UCO SHELTER
This housing finance scheme brings to you an excellent opportunity to have your own house or flat. The scheme has been carefully tailored to suit your requirements and match your capacity. 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

You are eligible for a loan under UCO SHELTER singly, or jointly as husband-wife/parent-son/parent-daughter, if you are Indian resident having regular source of income.

1. Minimum 21 years of age.
2. Maximum 65 years of age inclusive of repayment period.
3. Singly or Jointly as Husband-Wife, Parent-Son & Parent-Daughter.
4. Maximum 75 years of age for Senior Citizens availing finance to secure Shelter in Old.
5. Age Home against full coverage by Bank’s own Term Deposit.

Purpose :

• Purchase of new independent house/ready built flat for residential purpose.
• Construction of independent house on the site already owned by the applicant or site proposed to be purchased from own sources.
• Purchase of old house/flat not more than 30 years old, free from tenancy and constructed as per approved plan.
• Extension/ Repair/ Renovation of existing house/ flat not more than 50 years old.
• Takeover of home loans availed from other banks/FIs subject to certain terms.
• Furnishing of house to be constructed/acquired with UCO Shelter Loan.
• Loan for more than one purpose is allowed
• UCO Shelter Loanee may be allowed to avail personal loan also under certain conditions.
• Purchase of plot of land for housing purpose under certain conditions.

Quantum of loan

The quantum of loan will be decided as per loan entitlement subject to a maximum of 85% of the total project cost of construction/purchase price of house/flat. Required margin of 15% may be by way of cost of land.

Quantum of loan for furnishing will be 75% of cost of such furnishing subject to a ceiling of 20% of loan eligible for construction/acquisition of house/flat.

1. The area-specific maximum limits for construction/purchase are as under :
2. Rural Areas : Rs.25 Lac
3. Semi-urban/Urban/Metro Areas : Rs.100.00 Lac
4. Maximum limits for Repair/Extension/Renovation are Rs.7.50 lac in rural areas and
5. Rs.25.00 lac in Metro/Urban/Semi-Urban areas.

Purchase of Land – financing the cost of land in deserving cases upto 50% of cost of land purchased from Urban Development Authorities/Govt. Bodies subject to the ceiling of 30% of the project cost (i.e. Cost of land + Construction Cost).

Loan Entitlement

Within the above limits, loan entitlement will depend on the following income criteria :

Monthly income should be equal to/more than EMI + Rs.4,000/- in case of a family with up to four members – Salaried/Non-salaried and agriculturist and bank’s own staff are entitled for loan

With increase in number of members, monthly income requirement goes up progressively by Rs.1,000/- for each additional member. Income of spouse & major children may be considered for enhancing the loan entitlement on their agreeing to stand as guarantor/ co-obligant

Loan limit can be enhanced if additional liquid security is offered.

Second Loan- Allowed for repair/renovation/extension of existing house after one year of first loan with minimum margin requirement of 25%

Processing Fee

0.5% of the loan amount minimum Rs.1000.00. Only 0.25% payable on issuance of in-principle sanction. Balance amount payable on final sanction.
No processing fees for take over loan.

Rate of Interest :

- Float Interest Rate: 9.25
- Float Loan Eligibility: 19 to 27
- Tenure 20

Repayment :

The maximum period of repayment is 25 years inclusive of moratorium. However, the monthly interest charged during the moratorium period will have to be paid. The entire loan will have to be adjusted before retirement or 65 years of age, whichever is earlier. Repayment may be made by deduction from monthly salary or by means of post dated cheques. Flexibility in repayment is permissible through stepped up EMIs and in case of farmer borrower, repayment is linked to crop cycles. Both in case of Salaried and non salaried person, repayment period may be enhanced to certain period over and above the prescribed period depending upon repaying capacity of the co-applicant.

Prepayment Charge :

2% of the prepaid amount, if the loan is prepaid within 3 years. No prepayment charges thereafter. However, no pre-payment charges are to levied if loan is pre-paid from own source.

Tax Benefits :

Tax relief on principal and interest components of this loan would be available as per provisions prevailing under Income Tax Act.

Insurance :

Insurance cover on property under UCO Griha Raksha Yojna Scheme of NICL and personal accident benefit to the borrower is available on death only to cover the outstanding balance under UCO Griha Lakshmi Yojana Scheme (UCOGLYS). Group insurance cover to home loan borrowers is available against any type of death from Rs.50000/- to Rs.100.00 lac under UCOGLYS.

For more details, please contact your nearest UCO Bank branch.