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reverse mortgage

  • Eligibility
    Purpose For receiving lifelong annuity (on monthly basis), to be used for sustenance or to supplement the cash flow stream of senior citizens in order to address their financial needs.
    Eligibility
    No. of borrowers Single or jointly with spouse in case of a living spouse
    Minimum age of first borrower 60 Years
    Age of spouse 60 years and above
    Residence
    • The residence (house/ flat) should be self acquired, self owned and self occupied.
    • Borrower(s) should have a clear and transferable title to the property in their names.
    • Residual life of property should be at least 30 years.
    • In case loan is sanctioned in the joint name of the borrower(s), they must stay together in the mortgaged property.
  • Finance
    Loan quantum Maximum 100.00 Lacs. The loan amount will be released on monthly annuity basis only.
  • Security and Margin
    Margin
    Age-Group Margins
    For age group 60 to 70 40%
    For age group 70 to 80 30%
    For age group above 80 25%
    Security Equitable or Registered mortgage of un-encumbered residential property, in favour of the bank.
  • Rate of Interest and Repayment
    Rate of Interest 12.75% with monthly rest on Fixed Rate basis
    Prepayment penalty/ Documentation & Inspection Charges NIL
    Process Fee 0.50% of total Loan amount or half of the first monthly annuity payable to borrower, whichever is less, subject to maximum of ₹ 12,500/- only
    Other Expenses
    • The legal fee/ charges stamp duty, registration charges, valuation charges, document stamp charges, & insurance premium of property etc shall be borne by the borrower(s).
    • In the eventuality of non-payment of above said expenses, bank will recover these expenses on prorata basis on the monthly annuity payable to borrower(s) within a period of upto 24 months.
    Loan period/ nature of payment
    • The tenor of the loan shall be upto 20 years or survival of any of the spouse whichever is earlier, thereafter periodic annuity payment will not be made.
    • The loan shall be extended as regular monthly annuity payments during the loan period
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