Applicant should be a Senior Citizen of India & should be of at least 60 years of age.
In case of married couple, one of the applicant should be of at least 60 years of age , and another should be at least of 55 years of age [ in such cases, the owners of the house property shall be regarded as primary borrower and his/her spouse shall be the second borrower]
Property should be owned by either applicant or jointly with his blood relatives [ in case of joint ownerships, the joint owners shall have the option to decide their status as primary or second borrower ]
In the cases where joint borrowers are blood relatives:
All the borrowers are above 60 years of age.
They have no support other than the house mortgaged.
They are joint owners of the property to be mortgaged with clear and transferable title.
All the borrowers stay together in the mortgaged property.
Widower/widow, holding property in his/her name may avail loan independently.
The number of surviving spouse shall not be more than one.
Only Residential property is eligible. Age of the residential property shall not exceed 30 years.
Property should be free from any encumbrances.
Property should have been used as permanent primary residence.
Supplementing Pension/Other income .
Upgradation /Renovation/Extension of residential property Medical/Emergency expenditure for maintenance of family.
Meeting any other genuine needs.
Minimum of Rs.1 lakh & Maximum of Rs.50 lakhs
Age of the Sole applicant/ Younger in the case of joint applicant (co applicant spouse)
Loan as proportion of assessed value of property
55 to 65 years
66 to 70 years
71 to 75 years
Above 75 years
Mortgage of residential property offered as security against which the loan is sought.
Registered Will in favour of the Bank.
Rate of Interest
Floating rate of interest is linked to the MCLR & subject to annual reset.