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All-India Toll Free number1800 22 22 441800 208 2244 All-India Toll Free number for PMJDY Scheme1800 22 22 43
Dedicated Number for NRI+918025302510  
 
 
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Union Reverse Mortgage
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PURPOSE
 

To provide a source of regular income for senior citizens in the form of monthly payout or combination of monthly payout and lump sum (available for medical purpose only) amount.

 
ELIGIBILITY
  • Indian citizen above 60 years.
  • Owns self-acquired and self-occupied residential property in India
  • Individual, either singly or jointly with spouse, in case of a living spouse older than 55 years, as co-applicant; number of surviving spouses on the date of sanction should not be more than one.
RESIDENTIAL PROPERTY
  • The property against which the borrower proposes to raise the loan should be his/her permanent primary residence.
  • The property should be self-acquired and self owned.
  • Borrower(s) will be required to inform the bank when they cease to use the residence as their permanent residence.
 
QUANTUM OF LOAN
 
  • Minimum Rs. 1 Lakh inclusive of interest
  • Maximum up to Rs. 100 Lakhs inclusive of interest subject to max 90% of the market value of the property depending on location.
 
MARGIN
 
Metro 10%
Urban 20%
Other areas 30%
 
TENURE OF LOAN
 
  • Minimum tenure of 15 years and maximum tenure of up to 20 years, if the borrower's age is between 60 and 65.
  • Minimum tenure of 10 years and maximum tenure of 20 years, if the borrower's age is above 65..
 
RATE OF INTEREST AND PROCESSING CHARGES
  • Please click here to know our latest rate of interest
  • 0.50% of loan amount subject to a maximum of Rs. 10000 plus service tax as applicable
 
PREPAYMENT PENALTY
  • There is NO prepayment penalty if the loan is adjusted by the borrower from his own verifiable legitimate sources
  • A penalty of 2% on the average balance of the preceding 12 months, if the loan is taken over by any other Bank /FI or adjusted by the borrower in lumpsum from any third source/party (except genuine sale).
 
SECURITY
  • Equitable mortgage (E.M.) of the residential/ commercial property, which is in the name of the borrower and/ or his family members. The co-owners of the property need to join in as co-borrowers
 
 
INSURANCE
  • Property insurance is compulsory to the tune of the value of the property
 
*Conditions apply. For further details, please visit our nearest branch.
 
I would like to convey my appreciation to you for the timely assistance provided to many of our students that helped them obtain an educational loan for studying at the ISB for PGP 2009-10.
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