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UCO Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator UCO Bank 2021

Last Updated 11th Nov 2021

Eligibility CriteriaUCO Bank Home Loan
Eligible Age of Borrower21 - 60 years
Home Loan Eligibility Calculator

What is UCO Bank Home Loan Eligibility?

UCO Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. UCO Bank home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a UCO Bank home loan using the UCO Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by UCO Bank?

UCO Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

UCO Bank Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum UCO Bank home loan age limit to get a UCO Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. UCO Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

UCO Bank Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much UCO Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by UCO Bank, the loan amount that you will be eligible for would be ₹ 28,11,571 to ₹ 49,34,709 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,23,141 to ₹ 98,69,418 for the same property at the same rate depending on your age at the time of loan application. However, UCO Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.35 Lakh74.02 Lakh98.69 Lakh
30 years49.35 Lakh74.02 Lakh98.69 Lakh
35 years46.40 Lakh69.60 Lakh92.80 Lakh
40 years42.25 Lakh63.37 Lakh84.49 Lakh
45 years36.38 Lakh54.58 Lakh72.77 Lakh
50 years28.12 Lakh42.17 Lakh56.23 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your UCO Bank home loan eligibility.

  • Nature of employment: UCO Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. UCO Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility UCO Bank based on Value of Property

  • Value of property: UCO Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the UCO Bank's legal team.

The housing loan eligibility calculator of UCO Bank can be a useful tool to assess your eligibility for the loan.

UCO Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by UCO Bank to determine your home loan eligibility. UCO Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an UCO Bank home loan is 0.65. Calculate your eligibility with the UCO Bank home loan calculator and apply for the eligible loan amount hassle-free.

UCO Bank Home Loan Eligibility for Women

UCO Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for UCO Bank Home Loan

UCO Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from UCO Bank. However, a low CIBIL score reduces your chances to get a home loan. UCO Bank requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance UCO Bank Home Loan Eligibility?

You can enhance the UCO Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use UCO Bank’s Home Loan Eligibility Calculator?

To check UCO Bank home loan eligibility perform the following steps:-

  • Go to the UCO Bank website
  • Now navigate to the option UCO Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number .

FAQs

What is the criteria to get UCO Bank home loan?

The basic criteria to get a home loan from UCO Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from UCO Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from UCO Bank?

The minimum salary required to avail home loan from UCO Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in UCO Bank.

Is UCO Bank good for home loan?

The lowest interest rate provided by UCO Bank is 6.90% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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UCO Bank Home Loan News - Nov 2021
  • 2021-11-11 : UCO Bank Partner With Aadhar Housing Finance
    UCO Bank has partnered with Aadhar Housing Finance to offer home loans at competitive interest rates. The aim of both the lenders is to provide convenient banking to its home loan customers from the economically weaker sections of society.
  • 2021-10-29 : Uco Bank Profit Surges In Q2
    Uco Bank posted a growth in profit of nearly 7 fold in the quarter ended September 2021. The lenders profit stood at Rs 205.5 crore as against Rs 30.1 crore of last years profit.
  • 2020-08-04 : UCO Bank reports Rs. 21.46 crore PAT in Q1
    UCO Bank posted a net profit of Rs.21.46 crores for the period ended June 30, 2020, as against a net profit of Rs.16.78 crores for the period ended March 31, 2020. The bank reported total income aided by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans of Rs.4436.57 crores during the period ended June 30, 2020. In addition to this, total deposits which include FD, RD, current and savings accounts increased by 1.4% to Rs 1,95,119.60 crore.
  • 2020-06-30 : UCO Bank Q4 net profit of Rs 16.78 crore
    UCO Bank reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to falling in NPA and lower provisioning. Income during the March quarterbacked by the retail loan like home, personal, gold, two-wheeler, car along with business and mudra loan, increased to 4,511.21 crores, from Rs 4,148.52 crore in same period of preceding fiscal.
  • 2019-07-12 : UCO Bank eyes growth this fiscal, aims to thrust over home loans and business loans
    Public sector lender, UCO Bank is aiming to achieve steady growth during FY19-20. For this, the lender is trying to reduce its bad loans and chalking out ways to get out of RBI’s prompt corrective action (PCA) by 2020. Also, it has plans to give thrust to retail loans, including home loans, mortgage loans, MSMEs (micro, small & medium enterprises) and agriculture loans this year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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