A Loan Against Property from UCO Bank to meet your financial needs

A low-interest mortgage loan to consolidate your debts

UCO Bank Property Loan (Loan Against Property)

This loan helps borrowers get access to funds by pledging their property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.

Features of UCO Property Loan (Mortgage Loan)

Why this Loan?

  • The UCO Property Loan is meant for individual and corporate borrowers who want to avail financial assistance by pledging their residential or commercial property to the bank to meet their urgent financial needs. This loan can be availed for personal or business needs but not capital market, trading or speculative purposes
  • Borrowers can also avail this scheme as a consolidation loan to pay off their debts
  • The scheme is offered as a term loan or overdraft based on the needs of the borrower

Loan Amount

  • The maximum loan amount offered under this loan scheme is up to Rs. 2 crore for individuals and Rs. 5 crore for firms and companies

Interest

  • Priority Sector: The interest rate applicable to this loan is defined as the sum of two factors: UCO Float Rate and a Spread factor of 2.55%. As of October 2020, the UCO Float Rate is 6.90% bringing the effective interest rate at 9.45%
  • Non-priority Sector: The interest rate applicable to this loan is defined as the sum of two factors: UCO Float Rate and a Spread factor of 3.55%. As of October 2020, the UCO Float Rate is 6.90% bringing the effective interest rate at 10.45%

Repayment


  • Term Loan: This loan must be repaid within 12 years
  • Overdraft: The overdraft must be repaid within 12 months and the interest of the OD account should be fully serviced every month

Security Needed

  • The bank asks for the first charge of equitable/registered mortgage of residential/commercial property

Margin Money (Borrower’s Contribution to Total Cost) & Processing Charges

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative to know more

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/Non Professionals: 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.
  • Property related documents

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