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image  UNION REVERSE MORTGAGE

Features

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.
 

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