- Finance to Senior Citizen on regular basis for the purpose of,Upgradation, renovation and extension of residential property.
- For uses associated with home improvement, maintenance/ insurance of residential property,
- Medical, family emergency expenditure, for supplementing pension/other income, meeting any other genuine need other than for speculative, trading and business purposes.
- A senior citizen above 60 years is eligible for RML.
- Married couples will be eligible joint borrower, one of them is above 60 year and the other not below 55 year
- The residual life of the property should be at least 20 years
- The property should have clear title
- RML not available against the commercial property
- Loan amount will be range from 60% to 90% of the value of property
- The loan installments could be paid through Monthly/Quarterly/Half-Yearly/Annual Disbursement or a lump-sum
- The maximum monthly payment is pegged at Rs.50,000/-, Maximum lump-sum payment being restricted to 50% of the eligible loan amount subject to a limit of Rs.15 Lakhs to be use for medical treatment.
- Maximum period of the loan is 15 years
- Periodic Valuation – at least once every five years
- RML are expected to carry a – ‘No Negative Equity’ or Non-Recourse’ guarantee
- No charge will be levied if the loan is prepaid