You can take a loan from UCO Bank, a public sector union bank in India, to finance your home. Even a Non-Residents Indian (NRI) can apply for a UCO bank home loan. Up to INR 75 lakh and above can be borrowed from the bank. It provides no maximum limit for the user home finance. That simply implies, you can design the home according to your desires without the worry of funding. Read this article to know about the schemes of Uco Bank home loan and their benefits.
What is a Pre-approved home loan of UCO Bank?
If you haven’t decided on the property yet, then the UCO Bank home loan pre-approved scheme is for you. With the help of UCO Bank, you can borrow the loan amount for your future property against your gross monthly income. The minimum income of the Indian resident should be INR 50,000 to apply for the loan. Whereas the NRI and PIOs can take a loan if their income is INR 1.50 lakh. The age criteria for both the Indian and NRI customers are the same that is 21 to 75 years. Your income is the prior source for the payment of the home loan and you can get several benefits on it.
Will I get a tax deduction on my UCO Bank home loan?
Yes, the benefit which the user can get is the tax deduction, on the payment of your home loan. The government under the income tax act of 80C and 24B provide these offers, it is up to you whether you want to opt it or not. Because the announcement of Budget 2020 gives an option to the taxpayers to avoid the home loan deduction. It helps you in saving more if you make use of it in the right way. As, the prepayment or foreclosure of UCO Bank home loan after deduction will reverse the Tax benefit. The deductions are provided on your loan principal and interest rate payment if you regularly pay your loan installments.
Get home financing services from Uco Bank!
To get the service of UCO Bank home loan you need to go to the nearest branch of the bank. Or you can visit the official website of the bank to apply for the loan. Fill up the online application form and submit it to the bank. If you are an eligible applicant for the loan, you get an instant response from the bank. And then you came under the next step and need to submit a list of documents and charges for the loan. The bank requires a processing fee for the loan that is 0.25% of the pre-approved principal amount. You can pay the amount when you receive the pre-approval letter from the bank. The amount is adjusted when your loan is sanctioned.
Now buy, construct, renovate or extend the house using UCO Bank home loans that come at a floating interest rate of 8.05% per annum. The rate can be according to your desire if your CIBIL score is equal or above 750. Home loans are quite affordable and meet your needs at UCO Bank. So, for home finance always take help from UCO Bank in India.