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UCO Bank Home Loan Interest Rates 2020

UCO Bank Housing Loan Interest Rate

Last Updated 12th Aug 2020

Current UCO Bank Home loan interest rates for Sep 2020 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 15,000.

Loan AmountUCO Bank Repo Rate Home Loan Rate
Upto ₹ 30 Lakh6.90%
₹ 30 Lakh - ₹ 75 Lakh6.90%
₹ 75 Lakh - ₹ 1 Cr6.90%
Above ₹ 1 Cr6.90%

UCO Bank Home Loan Interest Rates

UCO Bank offers various products on home loan. UCO Bank home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • UCO Bank Home Loan Interest Rate starts from 6.90%.
  • UCO Bank charges a processing fees of Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 15,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on 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.
  • UCO Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • UCO Bank has an average customer rating of /5.0 from customers who have taken a home loan from the bank.

UCO Bank Home Loan Rate

Current UCO Bank home loan interest rates are in the range of 6.90% to 7.00%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%. The table below gives the interest rates on various housing finance schemes of UCO Bank.

UCO Bank Home Loan Scheme Interest Rates
UCO Bank Repo Rate Home Loan6.90% - 7.00%

UCO Bank Bank Home Loan Charges

UCO Bank Home Loan Processing Fee

UCO Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 1,500 and has capped the maximum processing fees at ₹ 15,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition 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 loan application proceeds further.

UCO Bank Home Loan 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 floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to UCO Bank for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from UCO Bank, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with UCO Bank.

UCO Bank Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

UCO Bank Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at UCO Bank if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on UCO Bank Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)6.9% to 7%
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: ₹ 1 Lakh
  • Time period: 5 years to 30 years
  • UCO Bank Home Loan Interest Rate: 6.90% to 7.00%
  • Processing Fee payable to UCO Bank: Upto ₹ 10,000. Current offer for processing fee is Upto 0.50%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 659 for a 30 years ₹ 1 Lakh loan at 6.90% (lowest rate, longest time period) to ₹ 1,980 for a 5 years ₹ 1 Lakh loan at 7.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 28,807 for 5 years loan to ₹ 1.47 Lakh for 30 years loan

UCO Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of UCO Bank.

FAQs

What is UCO Bank Home Loan interest rate?

UCO Bank Home Loan interest rate ranges between 6.90% to 7.00%.

Why should I opt for balance transfer to UCO Bank?

UCO Bank offers competitive Home Loan rates with the best EMI of ₹ 659 per lakh availed at a low-interest rate of 6.90% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to UCO Bank from your existing bank. EMIs can be calculated through UCO Bank Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from UCO Bank?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on UCO Bank housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on UCO Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will UCO Bank housing loan rate of interest change in the future?

  • UCO Bank offers RBI Repo Rate linked Home Loan which starts at 6.90%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called UCO Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.9% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the UCO Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then UCO Bank Repo Rate linked Home Loan rate will cut from 6.90% to 6.75%.

What is the current UCO Bank Home Loan rate?

The current UCO Bank Home Loan rate starts from 6.90% with a processing fee of Upto 0.50%, Minimum ₹ 1,500 and Maximum ₹ 15,000

Related Topics
Latest Blogs

UCO Bank Home Loan News - Sep 2020
  • 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.
  • 2019-06-14 : UCO Bank revises MCLR rates across loan tenures
    Private sector lender, UCO Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for one month and three months, the rate stands at 8.20% and 8.30% respectively. For 6 months, the rate has been revised to 8.55%. While for 1 year, the rate stands at 8.65%. The revised rates are effective from June 10, 2019.
  • 2017-04-11 : .UCO Bank chief urges its employees to contribute to bank’s performance
    UCO Bank chief has urged its employees to share the burden to improve the performance of the bank. On April 8, 2017 he made a presentation to its staff members and explained areas of improvement in customer service retail loans, housing loans and priority sector lending. He further added that the employees may not get their reimbursement if they fail to deliver the expected performance.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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