Uco Bank Plot Loan

UCO Bank Housing Loan Features

Current UCO Bank plot loan interest rates for Dec 2020 starts at 6.90% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Up to 0.50%, Minimum ₹ 1,500, and Maximum ₹ 15,000.

Loan Amount	UCO Bank plot loan Home Loan Rate
Up to ₹ 30 Lakh	6.90%
₹ 30 Lakh – ₹ 75 Lakh	6.90%
₹ 75 Lakh – ₹ 1 Cr	6.90%
Above ₹ 1 Cr	6.90%

 

UCO Bank Plot Loan Rate

the recent UCO bank plot loan rate of interest ranges between 6.90% to 7.00%. there are special discount rates for different categories like for women. For women, the UCO bank plot loan is 6.90% with the lowest rate of interest. The table shows the rate of interest in different housing finance schemes of UCO Bank.

UCO Bank Home Loan Scheme	Interest Rates
UCO Bank Repo Rate Home Loan	6.90% – 7.00%

 

Eligibility Criteria of UCO Bank Plot Loan

The below-mentioned eligibility criteria are to be met by the candidates for a smooth process.

•  The age of the applicant should be 18 to 60 years with good refunding capability.
• The applicant should be residing in India.
• Salaried or self-employed individuals must be in employment for a compatible period
• A CIBIL Score of 650 or more works well in this case.
• For getting a plot + construction loan, the borrower should start the construction of the plot within the given time. The time may vary from lender to lender.

UCO Bank Plot loan eligibility based on salary

UCO Bank plot loan is offered to all self-employed and businessmen for financing the expansion or capital requirements of their business. There are some benefits of taking a loan from UCO Bank:

• Net Income

Your net monthly income (take-home salary in any case deductions like PF, ESI, gratuity) determines your home equity credit servicing capacity. It determines what proportion of home equity credit EMI you’re capable of paying after meeting living expenses supported by your standard of living.

As an example, if your salary is Rs 25,000 then at the rate of interest of 6.90% offered by UCO Bank, the loan amount that you simply are going to be eligible for (assuming you’ve got no other EMI’s to pay) would be Rs 28.12 Lakh to Rs 49.35 Lakh counting on your age. Similarly, if your salary is Rs 75,000, you would possibly get eligible for a loan amount of Rs 56.23 Lakh to Rs 98.69 Lakh for the same property at the same rate counting on your age at the time of application.

• Nature of Employment

UCO Bank will check whether you’re salaried or self-employed and therefore the company and sector during which you’re working. It also looks at your years of experience to see for job and income stability. UCO Bank requires minimum income history and job stability of quite 0 years for salaried individuals and of 0 years for self-employed individuals.

• Minimum CIBIL Score for UCO Bank Plot Loan

Your credit behavior and diary from your past lenders and MasterCard providers get captured in your CIBIL score. Banks consider this as a barometer to measure your past credit behavior and hence, the CIBIL score becomes the foremost important factor to define your eligibility to urge a home equity credit.

When checking eligibility for a home equity credit, UCO Bank will check out the entire CIBIL report, which also includes all past running loans and your payment diary on loans and credit cards.

A better credit score increases your chances that your application to UCO Bank will get approved. However, a coffee CIBIL score will decrease your eligibility to urge a home equity credit. UCO Bank requires a minimum credit score of 650 to be eligible for a home equity credit.

• There are a couple of factors that affect your credit score:
• Late payments – If you’ve got delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from UCO Bank.
• The high number of unsecured loans – Always keep a balance between secured and unsecured loans. The unsecured loans end up affecting your credit score.
• Usage of credit limit – MasterCard bills and use of credit limit shows your credit behavior. Outstanding MasterCard balance on the brink of 30% of MasterCard limit reflects potential financial stress, indiscipline on your part, and should adversely impact your credit score.
• Multiple loan applications – If you apply for a loan in multiple banks on just one occasion, it can affect your score negatively and reduce your CIBIL score. just in case of application rejection from UCO Bank, improve your creditworthiness to urge an honest score.
• You can use the housing loan eligibility calculator UCO Bank for a fast calculation of your home equity credit eligibility.

