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    UCO Bank Home Loan Reviews

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    UCO Bank Home Loan is Rated as "Great!" by 32 Users

    Fees & Charges

    Promised Interest Rate

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    UCO Bank, formerly United Commercial Bank, established in 1943 in Kolkata, is one of the oldest and major commercial banks of India. Being a Commercial Bank, giving Loans and Advances is among their primary activities. Apart from their participation in meeting both Term Loan and Working Capital requirements of Agriculture sector, Trade and Service sector, Large/Medium and Small Scale Industries sector, Infrastructure sector etc. including taking care of their Export/Import and non-fund based needs like Letter of Credit, Bank Guarantee etc., we have a fairly large basket of loan products specially designed to suit your personal needs.UCO Home 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. To know more, follow some simple steps given below to get attractive deals.


    You’re probably eligible for an UCO Home Loan if you are

    UCO Home Loan Minimum Age

    At least 21 years old

    UCO Home Loan Maximum Age

    Less than 70 years old

    UCO Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    UCO Home Loan Minimum Income

    Earn more than the minimum
    income required


    Your UCO Home Loan amount eligibility is based on these factors

    UCO Home Loan Minimum Salary

    Earn more than the minimum
    income required

    UCO Home Loan Maximum Loan to property value

    Loan capped @ 75% to 80% of property value

    UCO Home Loan EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible UCO Home Loan amount by these steps

    UCO Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    UCO Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    UCO Home Loan Add parents as Co-applicant

    Alternatively add your parents


    Documentation needed to apply for an UCO Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. ID and residence proof
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income


    UCO Home Loan Interest RatesUpdated on 22 Oct 2016

    UCO Home Loan Details
    Interest Rate 9.60%
    Loan Tenure 30 years
    Processing Charges 0.5% of the loan amount, Minimum Rs.1500 and Maximum Rs. 15000
    Pre-closure Charges Nil
    Guarantor Requirement No guarantor required



    When it comes to buying an abode of your own, home loans are a necessary requirement for most Indians. In this regard, the UCO Bank Home Loan is tuned specifically to the expectations and limitations of the average Indian. With friendly features like competitive interest rates, and the adoption of the popular reducing balance model, UCO Bank Home Loans have garnered a rich fan following and an enviable reputation in the market. When it comes to the busy city slicker or the rural Indian folk, home loans from UCO Bank is one of the most preferred option.

    Home Loans from UCO Bank:

    UCO Bank is a nationalized bank which was founded in the year 1943. The bank provides a range of banking and financial services while fulfilling its larger goal of socio-economic growth of the nation. UCO is a popular choice amongst both the urban and rural customers. Headquartered in Kolkata, the bank has 45 zonal offices spread across the length and breadth of the country. The bank also has overseas presence and offers Core Banking Solutions to both Indian and foreign customers.

    The operating keyword when talking of the UCO Bank Home Loans is the convenience offered, the professional service rendered and the attention to details. From the convenience of applying online to incredibly comfortable interest rates, from 0% prepayment charges to a very nominal processing fee, UCO Bank Home Loans has covered all the bases and strives to constantly improve its product offering.

    New UCO Bank Home Loan Interest Rate:

    At just 9.60%, the UCO Bank home loan interest rate stands at the shallow end of things. Popular and immensely affordable, this interest rate applies for loan amounts that are up to Rs.30 lakhs, from Rs.30 lakhs to Rs.75 lakhs and the top bracket at Rs.75 lakhs and above. An additional advantage is the fairly relaxed maximum repayment tenure of 30 years.

    UCO Bank Home Loan MCLR:

    The Marginal Cost of Funds-based Lending Rate (MCLR) of UCO Bank effective from April 1, 2016, is delineated in the table below:

    Loan tenure MCLR
    Overnight 9.2%
    1 month 9.3%
    3 months 9.35%
    6 months 9.4%
    1 year 9.45%
    5 years 9.55%

    The MCLR of 1 Year is added with 0.15%, hence the effective rate becomes 9.60% p.a.

