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.
Silence Future
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