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| Home > Loans > Reverse Mortgage Loan | ||
| Reverse Mortgage Loan IDBI Bank introduces Reverse Mortgage Loan for senior citizens. Senior Citizens are an imperial component of the Indian society. There is significant increase in cost of good health care facilities along with little social security. Senior Citizens require a regular cash flow stream for supplementing pension/other income and addressing their financial needs. Reverse Mortgage seeks to monetize the house as an asset and specifically the owner’s equity in the house. The scheme involves the Senior Citizen borrower(s) mortgaging the house property to IDBI Bank, in return of periodic payments to the borrower(s) during the latter’s lifetime to help them in sustaining themselves. The IDBI Bank Advantage
Applying for a Reverse Mortgage Loan against Home is absolutely simple. Just call our Phone Banking numbers and our representative will contact you at the earliest Features
The residential house/flat owner, who is resident of India, of the age of 60 years & above, is eligible to raise the loan under this Scheme. The Maximum Tenor of the loan shall be up to 20* Years. Borrower owned Residential Property should be use as collateral by way of equitable Mortgage in favour of the IDBI Bank. The borrower(s) will have option to prepay the loan at any time during the loan tenor. There will not be any prepayment levy/penalty/charge for such prepayments. After the loan is sanctioned senor citizen borrower(s) shall be given up to 10 days time to re-look into his requirements and if he so wishes to cancel the transaction for any reason whatsoever. | ||
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