    Why apply for a UCO Bank Home Loan?

    The home loan from UCO Bank is a complete 360* product. Offering a defined set of features that sets it apart from its immediate competition in the Indian home loan market, UCO Bank Home Loans offers the following convenience-

    • Simple Application Process - Apply online or from your nearest UCO Bank branch, the process is immensely hassle free, quick and involves limited documentation.
    • Versatility - This loan can be used for any of the following objectives,
      • To purchase or construct independent house or flat.
      • To affect extensions, repairs or renovations for an existing house or flat that isn’t older than 50 years.
      • To takeover home loans as availed from other banks.
      • To furnish a house.
      • To purchase a second-hand house or flat that isn’t older than 30 years.
    • Repayment - Flexible repayment tenure of up to 30 years or 360 tension-free EMIs.
    • Low Interest Rates - The UCO home loan interest rates match some of the lowest available in the Indian market.
    • Security - The robust accompanying insurance plan is a major highlight, especially the UCO Griha Raksha Yojana and UCO Griha Jeevan Suraksha plans.

    Quite naturally, and thanks to features as listed above, home loans from UCO are a preferred commodity.

    Features of UCO Bank Home Loan:

    The principal features of the UCO Bank Home Loan and the benefits associated with subscribing to it are listed below,

    • Loan Tenure - The maximum tenure of UCO bank home loans is 30 years which includes payment holidays, if any.
    • Interest Rate - The rate of interest depends on many factors like annual income, credit history etc.
    • Processing Fee - 0.5% of the total loan amount is charged as processing fee; a minimum of Rs.1500 and a maximum of Rs.15,000. However, up to August 31, 2016, the bank is not charging any processing fee on home loans as a special offer.
    • Margin of Finance - A loan of up to 80% of the value of property, can be availed.
    • No Prepayment Charges - The customer gets the flexibility of paying off the loan earlier than the stipulated time.
    • Tax Rebate - As per the clauses listed under the Income Tax Act.
    • Insurance Cover - Your property is protected under ‘UCO Griha Raksha Yojana’ which covers the risk of property damage in the event of natural calamities. Also, medical cover for critical illness of home loan borrowers, to cover outstanding loan in case of illness, death or permanent disability. Plus, the ‘UCO Griha Jeevan Suraksha’ cover to account for the outstanding amount in case of sudden natural death of the borrower.

    Eligibility for UCO Bank Home Loan:

    Individuals who are between 21-70 years of age and who earn a regular income are eligible to apply for this loan. The applicant can be an Indian citizen or an NRI. The loan amount is capped at 75-80% of the property value and outstanding loans from other banks can affect the total amount that is loaned out to a customer.

    Documents Required

    1. Income Tax Returns for last 3 years
    2. Duly filled application form with an affixed photograph of the borrower
    3. Bank Statements of last 3 years
    4. Address Proof
    5. Salary Slips
    6. Personal Identity proof
    7. Property Purchase Agreement
    8. Other documents that the bank might deem necessary

    News About UCO Bank Home Loan

    • UCO Bank records the biggest hike in Gross NPAs in 2015

      Kolkata-based UCO Bank had been deemed as one of the most terrible performer among the country’s public sector banks, recording the peak surge in average non-performing assets (NPAs) in percentage terms compared to those pending in the last fiscal year. As per the temporary RBI statistics considering the domestic functions of banks, gross NPA to average loan ratio of the UCO Bank escalated to 8.05 percent by March 2015 from 4.47 percent, an addition of 3.58 on a yearly basis. Then came the Indian Overseas Bank and the Bank of Maharashtra with total NPA increasing to 8.30 percent and 6.18 percent, in that order by the time. In the event of IOB, disparity compared to the preceding fiscal year was 3.46 while it was 3.02 for BoM. In the previous month, Finance Minister Mr. Arun Jaitley had assured that even though NPAs were certainly a reason for concern, there was no reason for alarm.

      14th January 2016

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