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Andhra Bank- AB Anand Jeevan
Andhra Bank Anand Jeevan (Reserve Mortgage Scheme) ensures
the comfortable life of a senior citizen that too without depending anyone.
Andhra Bank offers a pensioners loan named as AB Anand Jeevan for senior
citizens to convert their dwelling - house property into liquid cash flow
to supplement income.
Purpose of Loan:
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AB Anand Jeevan is mainly for supplementing pension or
existing income.
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Another purpose of this loan is to meet various
expenditures related to his or her family, medical emergency etc.
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Repayment of any existing mortgaged loan for residential
property also meet by this pensioners loan.
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For the purpose of up gradation, renovation or extension or insuring
residential property.
Eligibility:
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The person who is apply for this loan must be an Indian
resident.
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The person apply for this loan must be a senior citizen
ie; above 60 years old.
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The mortgage property must be a residential house or flat
owned by himself.
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Property might be self acquired and self occupied as permanent primary residence and free from Encumbrance.
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Residual life of property should be at least 20 years.
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In the case of joint borrowers, one of them will be above 60 years of age and spouse/joint borrower should be more than 55 years of age.
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Commercial property is not eligible for this loan scheme.
Quantum of Loan:
The loan amount to be availed depends upon the value of the flat or
residential property, as assessed by bank’s approved engineer. Minimum
quantum of loan will be Rs.5 lacs and Maximum Rs 100 lacs. Loan
Amount includes interest till maturity.
Nature of Payment:
According to bank norms, payment of this loan might be through Periodic
ie; monthly or quarterly or by One Time Lump-Sum payment. Maximum period
of loan in case of periodic disbursement, payments shall be made during
the loan period of 15 years or till the death of the last surviving spouse,
whichever is earlier.
Interest Rate of Loan:
Interest rate of Andhra Bank Anand Jeevan loan may be 10.75% per annum (fixed) with reset every three years.
Repayment of Loan:
The loan shall become due and payable only when the last surviving,
borrow dies or would like to sell the house, or permanently moves out
of the house. There is no prepayment charges for this loan scheme.
0.25% of the loan amount with a maximum of Rs.4000/- will be charged as
a processing fee.
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