UCO Home Loan - Gujarati
UCO Home Loan - Malayalam
UCO Home Loan -Kannada
UCO Home Loan - Telugu
UCO Home Loan - Tamil
UCO Home Loan - Marathi
UCO Home Loan - Bengali
This housing finance scheme brings to you an excellent opportunity to have your own house or flat. The scheme has been carefully tailored to suit your requirements. The reasonable home loan interest rate that you pay will be calculated on reducing balance, i.e. you do not have to pay interest on the loan installments repaid from the date of such repayment.
Eligibility
For home loan eligibility, Individuals (including NRI and PIO) should have a minimum of 21 years of age and a maximum of 75 years of age (all classes of the borrower) inclusive of the repayment period. You can easily apply for a home loan once you've determined your eligibility, and calculate the EMI amount using the home loan EMI calculator.
Purpose
- Purchase and construction of independent house/ready built flat for residential purpose.
- Extension/Repair/Renovation of existing house/flat not more than 50 years old.
- Takeover of home loans availed from other banks/FIs.
- Loan is also available for furnishing of house property.
- Purchase of old house/flat up to 40 years old.
Quantum of loan
The area-specific maximum limits for construction/purchase are as under :
|
Metro/Urban/Semi-urban/Rural
|
No upper limit |
Rs.50 lac |
Loan Entitlement
Least of the home loans amount computed under A and B below :
Cost of Stamp duty, registration and other documentation charges will not be included in the cost of housing property, so that LTV (Loan to value) ratio does not get diluted. However, cost of Stamp duty, registration and other documentation charges may be included as part of project cost, where cost of house/dwelling unit does not exceed Rs. 10.00 lacs for the purpose of calculating LTV ratio.
Premium of Insurance of the mortgaged assets and/or the Life of the borrower for a period of loan tenure may be considered as part of project cost.
In case of Repair/Renovation/Extension of flat/house, the amount of loan shall not exceed as stipulated above of the estimated cost, subject to maximum home loans amount for Repair/Renovation under the Scheme.
The total deductions existing plus the EMI of the proposed loan would be linked to Gross Monthly Income (GMI) and must not exceed the GMI of the borrower(s) as under :
- On the basis of purpose/Cost:
- 90%(loan up to Rs 30 lacs),
- 80%(loan above Rs 30 lacs to Rs 75 lacs) or
- 75% (loan above Rs 75 lacs) of the project cost of construction or purchase price of house/flat as per agreement for sale.
- On the basis of monthly income vis-a-vis EMI :
- For Indian Residents:
- GMI up to Rs.50,000/- - 60% of GMI
- GMI above Rs.50,000/- and up to Rs.1,00,000/- - 70% of GMI (subject to minimum monthly take home pay of Rs.20,000/-)
- GMI above Rs.1,00,000/- -75% of GMI (subject to minimum monthly take home pay of Rs.30,000/-)
- For NRI & PIO:
|
Income Slab
|
Total deductions permissible including proposed EMI
|
|
GMI up to Rs.1,50,000/-
|
50% of GMI
|
|
GMI above Rs. 1,50,000/-
|
60% of GMI
|
Rate of Interest
|
For Govt. Employees
|
|
CIBIL SCORE
|
LTV
|
Spread
|
Strategic Discount
|
Effective rate
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥800 (Direct)
|
(LTV< 80%and 80%<LTV ≤90%)
|
|
-0.85%
|
8.45%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥800 (DSA)
|
(LTV< 80%and 80%<LTV ≤90%)
|
|
-0.75%
|
8.55%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥750 and≤ 799
|
(LTV≤ 80%)
|
|
-0.65%
|
8.65%
|
|
(80%<LTV ≤90%)
|
0.10%
|
-0.65%
|
8.75%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥700 and≤ 749
|
(LTV≤ 80%)
|
0.20%
|
-0.65%
|
8.85%
|
|
(80%<LTV ≤90%)
|
0.30%
|
-0.65%
|
8.95%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥650 and≤ 699
|
(LTV≤ 80%)
|
0.55%
|
-0.40%
|
9.45%
|
|
(80%<LTV ≤90%)
|
0.65%
|
-0.40%
|
9.55%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≤ 649
|
(LTV≤ 80%)
|
0.90%
|
0.00%
|
10.20%
|
|
(80%<LTV ≤90%)
|
1.00%
|
0.00%
|
10.30%
|
|
Individual -Other than Govt. Employees
|
|
CIBIL SCORE
|
LTV
|
Spread
|
Strategic Discount
|
Effective rate
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥800 (Direct)
|
(LTV< 80%and 80%<LTV ≤90%)
|
|
-0.75%
|
8.55%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥800 (DSA)
|
(LTV< 80%and 80%<LTV ≤90%)
|
|
-0.65%
|
8.65%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥750 and≤ 799
|
(LTV≤ 80%)
|
0.0%
|
-0.55%
|
8.75%
|
|
(80%<LTV ≤90%)
|
0.10%
|
-0.55%
|
8.85%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥700 and≤ 749
|
(LTV≤ 80%)
|
0.20%
|
-0.55%
|
8.95%
|
|
(80%<LTV ≤90%)
|
0.30%
|
-0.55%
|
9.05%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≥650 and≤ 699
|
(LTV≤ 80%)
|
0.55%
|
-0.40%
|
9.45%
|
|
(80%<LTV ≤90%)
|
0.65%
|
-0.40%
|
9.55%
|
|
For Home Loan (Borrowers with Cibil Score or Equivalent ≤ 649
|
(LTV≤ 80%)
|
0.90%
|
0.00%
|
10.20%
|
|
(80%<LTV ≤90%)
|
1.00%
|
0.00%
|
10.30%
|
Processing Fee
0.25% of the loan amount, minimum Rs.250/- & maximum Rs. 5000/-.
Repayment
The maximum period of repayment is 30 years/360 EMI but should not be beyond 75 years of age of borrower in case of all class of borrower.
Security
- EMTD of property financed.
- No third party guarantee
Prepayment charge
NIL
Tax Benefits
Tax relief on principal and interest components of this home loans would be available as per provisions prevailing under Income Tax Act.
Insurance
- The assets created under UCO Home Loan should be insured with any General Insurance Channel Partner comprehensively against fire and natural calamities.
- UCO Griha Jeevan Suraksha to cover the outstanding loan in case of accidental or natural death of borrower
For more details, please contact your nearest UCO Bank branch.
