The
reasonable rate of interest that you pay will be calculated on reducing
balance, i.e. you do not have to pay interest on the loan installments actually
repaid from the date of such repayment.
Eligibility..!
Individual
having minimum 21 years of age and maximum 60 years of age (Salaried person)
and 65 years of age (Non-salaried person) inclusive of repayment period.
Purpose of Loan..!
Purchase
& construction of independent house / ready built flat for residential
purpose.
Extension
or / Repair or / Renovation of existing
house or / flat not more than 50 years
old.
Takeover
of housing loans availed from other banks / Housing Finance Companies (HFCs).
Loan is
also available for furnishing of house property.
Purchase
of old house or / flat not more than 30 years old.
Quantum of Home Loan..!
The
area-specific maximum limits for construction / purchase are as under…
Location/
Centre
|
For Construction/
Purchase/ Takeover
A/Cs
|
For Repair/
Extension/ Renovation
|
Metro/Urban/
Semi-urban
|
No upper limit
|
Rs.25 lac
|
Rural
|
No upper limit
|
Rs.7.5 lac
|
Loan
Entitlement...!
Least
of the Following:
Eighty
per cent (80 %) of the project cost upto Rs. 30 lac or / 75 % of the project
cost for loan above Rs. 30 lac.
On the
basis of monthly income -
The
total deductions existing plus the EMI of the proposed loan would be linked to
Gross Monthly Income (GMI) of the borrower as under..!
1.Gross
Monthly Income upto Rs. 50,000 - - 60 %
2.Gross
Monthly Income above Rs. 50,000 and upto
Rs.1,00,000- - 70 % (subject to minimum monthly take home pay of Rs.20,000)
3.Gross
Monthly Income above Rs.1,00,000- -75 % (subject to minimum monthly take home
pay of Rs.30,000)
4. 60
times of net monthly income.
Processing Fee..!
0.5% of
the loan amount, minimum Rs.1,500 & maximum Rs. 15,000
Click here for rate of Interest :
Repayment of Home Loan...!
The
maximum period of repayment is 25 years or / 300 EMI but should not be beyond
retirement age, in case of salaried class and 65 years in case of non-salaried
class.
Security and Guarantee..!
EMTD
of property financed :
No third party guarantee
Prepayment
charge: Waived
for floating rate Home Loan
Tax relief on principal & interest components of this home loan would be
available as per provisions prevailing under Income Tax Act.
Insurance Cover on house and Loan Amout...!
Insurance
cover on house property under Uco Griha Raksha Yojana scheme to cover the risk
of damage to home by natural calamities.
UCO
Griha Lakshmi Yojana to cover the outstanding loan in case of accidental / or
natural death of borrower.
For
more details, please contact your nearest UCO Bank branch.
For further details contact Home Loan Wing 044 - 4340 5730, 4340 5522
You can
also contact our nearest branch for Quick loan processing .
Contact:
Mr.
M.S.Alagan - Chief Manager
UCO Bank
(A Govt. of India Undertaking), 328, Thambu Street,
Zonal
Office, 2nd Floor, Chennai - 600 001
Retail
Loan Hub Phone: 044 - 4340 5730, 044 -
4340 5731
Fax:
044-4340 5732, E-mail: zo.chennai@ucobank.co.in
Web
Site: www. ucobank.com
Mr.
S. Kavimani, Manager,
UCO
Bank, 1501, 16th Main Road,
Opp. Sri
Devi Hospital, Anna Nagar (West),
Chennai
- 600 040, Phone:
044 - 4208 3946, Fax 044 - 4301 6793
Src:
www.ucobank.com
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