Benefits of Uco bank plot loan

These are the following benefits of the UCO bank plot loan

• Quick Approval: The applying procedure is pretty easy and the approval is done rapidly just after your verification is done.
• Low-Interest Rate: One can get the greatest interest rates in the market as per their credit profile.
• No Hidden Cost: Most importantly there are no additional costs charged more than the normal charges.

Features of Uco bank plot loan

• UCO Bank plot loan Interest Rate starts from 6.90%.
• UCO Bank charges a processing fee of Up to 0.50%, a minimum of Rs 1,500, and a maximum of Rs 15,000.
• The period of a Home Loan ranges from 5 years to 30 years.
• THE lowest EMI per lakh on a home loan from UCO Bank is ₹ 659 per lakh offered at the lowest interest rate of 6.90% at the longest loan tenure of 30 years.
• There are Nil charges for the prepayment of home loans with floating-rate loans.
• UCO Bank has an average customer rating of 4.5/5.0 from the ones who have experience with the UCO bank.

Land Loans

Loan for land purchase is additionally referred to as Plot loan. It could be a loan that helps borrowers to get a plot of land. Many borrowers typically get confused between land loans and home loan rates. A home equity loan could be a loan that facilitates borrowers to get associate existing house property or construction of a brand new flat or house. On the opposite hand, land loans square measure availed just for the acquisition of the land on that construction is planned to be disbursed later.

Like different loans, land loans also are repaid in EMIs (Equated Monthly Instalments) with the investor charging an associate charge per unit on the principal loan quantity secured by the receiver. The receiver is needed to pay the plot loan inside the stipulated time, failing that the investor has the right to confiscate your property to understand the loan quantity.

Types of Land Loans

Plot Loan

One can only get a loan for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. The property has to be under the municipal or trade bounds. The loan is often said to be a high-risk loan and there are no tax aids. The plot loan for every bank is different as each bank has different factors like service type, the total loan for buying a plot, and the modifications of the loan. There are banks where there are special interest rates for women.

Illustration on UCO Bank plot loan Interest Rate

Maximum Annual Percentage Rate (APR)	6.9% to 7%
A representative example of the total cost of the loan, including all applicable fees	Here is an illustration of the total cost of the loan:
	Total amount borrowed: Rs 1 Lakh
	Period: 5 years to 30 years
	UCO Bank Home Loan Interest Rate: 6.90% to 7.00%
	Processing Fee payable to UCO Bank: Up to Rs 10,000. The current offer for processing fee is Upto 0.50%
	Total Monthly Cost – From Rs 659 for 30 years Rs 1 Lakh loan at 6.90% (lowest rate, longest period) to Rs 1,980 for 5 years Rs 1 Lakh loan at 7.00% (highest rate, shortest period). This is inclusive of principal repayment.
	Annual Percentage Rate (APR) of charge including all applicable fees: 6.9% to 7%
	Total cost payable over loan tenure: ₹ 28,807 for 5 years loan to Rs 1.47 Lakh for 30 years loan
	UCO Bank’s terms and conditions as per loan agreement applicable. Short term loans/ payday loans not available; minimum loan tenure: 5 years.
	The rate of interest depends upon income, job stability, loan amount, CIBIL Score, credit profile, existing obligations, verification, and other factors. Credit at the sole discretion of UCO Bank.

Plot + Construction Loan

UCO Bank plot loan and a construction loan helps you to buy a housing plot and build a house on any property within a given time period. The rate of interest increases if the work isn’t completed within that specific time. The article also has the proper information about plot loans with construction and how is this dissimilar from the other home loans.

Parameters	Land Loan with Construction	Regular Home Loan
Plot + Construction loan interest rates	Rates are similar to a home loan, but the plot + Construction Loan interest rates can be higher if you want the construction period to be longer	Interest rates are starting at 7.55%.
LTV	Up to 70% of the property’s value	Up to 90% of the property’s value
Tenure	Up to 15 years	Up to 30 years
Tax Benefits	The plot loan that is taken for construction and the benefit can be claimed after completion of construction	On principal amount under section 80C and interest amount under section 24(b)
Prepayment Penalty	Nil for individuals on floating rates	Nil for individuals on floating rates

Type of UCO Bank plot loan self-employed:

Tru mounted loan – 2/3 Year mounted Rate Variant

UCO Bank plot loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

Adjustable-Rate Loan

The adjustable-rate plot loan is joined to UCO’s Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

Who will apply for a UCO Bank plot loan self-employed?

