Loan against self-occupied residential property for senior citizens from Indian Bank
A loan against your self-occupied, residential property to pay off your debts
Indian Bank – IND Reverse Mortgage Loan
This 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. 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 Indian Bank Reverse Mortgage Loan for Senior Citizens
Why this Loan?
- The Indian Bank IND Reverse Mortgage Loan is meant for senior citizens who want to generate liquid cash flow to meet their living expenses or supplement pension income by pledging their self-occupied, residential property used as a primary permanent residence for this loan
- The borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans
Loan Amount
- The maximum loan amount offered under this loan scheme is Rs. 40 lakh. The actual loan amount is decided by the bank after reviewing the application on the basis of market value of the property, age of the applicant, prevalent interest rate, etc.
Interest
- As of October 2020, the interest rate applicable to this loan is 9.40%
Period of Loan and Loan Settlement
- The loan becomes payable after 15 years with a provision of rollover after re-evaluation. Fresh terms are applicable on re-evaluation
Eligibility
- The borrower must be an Indian citizen
- The age of the borrower must be above 60 years
- Only self-acquired, inherited or gifted self-occupied 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 mortgage of residential property by way of registered mortgage or equitable mortgage with a memorandum of deposit of title deeds in favour of Indian Bank
- The bank may ask for additional collaterals to secure the loan on a case-to-case basis
Processing Charges
- There are no processing charges for this 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
- Indian Bank Website: www.indianbank.in
- Headquarters: Chennai, Tamil Nadu
- Call Centre Toll-Free Number: 1800 425 00 000