A Takeover Loan for Home Loan Borrowers to Help Consolidate Their Debts.
A loan scheme for the takeover of your existing housing loan.
UCO Bank UCO Home Loan
This loan helps home loan borrowers transfer their housing loan to UCO Bank. The biggest advantage of availing this loan is that the rate of interest is calculated on reducing balance, making it an ideal solution if you want to reduce your debt burden.
Features of UCO Bank Home Loan
Why this Loan?
- The UCO Bank Home Loan is meant for borrowers who want to transfer their housing loan to UCO Bank in addition to simply avail it as a home loan for the purchase/construction/extension/furnishing of a residential property
- Borrowers can also avail this scheme for reducing their debt burden by transferring their existing housing loan to UCO Bank
Loan Amount
- The maximum loan amount offered by UCO Bank under this loan depends on a case-to-case basis
Interest
- The interest rate applicable to this loan depends on the CIBIL score of the borrower
- CIBIL Score above 750: The interest rate applicable is UCO Float rate + 0.25%. As of October 2020, UCO Float rate is 6.90% bringing the effective interest rate at 7.15%
- CIBIL Score upto 750: The interest rate applicable is UCO Float rate + 0.35%. As of October 2020, UCO Float rate is 6.90% bringing the effective interest rate at 7.25%
Repayment
- This loan must be repaid within 30 years subject to the maximum age criterion of 75 years at the time of repayment completion
Security Needed
- The bank may ask for the first charge of property financed by the bank
Margin Money (Borrowers Contribution to Total Cost)
- As of October 2020, this information is not available on the bank’s website. Please call the bank’s customer care number to talk to a bank representative and get the required details before applying for this loan
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh and if the margin is 20%, the margin money comes to Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- The bank charges 0.50% up to a maximum of Rs. 15,000 for processing this loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Insurance Agents: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Reference Facts
- UCO Bank Website: www.ucobank.com and www.ucoebanking.com (net banking)
- Headquarters: Kolkata, West Bengal
- Call Centre Toll-Free Number: 1800 274 0123