Individuals will apply for this loan on their own or together. The co-applicants for the UCO Bank plot loan should be the planned homeowners of the plot. Co-applicants usually comprise of relations and want not to be co-owners of the property.

Loan term

• The maximum tenure up to that one will distribute his payments for his/her loan is fifteen years.
• The loan term depends on the compensation theme the individual has opted for.
• The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity conjointly play a job when deciding on the loan term.

Type of UCO Bank plot loan for self-employed:

Tru mounted loan – 2/3 Year mounted Rate Variant

This loan provides customers a vicinity adjustable-rate term and a vicinity mounted rate term. Underneath the TruFixed loan, the individual will avail mounted rate up to 2/3 years, once that the loan can amendment to Associate in Nursing adjustable-rate loan mechanically, summation to a complete of a 15-year loan term.

Adjustable-Rate Loan

The adjustable-rate plot loan is joined to UCO’s Retail Prime disposition Rate (RPLR). The charge per unit on the loan is revised once every 3 months if there’s an amendment within the RPLR, taking the date of the primary disbursement under consideration. an increase within the charge per unit can result in a rise within the EMI’s interest element that successively can cut back the principal element. this may extend the loan term, and contrariwise, in cases wherever the charge per unit drops.

UCO Bank plot loan for salaried people

Salient options

• Salaried people will apply for this loan if he/she is wanting to
• Purchase a plot that’s being resold
• Purchase a plot through direct allotment in an exceedingly housing society or a developer project
• Transfer his/her outstanding loan quantity availed from another financial organization
• Customized reimbursement choices are offered to the receiver reckoning on the loan quantity, loan tenure, and interest rates provided by the bank.
• Attractive interest rates are offered on the plot loans to create it cheap for the candidates.
• No hidden prices are charged on the loan.

Who will apply for a UCO Bank plot loan for salaried individuals?

The loan may be applied either on an individual basis or conjointly. The co-applicants for the plot loans should be the planned house owners of the plot. Co-applicants usually comprise of relations and wish not to be co-owners of the property.

Loan term

• The most tenure up to that one will distribute his payments for his/her loan is fifteen years.
• The loan term depends on the reimbursement theme the person has opted for.
• The customer’s profile, age of the plot at the time of loan maturity, age of the client at the time of loan maturity additionally play a job choose the loan term.

Maximum loan amount

Loan Amount	Maximum Funding
Up to Rs.30 lakh	80% of the property price*
Rs.30.01 lakh to Rs.75 lakh	80% of the property price*
Over Rs.75 lakh	75% of the property price*

The maximum funding of the loan can be restricted to 70% of the property cost if the property is situated outside city limits. 

Type of UCO Bank plot loan for salaried individuals:

TruFixed Home Loan – 2/3 Year Fixed Rate Variant:

This loan provides customers a part adaptable rate term and a part fixed rate term. In this Tru Fixed home loan, there is an advantage of keeping the rate of interest fixed for 2/3 years later to which the loan changes to an adjustable rate of interest loan up to a total of 15 years loan term.

Adjustable-Rate Loan:

The adjustable-rate plot loan is linked to UCO’s Retail Prime Lending Rate (RPLR). The interest rate on the loan is revised once every three months. A rise in the interest rate will increase the EMI’s interest component which in turn will reduce the principal component. If the interest rates drop-down this will increase the loan term.

UCO Bank plot loan interest rates for salaried individuals

Adjustable Home Rate Loan

For salaried individuals, the Retail Prime Lending Rate is 16.20%

TruFixed Loan – 2 Year Fixed Rate Variant

the Retail Prime Lending Rate is 16.20%

UCO Bank plot loan fees for salaried individuals

Processing fees: 

For self-employed professionals, the processing fee is Rs.3,000 or up to 0.50% of the loan amount whichever is higher along with other additional applicable taxes.

