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UCO Bank Home Loan Interest Rate

Last Updated 10th Dec 2019

UCO Bank Home Loan Rate Dec 2019

5th December 2019 – RBI keeps Repo Rate unchanged at 5.15%

UCO Bank's home loan interest rate starts from 8.05%, which is one of the best home loan rates in India. Check Best Offers

Instead of MCLR, now UCO Bank offers home loan linked to RBI's Repo Rate. Home loan rate will change after the announcment of repo rate change in monetory policy which is due on Feb 2020. Any change in Repo Rate will impact housing loan rates by the same basis points.

Loan AmountUCO Bank Repo Rate Home Loan RateRate for Female BorrowerRateUCO Bank Repo Rate Home Loan Rate New Repo Rate
Upto ₹ 30 Lakh8.05%N/AN/A
₹ 30 Lakh - ₹ 75 Lakh8.05%N/AN/A
₹ 75 Lakh - ₹ 1 Cr8.05%N/AN/A
Above ₹ 1 Cr8.05%N/AN/A
Apply for Home Loan @ 8.10%* Get upto ₹ 5,000* Cashback
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UCO Bank Home Loan

UCO Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. UCO Bank Housing loan rate of interest is best in the market.

    UCO Bank Home Loan Details
    Lowest UCO Bank Home Loan Rate8.05%
    Compare with Other Banks
    Interest Rate Linked toRLLR
    Processing Fee Upto 0.50%
    Minimum ₹ 1,500 Maximum ₹ 15,000
    Max Tenure30 years
    Lowest EMI₹ 737 per lakh
    Prepayment ChargesAllowed with Nil charges for floating rate loans
    Check Prepayment Rules
    AgeMin 21 and Max 60 years for Salaried
    Min 21 and Max 65 years for Self Employed

    Home Loan Interest Rates UCO Bank

    UCO Bank home loan interest rates are in the range of 8.05% to 8.15%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest rate of 8.05%.

    ProductsInterest Rates
    UCO Bank Repo Rate Home Loan8.05% - 8.15%

    Latest UCO Bank home loan rate starts from 8.05% , as applicable based on the RLLR. Any change in RLLR will translate into a similar change in the bank’s home finance rate.

    UCO Bank housing finance interest rates depends upon
    • Loan amount: Housing loan rate in UCO Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
    • Your Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
    • Type of loan opted for: UCO Bank also offers differential rates for women borrowers under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers as per its features.
    • Existing bank customers: UCO Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

    UCO Bank Home Loan Processing Fee and Other Charges

    In addition to interest rates, home finance from UCO Bank also carry some other charges which include:

    • Processing Fee - UCO Bank applies 0.50% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
    • Technical and Legal Charges - UCO Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on UCO Bank rules.
    • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to UCO Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with UCO Bank at Nil charges.

    Affordable Housing Loan Scheme by UCO Bank

    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) Pradhan Mantri Awas Yojna: Launched in 2015 to provide houses to the homeless. You can apply for PMAY scheme at UCO Bank if you fulfil the eligibility criteria.

    b) Pradhan Mantri Gramin Awas Yojna: 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: Its a lottery scheme launched every year for buyers of varied income groups.

    f) Rajiv Awas Yojna: Launched in 2009 with the aim of bringing illegal construction under the formal system and encourage 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.

    If you want to get a housing loan from UCO Bank, the process of getting the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online, and UCO Bank’s representatives will get in touch to begin the process of getting a home finance. You will also be assisted by MyLoanCare’s housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from UCO Bank.

    You can also make a comparison of UCO Bank’s Home Loan Interest rates and other charges using the MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

    UCO Bank Home Loan 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
    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
    Illustration on UCO Bank Home Loan Interest Rates
    Maximum Annual Percentage Rate (APR)8.05% to 8.15%
    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
    • Time period: 5 years to 30 years
    • UCO Bank Home Loan Interest Rate: 8.05% to 8.15%
    • Processing Fee payable to UCO Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.50%
      Minimum Rs. 1,500 Maximum Rs. 15,000
    • Fee payable to MyLoanCare: NIL
    • Total Monthly Cost – From Rs. 737 for a 30 years Rs. 1 Lakh loan at 8.05% (lowest rate, longest time period) to Rs. 2,035 for a 5 years Rs. 1 Lakh loan at 8.15% (highest rate, shortest time period). This is inclusive of principal repayment.
    • Annual Percentage Rate (APR) of charge including all applicable fees: 8.05% to 8.15%
    • Total cost payable over loan tenure: Rs. 32,090 for 5 years loan to Rs. 1.75 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.

    Frequently Asked Questions

    What is UCO Bank home loan procedure?

    You can apply for a UCO Bank home finance by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your UCO Bank home loan status by logging into your customer account with MyLoanCare.

    Why should I opt for balance transfer to UCO Bank?

    UCO Bank offers competitive home loan rates with the best EMI of ₹ 737 per lakh availed at a low-interest rate of 8.05% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 737 per lakh, you should consider the option for a loan transfer to UCO Bank from your existing bank.

    What is the maximum loan tenure I can opt under UCO Bank house loan?

    UCO Bank offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

    Do I get tax benefit on 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.

    Can I foreclose my home loan? What are the charges applicable?

    Yes, you can foreclose your loan with Nil charges.

    Can I transfer my house loan from another bank to UCO Bank?

    Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to UCO Bank can allow you to save interest, pay lower EMIs, and save money.

    Can I club the income of my spouse with mine and apply for joint home loan?

    You can club the income of your spouse to increase your home loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

    What is the benchmark applicable for housing loan?

    The benchmark applicable for home loan in UCO Bank is RLLR .

    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 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 8.05%. Current Repo Rate of RBI is 5.15%. Bank adds a mark up on RBI’s repo rate which is called Repo Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains 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 bank 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's Repo Rate linked home loan rate will cut from 8.05% to 7.9%.
    UCO Bank Home Loan News - Dec 2019
    *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