UCO Home Loan

To apply for an old automobile loan, you must be 21 years old and under 60 years old if you are working, and 21 years old and under 65 years old if you are self-employed.
If you're a salaried individual, your monthly income must be at least Rs. 20,000, and if you're self-employed, your annual revenue must be at least Rs. 2 lakhs.
Workplace Stability - You must have had a steady job for at least a year and a steady business for at least three years.

Loan Entitlement

Least of the home loans amount computed under A and B below :

Cost of Stamp duty, registration and other documentation charges will not be included in the cost of housing property, so that LTV (Loan to value) ratio does not get diluted. However, cost of Stamp duty, registration and other documentation charges may be included as part of project cost, where cost of house/dwelling unit does not exceed Rs. 10.00 lacs for the purpose of calculating LTV ratio.

Premium of Insurance of the mortgaged assets and/or the Life of the borrower for a period of loan tenure may be considered as part of project cost.

In case of Repair/Renovation/Extension of flat/house, the amount of loan shall not exceed as stipulated above of the estimated cost, subject to maximum home loans amount for Repair/Renovation under the Scheme.

The total deductions existing plus the EMI of the proposed loan would be linked to Gross Monthly Income (GMI) and must not exceed the GMI of the borrower(s) as under :

1. On the basis of purpose/Cost:

   1. 90%(loan up to Rs 30 lacs),

   2. 80%(loan above Rs 30 lacs to Rs 75 lacs) or

   3. 75% (loan above Rs 75 lacs) of the project cost of construction or purchase price of house/flat as per agreement for sale.

2. On the basis of monthly income vis-a-vis EMI :

   1. For Indian Residents:

      1. GMI up to Rs.50,000/- - 60% of GMI

      2. GMI above Rs.50,000/- and up to Rs.1,00,000/- - 70% of GMI (subject to minimum monthly take home pay of Rs.20,000/-)

      3. GMI above Rs.1,00,000/- -75% of GMI (subject to minimum monthly take home pay of Rs.30,000/-)

   2. For NRI & PIO:

      Income Slab	Total deductions permissible including proposed EMI
      GMI up to Rs.1,50,000/-	50% of GMI
      GMI above Rs. 1,50,000/-	60% of GMI