Under the UCO Property Loan scheme, individuals and companies/firms can avail a loan in order to sustain the financial requirements of their MSE units and for any other requirements that fall under the norms of the Priority sector. Loans can also be availed for personal purposes such as social obligations, travel expenses, medical emergencies, etc.
UCO Bank Interest rates (floating) for Loans against Property
- Priority Sector: 10.55% p.a.
- Non-Priority Sector: 11.55% p.a.
Features of UCO Property Loan Scheme
- Minimum: 21 years
- Maximum: 65 years
- Maximum age at the time of repayment: 70 years
- Non-salaried individuals must have a regular source of income and must file their Income Tax (IT) Returns.
|Types of borrowers
- Salaried/ Professionals
- Businessmen (must have regular source of income)
- Salaried professionals
- Gross income: Rs.30,000 per month for individuals living at metros and Rs.20,000 per month for the rest.
- Non-salaried individuals: Rs.4 lakh per annum.
- 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).
- 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.
- Maximum: Rs.2 crore (individuals) Rs.5 crore (firms)
- 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.
||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.
||Maximum of 144 EMIs.
||Rin Jeevan Suraksha covers outstanding loan in the event of natural/accidental demise of the borrower
Documentation Required for UCO Bank Loan against Property
- Loan Application form (completed)
- Receipt of property tax
- Bank account statement (6 months)
- Proof of identity (driving licence/ Voter ID)
- Residence proof (electricity bill/Aadhaar card)
- Assets and liabilities statement (businessmen)
- Address proof of business unit (businessmen)
- Photographs (passport size)
- Signature identification