All About UCO Bank Loan Against Property
Under the scheme, credit facilities are considered up to 60% value of the property located in metro/urban/semi-urban centers to meet financial needs of government employees, employees of schools, colleges, PSU, reputed corporate business enterprises, professionals and businessmen with regular source of income and filing IT return against mortgage of their immovable property with clear Title.
Eligibility: UCO Bank Loan Against Property
- Maximum age limit of the borrower should be 65 years on the date of application.
- Loans can be sanctioned in the form of only as term loan.
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Quantum Of Loan: UCO Bank Loan Against Property
|
Maximum (Rs) |
Minimum (Rs) |
|
50 Lac |
2 Lac |
Repayment: UCO Bank Loan Against Property
|
Facility provided only as Term Loan |
|
Repayment period – Maximum 84 E.M.I. |
Salient Features: UCO Bank Loan Against Property
|
Processing Fee |
1% of loan amount |
|
Prepayment Charges |
1% of amount prepaid |
- While determining repayment capacity, income of the spouse can also be taken. In that case loan should be in joint names.
- The condition of maintaining 40% of net take home is applicable to both Salaried and non-salaried person. In the case of non-salaried person, their annual Gross Income, as per IT Returns, is to be divided by 12 to arrive at Monthly Gross Income. Like Salaried persons, their NET monthly income after all deductions including monthly installment of proposed Term Loan and/or monthly interest on Overdraft and proportionate principal amount to the extent of 15% of the O.D. limit/balance should not be less than 40% of their Gross monthly income.
- If credit facility is granted against building/flat/apartment, the same should not be more than 30 years old.
UCO Securities: UCO Bank Loan Against Property
Under the scheme, credit facilities are extended to borrowers against financial securities issued by Central Govt./State Govt./RBI in the form of National Savings Certificates, Kisan Vikas Patra, Govt. Securities and Relief Bonds. Loans are also sanctioned against Life Insurance Policies of Life Insurance Corporation of India and bonds/debentures issued by specific Public Financial Institutions.
Eligibility: UCO Bank Loan Against Property
- The securities should be in the name of the borrower or any one of the joint borrowers.
- The securities should be transferable and can be assigned/pledged in favor of the Bank.
Quantum Of Loan: UCO Bank Loan Against Property
It will be determined on the basis of discounted face value/maturity value/surrender value of the transferable security at 13.50% (BPLR -1.00%).
Repayment: UCO Bank Loan Against Property
| Facility | |
| Demand Loan | Loans should be adjusted from the maturity proceeds of securities assigned/transferred |
| Overdraft | |
| Cash Credit |
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