UCO Bank Loan Against Property

Eligibility

1. Minimum: 21 years
2. Maximum: 65 years
3. Maximum age at the time of repayment: 70 years
4. Non-salaried individuals must have a regular source of income and must file their Income Tax (IT) Returns.

Types of borrowers

1. Salaried/ Professionals
2. Self-employed
3. Pensioners
4. Businessmen (must have regular source of income)

Minimum Amount

1. Salaried professionals
2. Gross income: Rs.30,000 per month for individuals living at metros and Rs.20,000 per month for the rest.
3. Non-salaried individuals: Rs.4 lakh per annum.
4. 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).

Loan Amount

1. Minimum: In case of own property, it is 60% of the value of its distress sale (non-agricultural land with constructed building in borrower's 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.
2. Maximum: Rs.2 crore (individuals) Rs.5 crore (firms)
3. Credit will be offered against buildings and apartments which are not more than 50 years 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.

Security

UCO bank provides credit against equitable mortgage of non-agricultural land/commercial property in metros/semi-urban centres under single/joint names. If a given property has to be sold, the title deed of the property which is mortgaged has to be released after adjustment of the bank dues. The borrower can also opt for a substitution with a property of the same or higher value to continue with the credit facility.

Repayment

Maximum of 144 EMIs.

Insurance

Rin Jeevan Suraksha covers outstanding loan in the event of natural/accidental demise of the borrower