Prepayment charges:

Adjustable-Rate Home Loans (ARHL)	Adjustable-Rate Loans (ARHL):
	·        No prepayment charges will be payable on account of full/part payments for loans sanctioned to individual borrowers.
	·        For loans sanctioned to individual borrowers with the firm, company, etc. as a co-applicant. Prepayment charges at 2% plus taxes, as may be applicable from time to time, of the amount being prepaid, are payable.
	·        The customer will have to submit documents that UCO deems fit and proper to confirm the source of funds at the time of prepayment of the loan.
Fixed-Rate Home Loans (FRHL)	Fixed-Rate Loans (FRHL)
	·        No prepayment charges will be applicable for part/full payments made from own sources i.e., sources other than a bank/NBFC/HFC or financial institutions
	·        The customer should submit documents that UCO sees fit and proper to determine the source of funds.
	·        Prepayment charges will be 2% plus taxes and statutory levies and charges of the outstanding amounts being so prepaid through any financial institution or any bank and will be applied to all full/ partial prepayments.
Fixed and Variable Rate Loans (Combination rate)	Fixed and Variable Rate Loans (Combination rate)
	·        During the Fixed Rate period:
	·        The prepayment charges will be 2%, plus applicable taxes and statutory charges and levies of the outstanding amount being so prepaid through refinance from financial institutions or any banks, and will apply to all partial/full prepayments.
	·        The customer must submit documents that UCO approves to confirm the source of funds at the time of prepayment of the loan.
	·        During the Variable Rate period:
	·        No prepayment charges will be applicable on account of full/partial prepayments for loan sanctioned to individual borrowers.
	·        For loans sanctioned to individual borrowers with the firm, company, etc. as co-applicants. Prepayment charges at 2% plus taxes and statutory charges, as may be applicable from time to time, of the amount being prepaid are payable.
	The prepayment charges mentioned will be applicable from the date of execution of the loan agreement. However, the charges are subject to change from time to time depending on the prevailing policies of UCO.

Conversion fees:  

UCO bank plot loan gives an advantage to its existing customers that are the conversion facility to pull down the rate of interest on the loan by interchanging schemes. This facility can be used by paying a fee or one can either reduce the loan amount time or EMI. Here are the options of conversions available for the existing UCO customers:

Name of the service/    product	Name of the charge/fee levied	When payable	Frequency	Amount in rupees
Switch to a lower rate in   Variable Rate Loans (Housing/improvement/  extension)	Conversion fees	On conversion	On every spread change	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/improvement/extension)	Conversion fees	On conversion	Once	Up to 50% of the principal outstanding and undisbursed amount at the time of conversion or a cap of Rs.50,000 plus taxes whichever is lower.
Switching from Trufixed Fixed Rate to Variable Rate Loan	Conversion fees	On conversion	Once	1.75% of the principal outstanding and undisbursed amount plus taxes at the time of conversion.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	Half of the spread difference on the principal outstanding and undisbursed amount plus taxes, with a minimum fee of 0.5% and a maximum fee of 1.50%.
Switch to Lower Rate (Non-Housing Loans)	Conversion fees	On conversion	On every spread change	0.5% of principal outstanding and undisbursed amount plus taxes at the time of conversion.

 

Cheque discredit charges: 

The cheque discredit charges for the UCO bank plot loan are Rs.200 (conditions apply).

Fees on account of external opinion: 

The external opinion can be either from technical valuers or advocates and the fees can be paid directly to the person in charge depending on the kind of help condensed.

Property insurance: 

For keeping the policy active, the customer has to pay the premium amounts to the insurance provider on a regular basis without any fault.

Charges on account of delayed payments: 

In case there has been a delay in paying the EMI or the interest then the customer has to pay an additional interest of 24% p.a

Incidental charges

Incidental charges and expenses are imposed to cover the charges, costs, and other expenses that may have been utilized to recover dues from a defaulting customer.

Statutory/regulatory charges:

 The customer will be solely responsible for all charges applicable on stamp duty/MOD/MOE/Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI).

List of documents: 

Rs 500 is the cost for the list of documents taken for the UCO bank plot loan.

Photocopy of documents

Rs 500 is the cost for the photocopy of documents taken for the UCO bank plot loan.

Increase/decrease in loan term: 

If there is a need where you want to increase or decrease loan term then you have to pay Rs 500 along with the application form. 

