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Eligibility
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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
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Possible provided the first named applicant is a Senior Citizen
and the age of the spouse is not below 55 years
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Purpose
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• To upgrade, repair, renovation or extension of the house property
• Medical expenses or maintenance of family.
• Supplementing pension or any other income.
• Meeting any other need
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Quantum of Loan
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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
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25%
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Rate of Interest
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Fixed Rate of Interest at MCLR +1.00%
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Repayment
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15 years. No Holiday Period
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Release of the Loan
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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
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• 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
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• 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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