Andhra Bank
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Anytimers
 
AB Anand Jeevan
 

This scheme is implemented only in certain identified Branches

 
AB ANAND JEEVAN LOAN SCHEME - TO PROVIDE A SOURCE OF ADDITIONAL INCOME FOR SENIOR CITIZENS WHO OWNS HOUSE PROPERTY  

 Objective 

 
To provide a source of additional income for senior citizens of India who own self-acquired or inherited & self-occupied house property in India provided the title is clear and the property is free from any encumbrances.
 
 Eligibility

 

  • Singly or jointly with spouse.
  • Age of first borrower: Above 60 years.
  • Age of spouse: Above 55 years
  • Residence: i) Borrower should be staying at self-acquired/inherited and self occupied house/flat against which loan is being raised as his permanent primary residence.
  • Residual life of property should be at least 20 years.
  • Residual properties only are eligible.
   (commercial properties are not covered under the scheme.)
 Rate of interest
 
MCLR (1 year) +1.80 %
 
Purpose of the loan

  • Medical, emergency expenditure for maintenance of family
  • For supplementing pension/other income
  • Meeting any other genuine needs.
  (Not allowed for speculative, trading and business purposes)
 
 Disbursement of loan 
  • Monthly / quarterly payments (monthly payment shall not exceed Rs. 50000/-)
  • Lump-sum payment (Restricted to 50% of eligible amount subject to a cap of Rs. 15.00 lac) to be used for medical treatment for self, spouse and dependents.
 
 Rate of interest
 
Base rate + 1.25 fixed for three years. The rate of interest will be reset at the end of every three years.
 
Tenor of loan
 
Maximum 15 years
 
 Security
 

The loan is secured by equitable mortgage of residential property against which loan is sanctioned.
 
 Repayment

The loan shall become due and payable only when the last surviving borrower dies or opts to sell home or permanently moves out of the home for aged care to an institution or to relatives or 15 years whichever is earlier.
 
 Prepayment charges

No prepayment charges.
 
 Upfront fee
 
0.25% of the loan amount maximum of Rs. 4000/- + S.T.
 
 
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