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.
What is the maximum loan amount?
The maximum amount of loan sanctioned would be minimum of A or B
Who can be the co-applicants for the loan?
You can avail loan either singly or jointly with spouse, in case of a living spouse older than 55 years, as co-applicants; number of surviving spouses on the date of sanction should not be more than one. In case there are any other co-owners of the house/ flat, they also need to be co-applicants.
What are the loan tenure options?
The repayment period is minimum of 15 years and maximum of 20 years if the borrower is aged between 60 and 65. For borrower above 65 years of age, minimum repayment tenure is 10 years and maximum of 20 years.
What are the applicable rates of interest?
Please click here for information on rate of interest.
What are the processing charges?
One time upfront fee of 0.50 % of the loan amount, subject to a maximum of Rs 10,000 plusservice tax.
What security/ collateral do I have to provide?
The security to be provided is the Equitable Mortgage (EM) of the residential property, proposed to be purchased from Bank's finance, is required.
Do I need to open an account with Union Bank of India for availing and/ or servicing the loan?
Yes, opening of account with Union Bank of India is mandatory.
What documents do I need to submit to avail a reverse mortgage loan?
Please see the Forms & Documents Tab above for information on the list of documents required.
How much time will it take for my loan to be approved?
It takes 7 days for your loan to be sanctioned, after you have submitted all the required documents.
What are the stages involved in taking a loan?
There are three main stages -
How do I approach Union Bank of India for a reverse mortgage loan?
You can approach us in any of the following ways