Disbursement cheque cancellation charge post disbursement: 

The cost for the Disbursement cheque cancellation Is Up to Rs.200 asper the UCO bank plot loan. 

PDC swap

The PDC swap charges a minimal amount of Rs 200. 

Re-appraisal of the loan after 6 months from sanction:

 If you want a re-appraisal of the UCO bank plot loan after 6 months from its sanction then you may have to pay Rs 2000 along with the applicable taxes. 

Types of UCO Bank consumer loan

1. UCO Cash

• UCO money consumer loan is obtainable for amounts of up to Rs. 10 lakh
• Can be for numerous personal desires together with marriage, medical emergency, educational activity, vacation, etc.
• The loan is often repaid by most sixty months.
• In case of natural or accidental death of the receiver, UCO  insurance arrangements can cowl the outstanding loan quantity.

2. UCO beneficiary Loan

• UCO Bank offers short term loans through the UCO beneficiary Loan theme to people World Health Organization receive pension through its branches.
• Widows and war widows World Health Organization are drawing pension through UCO Bank are eligible for this loan if there’s a co- receiver.
• UCO Bank beneficiary consumer loan must be repaid most by forty-eight months.

3. UCO Shopper Loan theme

• UCO Bank Shopper Loan theme offers loans of up to Rs.2 lakh
• Individuals will use it for the purchase of durable goods like white goods, television, air conditioning, pc, or alternative electronic gadgets.
• Low rate of interest from nine.45% p.a. onwards

UCO Bank plot loan Charges

• UCO Bank home equity credit Processing Fee

UCO Bank home equity credit processing charges are up to 0.50% of the loan amount from its home equity credit customers to hide its expenses of conducting a credit appraisal and technical evaluation of the property. The bank charges a minimum processing of ₹ 1,500 and has capped the utmost processing fees at ₹ 15,000.

The processing fees are typically non-refundable and need to be paid at the time of the application. Additionally to UCO Bank housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the application proceeds further.

• UCO Bank home equity credit Prepayment

UCO Bank charges Nil fees on prepayment of floating-rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with a floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from one bank to a different one. If you opt to foreclose or transfer your housing loan to a different bank, you would like to use an equivalent to UCO Bank for a foreclosure while processing your new home equity credit application with the new bank.

However, if you’ve got taken a hard and fast rate home equity credit from UCO Bank, you’ll get to pay a foreclosure fee to shut your account or transferring it to a different bank as per your loan agreement with UCO Bank.

How to apply for a UCO Bank plot loan with Dialabank

• One can apply for the Plot Loan with Dialabank easily.
• Not a big process, just fill a form with your correct details and the documents asked.
• If any help is required our relationship manager would contact you.
• There is also a door to door document pickup facility provided by us.
• For more details or doubts you can call us on 9878981166.

Tips to Get a Loan to buy Land easily

Here are some basic clues that would help you to increase your chances of getting a loan:

• A good credit score: A borrower would require a good credit score of above 650 to avail of the plot loan. If a borrower has a good score, it will increase the loan approval chances.
• Debt and Income Ratio: A good income and debt ratio increase your chances of getting a loan. Lesser is the ratio, more are the chances of loan approval.
• Apply for a loan based on your repayment capacity: Before you apply for a plot loan the debtors need to figure out how much loan they can afford. Debtors can take the help of calculators to check their loan affordability as well as suitability.

UCO Bank plot loan Documents

Documents for Salaried employees

• The filled loan application form
• 2 Passport Size Photographs
• In the last 2 years ITR
• Passport/ Driving License/ Voter ID/ PAN, any of the id proofs. These are the most important.
• Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), any of the residential proof, Passport
• Your income proof documents like 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit, and any EMI debit
• The Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension, all of the property proof for the smooth process of your loan.

Documents for Self-Employed

• The filled loan application form
• 2 Passport Size Photographs
• In the last 2 years ITR
• Passport/ Driving License/ Voter ID/ PAN, any of the id proofs. These are the most important.
• Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), any of the residential proof, Passport
• VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile, any of the Business proof for the smooth process. 
• The Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension, all of the property proof for the smooth process of your loan.

FAQ’s

✅What is the Plot loan interest rate in UCO Bank?

