UCO Swabhiman Reverse Mortgage Loan

Loan against residential property for senior citizens from UCO Bank

A loan against your self-occupied, residential property to pay off your debts.

UCO Bank UCO Swabhiman (Reverse Mortgage Loan)

This loan helps senior citizens who want to meet their living expenses or supplement pension income by pledging their self-occupied, residential property for this loan. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts. This loan cannot be availed for trading or speculative purposes.

Features of UCO Reverse Mortgage Loan for Senior Citizens

Why this Loan?

  • The UCO Bank Swabhiman Reverse Mortgage Loan helps senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into liquid cash flows to meet their living expenses, personal needs, medical expenses or home renovation/repair/extension expenses
  • They can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans. This will help them live their golden years stress-free

Loan Amount

  • The maximum loan amount offered under this loan scheme is Rs. 50 lakh


  • The interest rate applicable to this loan is defined as the sum of two factors: UCO Float Rate and a Spread factor of 3.05%. As of October 2020, the UCO Float Rate is 6.90% bringing the effective interest rate at 9.95%


  • The loan becomes payable after 15 years
  • Borrowers can also choose for prepayment of the loan
  • In the case of death of the borrower, the loan becomes due after six months and the legal heirs of the borrower can settle the loan along with cumulated interest without the sale of the property
  • The loan can also be liquidated by the sale of property


  • The borrower must be an Indian citizen
  • The age of the borrower must be above 60 years
  • Only self-acquired, self-occupied residential property (independent house or flat) which is free from encumbrance and used as a permanent primary residence is eligible for this loan

Margin Money (Borrowers 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 before applying for this loan

Security Needed

  • The bank accepts equitable mortgage of residential property in the favour of UCO Bank

Documents Needed

  • 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 proof, income tax assessment or IT return documents of the borrower
  • 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