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UCO Bank Home Loan Balance Transfer

Home Loan Transfer to UCO Bank: Details

Last Updated 11th Nov 2021

Interest Rate6.90%
Processing Fee₹ 1,500
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • UCO Bank offers a home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • You can transfer your home loan to UCO Bank to reduce EMIs and save more on interest.
  • Avail home loan top up from UCO Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

UCO Bank Home Loan Transfer

UCO Bank, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to UCO Bank at the lowest interest rates. To transfer your housing loan to UCO Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of UCO Bank.

UCO Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to UCO Bank, compare and calculate all the costs of loan transfer. The table below mentions UCO Bank home loan transfer interest rate and other home loan transfer charges of UCO Bank.

UCO Bank Home Loan Transfer Rates 6.90%
Processing Fees Upto 0.50% Minimum ₹ 1,500 and Maximum ₹ 15,000
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of UCO Bank Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: UCO Bank offers lower home loan rates starting at 6.90% along with ₹ 1,500 processing on home loans. Thus, you can save on your home loan by transferring your loan to UCO Bank.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of UCO Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this UCO Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for UCO Bank Home Loan Transfer

To transfer your home loan to UCO Bank, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for UCO Bank.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to UCO Bank.
  • You must be an Indian resident within the age criteria of UCO Bank. The minimum & maximum age to avail a UCO Bank home loan takeover is 21 and 60 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use UCO Bank home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to UCO Bank

The home loan balance transfer process to UCO Bank is smooth and quick. To transfer your existing home loan to UCO Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to UCO Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to UCO Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • UCO Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to UCO Bank will be completed.

Document Required for UCO Bank Home Loan Transfer

To avail of home loan balance transfer from UCO Bank, you need to submit the following documents to UCO Bank.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to UCO Bank?

Yes, transferring your home loan to UCO Bank is a good idea for home loan borrowers as UCO Bank provides lower home loan rates starting at 6.90%, and minimal processing fee Of ₹ 1,500.

How can I transfer my UCO Bank home loan from one branch to another?

To transfer your UCO Bank home loan from one branch to another, you can request through net banking/mobile banking. UCO Bank also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for UCO Bank home loan balance transfer?

Yes, UCO Bank charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a UCO Bank home loan balance transfer?

If you apply for a home loan transfer to UCO Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my UCO Bank home loan balance transfer?

To know your UCO Bank home loan status, you can call UCO Bank home loan customer care number or visit UCO Bank official website to check the status.


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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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