We have developed the Product Reverse Mortgage Loan with an objective of supplementing present income/Pension income in the form of regular stream of payments to cover genuine expenses of Senior Citizens.
Salient Features of Reverse Mortgage Loan
Finance to Senior Citizen on regular basis for the purpose of,
• Upgradation, renovation and extension of residential property.
• For uses associated with home improvement, maintenance/ insurance of residential property,
• Medical, family emergency expenditure, for supplementing pension/other income, meeting any other genuine need other than for speculative, trading and business purposes.
Up to Rs 2 Cr. (Subjected to market value of residential property as assessed by the bank, age of the applicant and prevalent Interest rate.)
Eligibility norms for Reverse Mortgage Loan:
• Should be Citizen of India above 60 years of age.
• Married couples will be eligible as joint borrowers for financial assistance, provided that at least one of them is above 60 years of age and the other not below 55 years of age.
• Should be the owner of a self- acquired/ inherited, self occupied residential property (house or flat) located in India, with clear title indicating the prospective borrower’s ownership of the property and should be free from any encumbrances.
Maximum up to 20 years.
Repayment of Reverse Mortgage Loan:
Outstanding loan (Principal + Interest) amount shall become due and payable six months after death of the last surviving borrower/spouse, or the borrower permanently moved out to Old age homes or to an institution or to relatives.
Mode of disbursement:
Any or a combination of following,
• Periodic Payments. (Monthly, Quarterly, Half yearly, annual). (Maximum monthly payment is capped at Rs. 50,000)
• Payment of Lump sum amount (restricted to 50% of the total eligible amount of loan subjected to maximum cap of Rs. 15 Lakhs).
The loan shall be secured by way of equitable Mortgage of self-acquired / self occupied residential property in favor of the Bank. Commercial property will not be eligible for Reverse Mortgage Loan.
Following are the schedule of charges applicable on Reverse Mortgage Loan. Click here to download the schedule of charges.
How to apply:
You can help us by choosing any of the following ways to provide you Reverse Mortgage Loan Solution:- IDBI Bank Branch Locator:Click here to know the Branch nearest to your location. Contact our Branch Personnel.