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REVERSE MORTGAGE LOAN SCHEME: HIGHLIGHTS
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Eligibility |
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Resident Indian Individuals |
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Single or jointly with spouse in case of a living spouse. |
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Age of borrower |
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Above 60 years |
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Residence |
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1. Borrower should be staying at self-acquired and self owned house /flat against which loan is being raised, as his permanent primary residence.
2. Identity Proof / Address Proof as per KYC Norms required. |
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Title of the Property |
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Borrowers should have a clear and transferable title in their names. The property should be free from any encumbrances. |
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Residual Life of property |
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Should be at least 20 years. |
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Security |
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The RML shall be secured by way of equitable/ registered mortgage of residential property. |
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Tenor |
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Maximum 15 years |
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Periodicity of availing loan |
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1. Monthly payments
2. Lumpsum payment.
3. Combination of both. |
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Interest Rate |
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(Fixed) subject to reset every 5 years. |
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Processing fee |
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1% of the loan amount. |
