NSE: 

Federal Aashray Loan

Aashray Loan

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