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For any personal consumption purpose other than speculative purpose viz. including repairs, renovation of buildings, marriage, education, household festivals / functions. Travel/ Tour expenses. Medical, etc.
This is a loan against the security of future receivables i.e. assignment of future rent receivable, for productive purposes e.g. augmenting earnings like investment in securities, undertaking repairs & renovation of the property etc.
Eligibility
Owners i.e. lessors of houses/flats/godowns/warehouses etc. only are eligible under the scheme. The owner may be an individual, a firm or a company. Properties belonging to co-operative societies are not considered for sanction of loan under the scheme.
Quantum of loan
To Owner of our Bank’s Branch premises or where tenant is PSUs, Reputed Corporates, FI, Insurance Companies and MNCs:70% of the total rent receivables during the unexpired lease period or loan period less total of advance deposit and all other applicable taxes. For others 55% of the total rent receivables during the unexpired lease period or loan period less total of advance deposit and all other applicable taxes. Minimum Rs. 1 Lac
0.50% of the loan amount as up-front fee with a maximum of Rs. 2.00 lacs. No prepayment charges when prepayment is done through borrower’s own fund and 1% prepayment charges are applicable in other cases
For more details, please contact your nearest UCO Bank branch
Bank has introduced UCO Reverse Mortgage Loan Scheme for Senior Citizens, under Reverse Mortgage a Senior Citizen, owning a house/flat, can avail of a monthly stream of Income against the mortgage of his/her property while remaining the owner and occupying the house throughout his/her lifetime, without repayment or servicing of the loan.
Eligible Borrowers
Senior Citizens of India.
Purpose
Supplementing Senior Citizen's Income
Loan Amount
Based on valuation of the property and age of the borrower - Maximum Rs.50 lacs
Period of Loan
Minimum 5 years and maximum 15 years.
Mode of Disbursement
Monthly/Quarterly with fixed/increasing Equated monthly Disbursement with an option to avail One-time lump sum payment after 12 months from the first disbursement during entire tenure of 15 years as per choice of the borrower.
Security
Equitable Mortgage of the residential property owned & self occupied by the Senior Citizen borrower.
