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.
IDBI Bank introduces Reverse Mortgage Loan for senior citizens. 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. RML facility can be extended to senior citizen borrowers owning inherited property provided the property has a clear title. The senior citizen borrower is not required to service the loan during his lifetime and therefore does not make monthly repayment to the Bank.
The IDBI Bank Auto Loan Advantage
Maximum Funding: IDBI Bank will help Senior citizens to get a higher sanction for funding by mortgaged your residential property.
Services at doorstep: We offer specialized services for the senior citizens and make them more comfortable in sustaining their life and needs.
Personalised services: Our Personalized services are making your loan process faster and at ease. We also offer technical and legal assistance.
Simple documentation: For Senior citizens we have specialized representative to guide them through easy Reverse Mortgage loan application.
Attractive Interest rates: We ensure you will get very lucrative Interest rates on your residential property.
IDBI Bank Auto Loan Features
- Eligibility Criteria: 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.
- Tenor: The maximum tenor of the loan shall be upto 20 years, which will be subject to age of the borrower.
- Loan Amount: The minimum loan amount is Rs. 5 lacs and the maximum loan amount is Rs. 2.00 crore. The quantum of loan will be 60% to 80% of the assessed value of property, which will depend upon the age of the borrower.
- Disbursement: Periodic payments (monthly, quarterly, half yearly, annually) to be decided mutually between the Bank and the borrower. The maximum monthly payments shall be capped at Rs. 50,000/-. Payment of lump sum amount for medical treatment for self, spouse and dependents can be considered, which is restricted to 50% of the total eligible loan amount, subject to a cap of Rs. 15 lacs.
- Repayment of loan: Outstanding loan (principal + interest) amount shall become due and payable 6 months after the death of the last surviving borrower/spouse or the borrower permanently move out of the property, whichever is earlier. Settlement of loan along with interest is to be met out of the proceeds received from sale of residential property. The borrowers or his / her legal heirs shall be provided with the first option to settle the loan along with interest without sale of property.
- Security: Equitable mortgage (by Memorandum of Entry) of property by way of deposit of original title deeds.
- Prepayment / foreclosure: 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.
- Right of Rescission: After the loan is sanctioned senior 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.
How to Apply
Applying for a Reverse Mortgage Loan against Home is absolutely simple. Just call Phone Banking numbers or visit your Nearest Branch. Our representative will contact you at the earliest.