1

Purpose

For supplementing the present income/ pension in the form of a regular stream of payments to cover genuine expenses of senior citizens.

2

Eligibility

• Any person, being an individual, who is of, or above, the age of sixty years.
• Any married couple, if either of the husband or wife is of, or above, the age of sixty years.
• If the residential house/flat is in joint names with his /her spouse then the spouse should compulsorily be the joint borrower.
• Should be having Permanent Account Number
• Should be the owner of self-acquired and self-occupied residential property (flat/house), located in India with clear title indicating ownership of the property, the residual life of which should be at least 20 years.

3

Quantum of loan

The loan amount (inclusive of interest up to maturity period) should not exceed 75 % of the realizable value of the property, subject to maximum of Rs.100.00 lakh.

4

Repayment/ Renewal of limit

The loan together with interest shall become due for payment only 6 months after death of the last surviving spouse OR when the borrower or any other co-borrower has not lived in the house continuously for one year or do not intend to live continuously. Settlement of loan along with accumulated interest is to be met by the proceeds received out of Sale of Residential Property and any surplus may be paid to legal heir.

5

Security

The loan shall be secured by way of equitable Mortgage of self-acquired / self occupied residential property in favour of the Bank. Commercial property will not be eligible for RML.

6

Rate of Interest

Base Rate+2.00%

7

Period of Loan

Maximum 15 years or till the death of the last surviving spouse, whichever is earlier.

For the borrowers between 60 and 70 years of age, maximum period is 15 years.

Borrowers above 70 years and up to 75 years of age, the maximum period shall be 10 years.

The Bank at its own discretion may extend the tenor of loan depending upon the realizable value of security etc by another 5 years i.e. the maximum loan disbursement tenure should not exceed 20 years.