| Ab Anand Jeevan |
 |
| |
|
This scheme is implemented only in certain identified Branches
|
| |
|
 Eligibility
|
 |
- Senior citizens of India who own self-acquired orinherited & self-occupied
house property in India provided the title is clear and the property is free from any
encumbrances
- Commercial property is not eligible under this scheme.
|
|
| |
| Age |
|
- Above 60 years
- Age of the spouse should be above 55 years
|
|
| |
| Purpose |
|
- Medical, emergency expenditure for maintenance of family
- For supplementing pension/other income
- Meeting any other genuine needs.
|
|
| |
| Loan amount |
|
|
Minimum of Rs.5.00 lacs and Maximum Rs. 100.00 lacs. (subject to 90% of the realizable value of the property)
|
|
| |
| Periodicity of availing Loan |
|
- Monthly / quarterly payments
- Lump-sum payment
In case of lump-sum payment the following guidelines are to be observed:
- The lump-sum payment is to be considered for special requirements like Medical exigencies, home improvement, maintenance, up-gradation, renovation, extension of residential property against which loan is being raised.
- Lumpsum payments may be conditional and limited to medical exigencies. The maximum lumpsum payment shall be restricted to 50% of the total eligible amount of loan; subject to a cap of Rs. 15.00 lakhs or such other amounts as may be notified by the Government of India, to be used for medical treatment for self, spouse and dependants, if any. The balance loan amount would be eligible for periodic payments.
|
|
| |
| Repayment period |
|
Maximum 15 years |
|
| |
| Security |
|
Mortgage of residential property has to be registered. |
|
| |
| Prepayment |
|
No penalty for prepayment |
|
| |
| Processing fee |
|
0.25% of the loan amount with a maximum of Rs.4000/- plus Service Tax. |
|
| |
| Insurance and maintenance of house property |
|
The property is insured for its full market value (excepting the value of site) |
|
| |
| Duties of the borrower |
|
To submit Life Certificate periodically |
|
| |