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.

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

• 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.
•  
• Meeting any other need

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)

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.

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.

Prepayment

• The Bank as well as borrower both will have the option for foreclosure.
• Lump sum payment is restricted only for medical expenses.