Sukhmoney Scheme for Senior Citizens - Reverse Mortage Concept
This scheme is designed to help Senior Citizens to sustain their lifestyle and also help them maintain their monthly expenditure without being dependent on anyone. It is a social security scheme designed to benefit the senior citizens post retirement. The loan amount can be used for following purposes:
|Eligibility||The borrower should fulfill the following criteria:-
|Quantum of Finance/Margin||
Maximum Amount permissible: Rs. 1 crore
The amount of loan will depend on present market value/realizable value whichever is less, of residential property after maintaining margin as given below:
The maximum loan to value (LTV) Ratio & consequent derived margin are as under:
|Rate of Interest||Please click here For rate of interest|
|Processing fee||Please click here For Processing fee|
|Security||Loan to be secured by way of Equitable/ Registered Mortgage/Assignment on theResidential property in Bank's favour.|
|Period of Loan||Maximum 15 years.|
The borrowers will have option to prepay the loan without any prepayment charges.
However in case there is any takeover of loan by other financial institution /bank, a charge of 2% on the amount taken over, will be levied.
|Guarantee||Personal Guarantee of spouse may be obtained in case he / she is not a joint or a co-borrower.|