UCO Bank- UCO Swabhiman
Purpose & Eligibility of Loan:
UCO Reverse Mortgage Loan Scheme mainly introduced
for Senior Citizens for supplementing his income. Under this Reverse
Mortgage a Senior Citizen for owning a house or flat and can avail
of a monthly stream of Income against the mortgage of his or her
property. While remaining the owner and occupying the house throughout
his or her lifetime, without repayment or servicing of the loan.
Quantum of Loan:
Based upon the valuation of property and age of the borrower the
quantum of loan will be maximum of Rs.50,00,000/-.
Interest Rate:
The rate of interest for UCO Swabhiman is 10.50% (fixed) with
reset clause after 3 years.
Modes of Disbursement:
The borrower can disburse the loan amount by monthly
or quarterly with fixed or increasing equated monthly disbursement.
It can be repaid by 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 for Loan:
Security or guarantee for UCO Swabhiman is equitable mortgage of
owned residential property of senior citizen.
Repayment of Loan Amount:
- The repayment of outstanding loan will be due when the last
borrower dies or permanently moves out of the house or would
like to sell the home.
- The loan will be liquidated by sale of property.
- Options available with the legal heirs to repay the loan and
redeem, the house property.
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