Purpose
To provide a source of additional income for senior citizens of India who own self acquired house property in India, for any personal purpose other than speculative trading and business.
Eligibility
Age of applicant should be at least 60 years and that of spouse should not be lower than 58 years. If the husband and wife jointly own the property, they will be joint borrowers and at least one of them should be of not lower than 60 years of age and the other one not less than 58 years. No of surviving spouses on the date of sanction of loan should not be more than one. If the borrowers choose to remarry, the loan shall be foreclosed. Borrower must have property in his/her own name.
Loan Amount
According to the security.
Monthly pay out
Rs 2000/- to Rs 25000/-
Margin on security
10 to 25%.
Period
10 to 15 years.
Rates & Charges
Please refer rates & charges page
Repayment
Bullet payment
Option to pre-pay the loan by giving 6 month’s notice available
Option to settlement by the legal heirs available
Co-obligant
Co-borrower ship of spouse compulsory, if spouse is alive and is not legally separated.
Security
Equitable Mortgage of the house property against which the loan is considered, value of which should be at least 60% of qualifying loan amount. The residual life of the property should be at least 20 years.