Universal Co-Operative Urban Bank Ltd. offers mortgage loans, also known as "Loan Against Property," where you can leverage your property to secure funds for various needs. This type of loan is provided to help with financial requirements such as business expansion, education, home renovation, or other personal expenses.
Key Features
- Interest Rate: Based on available information, the interest rate for mortgage loans is 14.00% p.a. However, it's crucial to confirm this with the bank as rates can vary based on market conditions, the specific loan product, and your individual profile.
- Processing Charges: The processing charges for mortgage loans are 1% of the loan amount.
- Security: The loan is secured by mortgaging your land and building.
- Purpose: The loan can be used for various purposes, including business expansion, education, marriage expenses, construction or purchase of a house, improvement or extension of an existing property, or medical treatment.
Eligibility Criteria
The bank generally extends loans to a range of customers, including:
- Salaried individuals: People with a stable income.
- Self-employed individuals: Professionals, business owners, and those engaged in trade or commerce.
- Other individuals: High-net-worth individuals, proprietary firms, partnership firms, and companies.
While specific criteria can vary, a general guide for eligibility may include:
- Age: Maximum age limit may apply at the time of loan repayment.
- Income: A regular and sufficient source of income to demonstrate repayment capacity is essential.
Documents Required
While a comprehensive list should be obtained from the bank directly, the typical documents required for a mortgage loan application include:
Borrower-Related Documents:
- Duly completed application form with recent photographs.
- Photo identity and residence proof (e.g., PAN Card, Aadhaar Card, Passport, Voter's ID).
- Income proof (e.g., last 3 months' salary slips, Form 16, or last 3 years' Income Tax Returns with computation of total income).
- Bank statements for the last six months.
Property-Related Documents:
- Copy of property title deeds or sale agreement.
- Non-encumbrance certificate.
- Valuation of the property.
