The property loan scheme is another offering of UCO Bank. It offers financial support for companies as well as individuals to fund their MSE units and related expenses.
There are three types of mortgage loan schemes offered by UCO Bank – UCO Property Loan, UCO Rent, and UCO Swabhiman.
Under this scheme, credit facility is offered to the borrower so that they can meet the financial needs for their MSMEs. agricultural needs, and other requirements. The borrower can also avail this loan to meet their other personal expenditures.
The interest rate offered under this scheme ranges between 9.45% p.a. and 10.45% p.a
The property loan scheme from UCO Bank can be taken out for any of the following reasons:
The eligibility of the customer applying for a property loan scheme from UCO Bank depends upon the following:
You can avail this loan against the security of future rent receivables. The loan amount can be used for various purposes such as renovation of property, augmenting your earnings, investing in securities, etc.
The borrower must be owner of a property. The owner can be an individual or a firm.
|Onwers of branch of UCO Bank||8.45% p.a.|
|Borrowers whose tenants are reputed companies, PSU, insurance company, MNCs, etc.||8.6% p.a.|
|For repayment up to 3 years||9.30% p.a.|
|For repayment above 3 years||9.55% p.a.|
|Commercial Real Estate (CRE)||9.80% p.a.|
Maximum repayment tenure offered is 10 years
O.50% of the loan amount subject to a maximum of Rs.2 lakh.
No prepayment charges if the borrower pays from their own fund. In other cases, the prepayment charges will be 1%.
Under this type of loan scheme, a senior citizen can offer their property for lease and earn a regular monthly income while still remaining the owner of the property. There will be no requirement of repayment of the loan.
|Who can borrow||Senior citizens who wish to supplement their property to receive a regular monthly income|
|Loan amount||Based on the value of the property and the borrower’s age subject to a maximum of Rs.50 lakh.|
|Repayment tenure||5 years – 15 years|
|Interest rate||9.95% p.a.|
|Security||Equitable mortgage of the property owned by the senior citizen borrower|
|Mode of disbursement||On a monthly or a quarterly basis, and with the option of receiving a one-time lump sum amount 12 months from the first disbursement|
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.