UCO bank Loan Documents Eligibility Documents
This housing finance scheme brings to you an excellent opportunity to have your own house or flat. The scheme has been carefully tailored to suit your requirements. The reasonable rate of interest that you pay will be calculated on reducing balance, i.e. you do not have to pay interest on the loan installments actually repaid from the date of such repayment.
Eligibility
Individual (including NRI and PIO) having minimum 21 years of age and maximum 60 years of age (salaried person) and 65 years of age (non-salaried person) inclusive of repayment period.
Purpose
- 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 not more than 30 years old.
Quantum of loan
The area-specific maximum limits for construction/purchase are as under :
Location/Centre
|
For Construction/ Purchase/ Takeover A/Cs
|
For Repair/ Extension/ Renovation
|
Metro/Urban/Semi-urban
|
No upper limit
|
Rs.25 lac
|
Rural
|
No upper limit
|
Rs.7.5 lac
|
Loan Entitlement
Least of the Following:
- 80% of the project cost, stamp duty registration and other documentation charges not to be included in the cost of housing property.
- On the basis of monthly income-
The total deductions existing plus the EMI of the proposed loan would be linked to Gross Monthly Income (GMI) of the borrower as under- GMI upto Rs.50,000/- - 60% of GMI
- GMI above Rs.50,000/- and upto Rs.1,00,000/- - 70% of GMI (subject to minimum monthly take home pay of Rs.20,000/-)
- GMI above Rs.1,00,000/- -75% of GMI (subject to minimum monthly take home pay of Rs.30,000/-)
- 60 times of net monthly income.
Processing Fee
0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-
Repayment
The maximum period of repayment is 25 years/300 EMI but should not be beyond retirement age, in case of salaried class and 65 years in case of non-salaried class.
Security & Guarantee
- EMTD of property financed.
- No third party guarantee
Prepayment charge
NIL
Tax Benefits
Tax relief on principal and interest components of this loan would be available as per provisions prevailing under Income Tax Act.
Insurance
Insurance cover on house property under UCO Griha Raksha Yojana scheme to cover the risk of damage to home by natural calamities.
UCO Griha Lakshmi Yojana to cover the outstanding loan in case of accidental or natural death of borrower.
For more details, please contact your nearest UCO Bank branch.
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