Comparative Study on Home Loans of ICICI Bank and UCO Bank

Presented By:

Types of Loan
• • • • • Purchase Improvement(Furnishing) Construction(Own Site) Extension/Repair/Renovation Land purchase and Construction

Loan Quantum
For Resident & Non Resident Indian: Maximum Location Construction/ Purchase Metro/Urban/ Rs.100 Lacs Semi-Urban Rural Rs. 25 Lacs Repair/Extension /Renovation Rs.25 Lacs Rs.7.5 Lacs

For Non Resident Indian: Minimum Loan Amount-Can be availed for a minimum Amount of Rs.2.50 lacs.No Application should be entertained for loan amount below Rs. 2.50 Lacs.

Eligibility
For Resident Indian Individual (Salaried /Non-Salaried) having minimum of 21 years of age and maximum of 65 years of age inclusive of repayment period. Single/Jointly.

For Non Resident Indian Non Resident Indian and Person OF Indian Origin having sources of income.NRIs / PIOs for the purpose are same defined in FEMA from time to time. Mnimum 21 & Maximum 60 years of age Single /Jointly

Documents Required
• • • • • • • • • Letter for giving in-principle sanction . Format for visit report Attestation Memo Loan Agreement Letter of assignment of LIC policy Lawyers search report Letter of guarantee Letter from society in case of flat Affidavit by the applicant agreeing to deposit the sale deed when obtained.

Loan Repayment
The total deduction includes the EMI of the purposed loan should not exceed 1) 60% of the gross income where the gross monthly income of the applicant is upto Rs.50,000 2) 70% of the gross income where the gross monthly income is between Rs.50,000 to Rs. 1,00,000 OR subject to minimum monthly take home pay of Rs.20,000 . 3) 75% of the gross income where the gross monthly income is above Rs. 1,00,000 OR subject to minimum monthly take home pay of Rs.30,000 .

For delay in case of payments of installment by 1 month or more,penal interest @2 % p.a. on overdue amount for period of delay.
The maximum period of repayment is 25 years/300 EMI but should not be beyond retirement age, in case of salaried class and 65 years in case of non-salaried class.

Loan Entitlement
• 80% of the project cost of construction or purchase price of house /flat plus cost of registration and stamps /estimate. • 80% of the estimated cost in case of repairs / extension / renovation of house / flat.

Interest rates
Period Less than 30 Lacs Final Lending Rate Less than 5 years 5 years to 15 years 11.25% 11.75% 11.50% 12.00% 12.50% 11.75% 12.25% 12.75% 30 Lacs to 75 Lacs Above 70 Lacs

15 years to 25 12.25% years

•Spread over base rate •Processing Charges -1% of the loan amount or maximum upto Rs. 15,000.

Security and Guarantee
• EM of the property financed. • In lien of EM ,110% liquid collateral security in the form of pledge of NSC,KVP,Bank’s FDR. • In cases where creation of charge is not possible ,a tripartite agreement bteween borrower,promoter & bank shall be obtained.

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