Loan FAQs

1. What are processing fees on UCO Bank of India Bank Home Loans?

The processing fee is 0.50% of the loan amount sanctioned or 15,000 maximum.

2. Is there penalty for prepaying the UCO Bank of India Bank Home Loan?

No penalty is levied for prepaying the UCO Bank Home Loan.

3. Can I top up my existing Home Loan?

Yes, you can get additional funding on your existing home loan.

4. What is the maximum loan repayment period for UCO Bank of India Bank home loans?

The maximum repayment period is 30 years.

5. How Can I apply for UCO Bank of India Bank home loan?

You can either apply online or visit a nearest UCO Bank of India branch and take the help of the bank’s representative.

6. What is the maximum loan amount provided by UCO Bank of India Bank?

The maximum loan amount depends on the repaying capacity of the borrower.

7. Does UCO Bank of India Bank facilitate balance home loan transfer?

Yes, you can transfer your existing home loan to UCO Bank.

8. Can I get tax benefits from UCO Bank of India Bank Home Loan?

As per Section 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to INR 150,000 on your home loan will be allowed as a deduction from the gross total income subject to fulfilment of prescribed conditions.