The UCO Bank, a Government of India undertaking incorporated in 1943, aims to excel in customer service by constant up-gradation of the skills of its employees coupled with state-of-the-art technology. UCO bank has a robust capital base in addition to a large client base and a diversified asset portfolio among others. UCO is a commercial bank and therefore, offers advances and loans for a wide range of activities catered to various sectors from agriculture and medium and small scale industries to export\/import and infrastructure among others. The UCO bank offers loans against property as well.<\/p>\n
The\u00a0UCO bank loans against property<\/strong>\u00a0is offered to the following groups\/individuals:<\/p>\n The following table shows the eligibility criteria of loans offered by UCO bank against property<\/p>\n Maximum: 65 years<\/p>\n Maximum age for repayment: 70 years<\/td>\n<\/tr>\n Self-employed<\/p>\n Pensioners<\/p>\n Businessmen (must have regular source of income)<\/td>\n<\/tr>\n Gross income: Rs.30,000 p.m at metros Rs.20,000 p.m for the rest<\/p>\n Rs.4 lakh p.a<\/p>\n The net take home pay of both salaried and non-salaried borrowers (after various deductions including EMI of the current loan against property) should not be less than Rs.10,000 or 40% of gross income (whichever is higher).<\/td>\n<\/tr>\n Maximum: Rs.2 crores (individuals)<\/p>\n Rs.5 crores (firms)<\/p>\n Credit will be offered against buildings and apartments which are not over 50 and 30 years old respectively. If a given property has joint holders, UCO bank will offer credit in joint names. However, no credit will be provided by UCO bank against immovable property of a third party<\/td>\n<\/tr>\n The UCO bank offers a floating rate of interest on its\u00a0Loans against Property. The floating interest rate is linked to its base rate as listed below:<\/p>\n The following table shows the interest rates offered by UCO bank<\/p>\n The following table shows the changes in the base rates of UCO bank<\/p>\n The following documents should be submitted to avail of\u00a0loan against property offered by UCO bank<\/em><\/p>\n\n
Eligibility criteria for UCO Bank Loan against Property<\/h2>\n
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\n Age<\/strong><\/td>\n Minimum: 21 years<\/p>\n \n Types of borrowers<\/strong><\/td>\n Salaried\/ Professionals<\/p>\n \n Loan Type<\/strong><\/td>\n \n \n
\n Minimum Income<\/strong><\/td>\n \n \n
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\n Loan Amount<\/strong><\/td>\n Minimum: In case of own property, it is 60% of the value of its distress sale (non-agricultural land with constructed building in borrower\u2019s name or joint names) In case of rented property, the loan amount depends on the realizable value, which may differ on a case to case basis.<\/p>\n \n Security<\/strong><\/td>\n \n \n
\n Tenure<\/strong><\/td>\n 7 years<\/td>\n<\/tr>\n \n Processing fees<\/strong><\/td>\n 1%<\/td>\n<\/tr>\n \n Repayment<\/strong><\/td>\n Maximum: 144 EMIs<\/td>\n<\/tr>\n \n EMI<\/strong><\/td>\n Rs.1749 (lowest per lakh)<\/td>\n<\/tr>\n \n Insurance<\/strong><\/td>\n Rin Jeevan Suraksha covers outstanding loan in the event of natural\/accidental demise of the borrower<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n UCO Bank Interest rates (floating) for Loans against Property<\/strong><\/h2>\n
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\n Base rate + margin<\/strong><\/td>\n Total rate<\/strong><\/td>\n<\/tr>\n \n 9.7% + 2%<\/td>\n 11.7%<\/td>\n<\/tr>\n \n 9.7% + 3%<\/td>\n 12.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n Period<\/strong><\/td>\n Rate<\/strong><\/td>\n<\/tr>\n \n October 2015<\/td>\n 9.70%<\/strong><\/td>\n<\/tr>\n \n October 2010<\/td>\n 8.5%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Documentation Required for UCO Bank Loan against Property<\/h2>\n