The UCO Bank extends the plot loan at the interest rate of 8.20-8.30%

✅What is UCO Bank Plot Loan?

A loan can be taken only for a plot for buying an empty house plot or land where someone can later build their own house for any reason be it an investment or some other. It is often said by people that loans are high-risk loans and there is an absence of tax aids. Make sure that whichever property you buy ahs to be under the Municipal or trade bounds. All the bank plot loans are different as each bank has different factors, services, and modifications of the loan. There are banks where there are special interest rates for women.

✅How much processing fee is applicable on a UCO Bank Plot loan?

The processing fee at UCO bank is up to 0.25% of the total loan amount.

✅What is the loan tenure of the UCO Bank Plot loan?

The maximum loan tenure is 30 years

✅How much EMI per Lakh can be fixed on UCO Bank Plot Loan?

₹ 659 per lakh is the EMI per lakh.

✅How can I apply for the plot loan from UCO Bank?

One can apply for the Plot Loan with Dialabank easily.

• Not a big process, just fill a form with your correct details and the documents asked.
• If any help is required our relationship manager would contact you.
• There is also a door to door document pickup facility provided by us.
• For more details or doubts you can call us on 9878981166.

✅How to repay the UCO Bank plot loan earlier than the schedule?

1. An applicant can make Bi-Weekly Payments or instead of the regular monthly payment submit half of the payments to your moneylender every two weeks.
2. An applicant can also make round-Up Payments. 
3. Find Extra Money.
4. One can also make an extra payment.
5. Sponsor Your Loan. 

✅Is it possible to repay my loan earlier than the schedule?

Yes, it is possible to repay your loan earlier.

✅How to check UCO Bank Plot Loan eligibility?

The below-mentioned eligibility criteria are to be met by the candidates for a smooth process.

•  The age of the applicant should be 18 to 60 years with good refunding capability.
• The applicant should be residing in India.
• Salaried or self-employed individuals must be in employment for a compatible period
• A CIBIL Score of 650 or more works well in this case.
• For getting a plot + construction loan, the borrower should start the construction of the plot within the given time. The time may vary from lender to lender.

✅What is the UCO Bank Plot loan phone number?

Contact at 9878981166 for all the UCO bank plot loan queries.

✅What is the UCO plot loan interest rate for women?

Up to 30 lakhs, the rate of interest for a woman is 7.55%.

✅What is UCO Bank plot loan interest rates for salaried individuals?

The UCO Bank plot loan interest rate for salaried individuals is 8.20-8.60% as per the amount.

✅What is UCO Bank plot loan interest rates for self-employed individuals?

8.35% is the rate of interest for self-employed individuals.

✅What is UCO Bank plot loan interest rates for self-employed non-professionals?

8.35%-9% depending on the amount taken is the rate of interest.

✅How is a plot loan different from a home loan?

Many borrowers typically get confused between land loans and home loan rates. A home equity loan could be a loan that facilitates borrowers to get associate existing house property or construction of a brand new flat or house. On the opposite hand, land loans square measure availed just for the acquisition of the land on that construction is planned to be disbursed later. Like different loans, land loans also are repaid in EMIs (Equated Monthly Instalments) with the investor charging an associate charge per unit on the principal loan quantity secured by the receiver. The receiver is needed to pay the plot loan inside the stipulated time, failing that the investor has the right to confiscate your property to understand the loan quantity.

✅Can I take a plot loan along with a home loan?

No, you cannot take two loans together.

✅What is the maximum amount that I can take as a loan?

₹ 5,00,00,000 is the maximum amount that one can take as a loan.

✅Can a plot loan finance investment in any plot, anywhere?

No, you cannot finance a plot loan in any plot, anywhere.

✅What is a Balance Transfer on Plot Loan?

A balance transfer loan makes paying down credit cards or high-interest rate debt simple by allowing you to decide which creditors to pay and the amount to send each one. Any remaining money from your loan is deposited into your bank account.

✅Do I get any tax benefits on a plot loan?

As per Section 80C of the Income Tax Act, one can avail of deduction on the main reimbursement amount of your plot loan up to a maximum of 150,000 per annum.

✅How many years can I keep the plot of land before starting construction?

Within 3 years the construction has to be done in the plot taken.