UCO bank provides many facilities to its customers among which home loan is one. They provide this loan to both salaried and self-employed persons. The age of the loan applicant should not be less than 21 years at the time of sanction of loan and it should not be more than 65 years at the maturity of the loan. The loan is provided to purchase, construct or renovate a home.
For construction or purchase of a home the maximum loan amount for urban areas is Rs. 1 crore and for rural areas it is Rs. 25 lakhs. For repair or renovation of a house the maximum loan amount is Rs. 25 lakhs for urban areas and Rs. 7.5 lakhs for rural areas. The bank only provides for 80% of the total project cost as the loan. The prepayment charge for upto 3 years of commence of loan is 2% of the outstanding loan amount after that no prepayment charge is levied. The maximum repayment tenure for the loan is 25 years. The rate of interest on the loan is floating type and is 12.25% to 12.75%.