Reverse Mortgage Loan for senior citizens from Axis Bank

Unleash the power of your self-occupied, residential property to pay off your debts

Axis Bank Reverse Mortgage Loan

This loan helps senior citizens who want to meet their living expenses or supplement pension income by mortgaging their self-occupied, residential property for this loan. This loan scheme can also be used for the repayment of an existing loan taken for the residential property to be mortgaged or to consolidate your debts. This loan cannot be availed for trading or speculative purposes.

Features of Axis Bank Reverse Mortgage Loan

Why this Loan?

  • The Axis Bank Reverse Mortgage Loan helps senior citizens get access to funds by mortgaging their self-occupied, residential property and convert it into liquid cash flows to meet their living expenses, personal needs, medical expenses or home renovation/repair/extension expenses. They can also avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
  • There are no prepayment charges for this loan

Loan Amount

  • The minimum loan amount offered under this loan scheme is Rs. 5 lakh. The maximum loan amount offered under this loan scheme is Rs. 5 crore

Interest

  • The interest rate applicable to this loan may range from 10.50% to 11.25%

Repayment & Margin Money

  • As of October 2020, this information is not mentioned on the bank’s website. We suggest talking to a bank representative at the time of applying for this loan

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Eligibility

  • The borrower must be an Indian citizen
  • The age of the borrower must be above 60 years
  • Only self-acquired, self-occupied residential property (independent house or flat) which is free from encumbrance and used as a permanent primary residence is eligible for this loan

Security Needed

  • The bank accepts equitable mortgage of residential property in the favour of Axis Bank

Processing Charges

  • The bank charges 1.00% of the loan amount with a maximum of Rs. 10,000 for processing the loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income proof, income tax assessment or IT return documents of the borrower
  • Property related documents

Reference Facts

  • Axis Bank Website: www.axisbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 419 5555, 1860 500 5555