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UCO Bank Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest7.40% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 692 Per Lakh
Processing feeNIL
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

UCO Bank home loans can be availed at an attractive interest rate starting from 7.40% p.a. The bank offers home loans for purchase, construction, improvement, and extension of a house or flat. The home loan eligibility for UCO Bank home loan includes both salaried and self-employed individuals. The applicant can be both Resident and Non-Resident Indian. The bank also offers a home loan balance transfer facility that helps existing home loan borrowers to switch ongoing home loans from other banks and NBFCs to UCO Bank.

Why UCO Bank Home Loan?

UCO Bank home loan lets you realize your dream of buying your own home. Being a public sector entity, UCO Bank is the most preferred home loan. The competitive rate of interest for different home loan schemes, transparent terms and conditions, broad eligibility criteria and flexible repayment terms are the proven benefits of UCO Bank home loan

Also Read - Home Loan Tax Benefits

Features and Benefits of UCO Bank Home Loan

The UCO Bank home loan offers the following benefits:

  • The long repayment term of up to 30 years or up to age 75, whichever is earlier.
  • Attractive home loan rate of interest starting at 7.40% p.a.
  • Home loan eligibility includes salaried and self-employed individuals.
  • Different home loan schemes to cater to purchase, construction, renovation, and repair of the property.
  • Up to 90% Loan-to-Value ratio.
  • Applicable UCO bank home loan interest rate linked to CIBIL score.
  • Low processing fee of 0.50% of the loan amount.
  • No third-party guarantee is required.

Option to avail of home insurance through UCO Griha Jeevan Suraksha. 

UCO Bank Home Loan Interest Rates

The UCO Bank home loan interest rate is directly linked to the Repo Rate. It is called the UCO Float Rate and is presently fixed at 7.40% p.a. The bank charges an additional Spread over Float rate to determine the actual interest applicable on the home loan. The Spread is based on the customer’s CIBIL score and Loan to Value Ratio The actual interest applicable on UCO Bank home loan is:

Home Loan SchemeCIBIL ScoreEffective Rate of Interest
UCO HomeCIBIL Score above 7507.40% p.a.
CIBIL Score up to 7507.50% p.a.
UCO Pre Approved Home LoanCIBIL Score above 7506.90% p.a.
CIBIL Score up to 7507.00% p.a.
UCO Top-Up Home Loan-9.20% p.a.

Also Check - ICICI Bank Home Loan Interest Rates

UCO Bank Loan Processing Fees and Charges

The fee and other charges applicable on UCO Bank Home Loan are:

Charge HeadHome Loan SchemeCharge Amount
Loan Processing FeeUCO Home0.50% of the loan amount, subject to a minimum of Rs. 1,500 and maximum of Rs. 15,000.
 UCO Pre-Approved Home Loan0.25% of the loan amount, subject to a minimum of Rs. 1000 and a maximum of Rs. 10,000.
 UCO Top-Up Home Loan0.10% of the loan amount, subject to a maximum of Rs. 10,000.
Prepayment ChargeNIL
Foreclosure ChargeNIL
CIBIL report ChargeNIL

Also Check - Home Loan Providers in India That Charge Zero Processing Fees

UCO Bank Home Loan Schemes

UCO Bank offers home loans under various schemes. These schemes cater to the different needs of home loan seekers. These are:

UCO Home - UCO Bank offers a regular home loan scheme under the name UCO Home. Both salaried and self-employed individuals are eligible for this home loan. The loan proceeds can be used for the purchase and construction of a house or flat. In case of extension or repair of existing property, the property must not be more than 50 years old. Likewise, for the purchase of an old house, the property must not be more than 40 years old. UCO Home loan can also be availed for furnishing of the property.           

UCO Pre Approved Home Loan – Under UCO pre-approved home loan, the applicant gets an in-principle sanction of home loan even before the property is finalized. The amount of home loans approved is based on home loan eligibility as per monthly income criteria under the UCO Home scheme. The terms and conditions of the UCO Pre Approved Home Loan are the same as UCO Home.               

UCO Top-Up Home Loan – Existing home loan borrowers can apply for a loan top-up in case more funds are required. The top-up loan proceeds can be used for any other purpose like child’s education, repair, renovation and furnishing of property, business needs, etc. The property already mortgaged as primary security under the UCO Home scheme is used for the purpose. The top-up loan amount ranges between Rs. 1 lakh and Rs. 25 lakh.

Also Read - 10 Best Home Loan Interest Rates

UCO Bank Home Loan EMI Calculator

UCO Bank Home Loan EMI Calculator helps the home loan borrower know the exact EMI amount payable for the offered UCO Bank housing loan terms. Thus, one can easily make changes in the loan amount, rate of interest, and loan term to reach the ideal EMI amount. The table below lists the UCO Bank home loan EMIs for different loan amounts and loan durations. UCO Bank home loan interest rate is taken as 7.40% p.a.

