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Eligibility |
Senior citizens completed 60 years of age owning a self-acquired, self-occupied residential property (house or flat) located in India with clear and transferable title, free from any encumbrance.
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Joint loans with spouse |
Possible provided the first named applicant is a Senior Citizen and the age of the spouse is not below 55 years |
Purpose
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- To upgrade, repair, renovation or extension of the house property
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- Medical expenses or maintenance of family.
- Supplementing pension or any other income.
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- Meeting any other need
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Quantum of Loan |
Min Rs.5.00 lac & Max: No ceiling (Depends on market value of the property, age of the borrower and the rate of interest prevailing)
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Margin |
25% |
Rate of Interest |
Fixed Rate of Interest at MCLR +1.00% |
Tenure |
There will be uniform loan period of maximum 15 years |
Release of the Loan |
45% of this eligible loan amount is dispersed to the borrower as monthly annuity with maximum cap of Rs. 50,000/- and the remaining 55% is apportioned towards interest accumulated during the loan period.
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Security |
- Registered Memorandum of deposit of title deeds of the house (residential) property against which the loan is granted.
- Commercial property will not be accepted as security.
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Prepayment |
- The Bank as well as borrower both will have the option for foreclosure.
- Lump sum payment is restricted only for medical expenses.
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