The Federal Aashray Loan aims to provide an additional source of income for senior citizens of India, who own a self acquired property in India, for any personal use other than speculative trading and/or business.
- Features & Benefits
- How to apply ?
- Repayment Options
- Interest Rates & Charges
- Loan amount is according to the value of the security provided
- Period of loan is 10 to 15 years
- Monthly payout is from Rs 2,000/- to Rs 25,000/-
- 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
Who can apply?
- Age of applicant should be at least 60 years and that of spouse should not be lower than 58 years
- Spouses can be co-applicants if they jointly own a property (with age restrictions as mentioned above)
- No of surviving spouses on the date of sanction of loan should not be more than one
- Borrower must have property in his/her own name
How to avail the loan?
To avail the loan, please visit any of our branches.
- Bullet Payment
- Option to pre-pay the loan by giving 6 month's notice
- Option for settlement by legal heirs is also available
- Processing & Admin fee: 0.50% (subject to a minimum of Rs. 1000/- and a maximum of Rs. 5,000/-)
- Interest Reset every five years