• UCO Bank Property Loan Scheme

    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.

    UCO Bank Property Loan

    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.

    Interest Rate of UCO Property Loan Scheme

    The interest rate offered under this scheme ranges between 9.45% p.a. and 10.45% p.a

    Loan Amount under UCO Property Loan Scheme

    • Minimum loan amount – Rs.2 lakh
    • Maximum loan amount – Up to Rs. 200 lakh for individuals and up to Rs.500 lakh for business entities.

    Purpose of UCO Property Loan Scheme

    The property loan scheme from UCO Bank can be taken out for any of the following reasons:

    • To offer credit facility to individuals and companies/firms to meet their financial requirements related to their MSE units
    • To provide financial help for purposes covered by Priority sector norms
    • To offer credit facility to individuals for personal expenses that cover social obligations, travelling expenses, medical emergencies, etc.

    Eligibility criteria of UCO Bank Property Loan Scheme

    The eligibility of the customer applying for a property loan scheme from UCO Bank depends upon the following:

    • The applicant (pensioner or self-employed or salaried individual) must be at least 21 years old and not older than 65 years of age.
    • The applicant must possess a property that can be mortgaged in addition to sufficient income for repayment of the loan.
    • Businessmen or self-employed individuals must possess a regular source of income and must also file their income tax return.
    • The minimum gross salary of a salaried customer must be Rs.30,000 per month if they reside in metropolitan cities and Rs.20,000 per month if they live in other centres.
    • The minimum income for non-salaried customers must be Rs.4 lacs per annum regardless of where they reside.
    • The net take home salary of all customers must be at least 40% of the gross income after deductions such as professional tax, insurance premium, PF, income tax, etc., or Rs.10,000, whichever is more.

    Features of UCO Property Loan Scheme

    • The repayment period for the loan is a maximum of 144 EMIs regardless of how much money is borrowed.
    • The minimum credit at the end of each month must be higher than the interest debited to the account.
    • All repayments must be made before the customer attains 70 years of age.
    • Registered mortgage / equitable mortgage of unencumbered commercial property / residential house / apartment / non-agricultural land / flat located in semi-urban / urban / metro centres should be in the borrower’s name can be pledged as security.

    Benefits of UCO Property Loan Scheme

    • No prepayment charges
    • Low processing fee
    • Minimal documentation
    • Hassle-free application procedure
    • Dedicated team for customer service
    • Flexible repayment period

    UCO Rent

    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.

    Eligibility criteria

    The borrower must be owner of a property. The owner can be an individual or a firm.

    Loan amount
    • The loan amount is 70% of the total rent received during the unexpired lease tenure or loan tenure less of the total advanced deposit. Borrowers who have leased their property to reputed companies, PSU, insurance company, MNCs, etc. can avail this loan.
    • For others, the total loan amount one can avail is 55% of the total rent received during the unexpired lease tenure or loan tenure less of the total advanced deposit.
    Interest rate
    Category Interest rate
    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.
    Repayment tenure

    Maximum repayment tenure offered is 10 years

    Processing fee

    O.50% of the loan amount subject to a maximum of Rs.2 lakh.

    Prepayment charges

    No prepayment charges if the borrower pays from their own fund. In other cases, the prepayment charges will be 1%.

    UCO Swabhiman – Reverse mortgage loan for Senior Citizens

    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
    • When the borrower is no more or if the owner wants to sell the property
    • The sale of property will help in liquidating the loan
    • The legal heir can repay the loan and redeem the property

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