Loan AmountROIPayable EMI
  20 years25 years30 years
Rs. 25 Lakh Home loan EMI7.40% p.a.Rs. 19,987Rs. 18,312Rs. 17,309
Rs. 50 Lakh Home loan EMI7.40% p.a.Rs. 39,974Rs. 36,625Rs. 34,619
Rs. 75 Lakh Home loan EMI7.40% p.a.Rs. 59,962Rs. 54,937Rs. 51,928

UCO Bank Home Loan Eligibility

The UCO Bank home loan eligibility conditions are as under:

Age
  • Minimum age 21 years
  • Maximum age 75 years
Occupation
  • Salaried
  • Self-employed individuals
Citizenship
  • Indian Residents
  • Non-Indian Residents
Maximum Loan Amount
  • No upper limit in case of construction, purchase, extension or balance transfer
  • Up to Rs. 15 lakh for Repair and  Renovation of existing property

Also Check - ICICI Bank Home Loan Eligibility

Documents Required for UCO Home Loan

Home loan borrowers must submit the following documents in order to avail a UCO Bank Home Loan.

PAN Card
Duly filled in and signed application form
3 passport sized colored photographs
KYC Documents (Any One)
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter ID Card
  • Bank Passbook with photo
  • Photo Credit Card
  • Any other Photo ID as accepted by the company
Income Documents (All)Salaried Individuals
  • Salary slip of  last 3 months
  • Bank statement — past 6 months — in which salary is credited
  • Form-16 and Income Tax Returns (ITR) of two years
Self-Employed Individuals
  • ITR and financial statements edited and certified by a CA.
  • Bank statement of the past 12 months
  • Latest partnership deed — in case of Partnership firm
  • Latest Memorandum and Articles of Association in case of Company
  • LLP Agreement in case of Limited Liability Partnership 
Property DocumentsTitle documents of the property against which home loan is sought

Also Read - Income Tax Documents Required for Home Loans

How to Apply for UCO Bank Home Loan?

Online portal MyMoneyMantra.com offers a simple and hassle-free process to apply for a home loan. Availability of a comprehensive database allows easy comparison, making the home loan application process effective and quick. To apply for a UCO Bank home loan through MyMoneyMantra.com, the steps involved are:

  • Visit the official website of MyMoneyMantra
  • Scroll down the Home Page 
  • Click on the Home Loan link
  • Enter the required information and submit the inquiry form.

Upon receiving the home loan inquiry request, a representative from MyMoneyMantra will contact you on the provided contact number to discuss and process your UCO Bank home loan request.

Also Read - Home Loan Disbursement Process

UCO Bank Loan Customer Care

UCO Bank home loan customer care can be contacted through email or phone. Customers can check the link https://www.ucobank.com/english/retail-loan-hub-contactdetails.aspx to find the exact contact details and email ID. 

Also Check - ICICI Bank Home Loan Customer Care

Apply for Home Loan Online @ Rs. 748/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 8.20% p.a. Pay EMI of just Rs. 748 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

UCO Bank Home Loan FAQs

✅What is the max age to apply for a UCO Home Loan?

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UCO Bank Housing loan has a maximum repayment tenure of 30 years. However, the loan must be repaid fully before the applicant attains the age of 75 years.  

✅How long does it take to take a UCO Bank Home Loan?

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UCO Bank home loan application form can be filled out online at https://www.ucobank.com/English/UCOHomeLoanApplicationForm.aspx. The home loan application is generally processed within 10 working days.

✅What is the EMI for a 20 lakh home loan?

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UCO Bank home loan interest rate starts at 6.90% p.a. The EMI for a Rs. 20 lakh home loan will be:

Loan AmountROIPayable EMI
20 years25 years30 years
Rs. 25 Lakh Home loan EMI7.40% p.a.Rs. 19,987Rs. 18,312Rs. 17,309

✅What is the minimum salary required to apply for a UCO home loan?

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To avail of a UCO Bank home loan, the minimum monthly salary for a resident Indian is Rs. 50,000, whereas for a Non-Resident Indian is Rs. 1.5 lakh.

✅How is interest calculated in my loan account?

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UCO Bank home loan interest is calculated on a daily reducing balance basis i.e. the interest is charged only on the outstanding loan amount. Every time an EMI is paid or a lump sum is prepaid, it lowers the interest component significantly. 

✅What is the security required by the bank for a home loan?

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The property in question is mortgaged with the bank until the home loan is prepaid. 

✅How much time does it take for a home loan to be disbursed?

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Once sanctioned, the UCO Bank home loan is disbursed within a week.

✅What is the current UCO Bank float rate?

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The current UCO Bank home loan float rate is 7.40% p.a.

✅How can I apply for UCO Home Loan most conveniently?

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UCO Bank home loan can be applied online through the bank’s official link https://www.ucobank.com/English/UCOHomeLoanApplicationForm.aspx. 

✅What is the effective rate of interest for a UCO Bank Home Loan?

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UCO bank home loan interest rate is linked to CIBIL score. Also, it varies with the home loan scheme. The effective rate of interest for UCO Bank Home Loan is as under:

Home Loan SchemeCIBIL ScoreEffective Rate of Interest
UCO HomeCIBIL Score above 7507.40% p.a.
CIBIL Score up to 7507.50% p.a.
UCO Pre Approved Home LoanCIBIL Score above 7506.90% p.a.
CIBIL Score up to 7507.00% p.a.
UCO Top-Up Home Loan-9.20% p.a.

✅Do I need a guarantor for a Home Loan at UCO Bank?

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UCO Bank home loan does not require a third-party guarantor. The property for which the home loan is sought remains mortgaged with the bank until the loan is fully repaid. 

✅What is the credit score requirement for UCO Bank Home Loan?

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A CIBIL score of 750 and above is required to avail UCO Bank home loan at the lowest interest rate of 7.40% p.a. However, applicants with a lower CIBIL score can also apply.