UCO bank home loan is offered to all its customers after keeping in mind the customer's monthly income, expenses and his/her affordability. The UCO bank home loan is also called the UCO shelter which, brings with itself an attractive opportunity to own a house. The UCO shelter scheme is specially made to suit the requirements of different individuals. The added advantage of availing the UCO bank home loan is that the bank charges interest rates at a reducing balance. This means, that you need not pay the same interest on the installments of loans from the date of repayment.
The purpose of availing a housing loan can be different for different people. Some might avail it for buying a new house, construction of a house, purchase of a land or a plot, renovation purposes, furnishing purposes and even for getting an existing loan refinanced. The refinancing procedure means, the UCO bank would give you a loan in order to finance an existing loan and repay it back. The interest rate charged by the bank is in floating and fixed types. The fixed interest rate for above 30 lacs is 12.55% and the floating interest rate for above 30 lacs is 12% per annum.
Eligibility requirements in order to apply for a UCO Bank Home Loan:
Once you are eligible for applying for a UCO bank home loan, you can call the bank personally and inquire about the application process. The process requires the customer to fill up an application form available at the bank's branch and even online. The application form must be filled in duly by the applicant only and all the information mentioned in the same must be complete true. Any false information mentioned would make the application form rejected. The bank conducts a verification process from its side to check if the details mentioned is true. That is why, the bank would want to submit a copy of your salary statement, income statement, bank pass book, financial statement, age proof, residential proof, employer's name and office address.
- All Indian citizens who have a stable income
- The minimum age as on the home loan application form mentioned must be 21 years
- The maximum age should not be more than 65 years
- You can apply for a UCO bank home loan individually or jointly as Parent-Son, Parent-Daughter, Husband-Wife
- The maximum age limit for senior citizens to avail shelter in Old must be 75 years
UCO Bank Home Loan Interest Rates
UCO bank provides two kinds of interest rates on home loans availed by the customers. One is the floating rate of interest and the second is the fixed interest rate. The floating rate of interest is charged at 8.25% per annum up to a period of 10 years, 8.75% per annum up to a period of 20 years and 9.25% for 20 years or more.