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Bank of Baroda - Baroda Ashray
In order to meet the financial needs of senior citizen, Bank of Baroda
recently introduced a reverse mortgage loan for senior citizen named Baroda
Ashray.
Eligibility for this Loan:
- Should be a senior citizen of India, above 60 years of age.
- Married couples will be eligible as joint borrowers provided one of them
is above 60 years of age and spouse is not below 55 years at the time
of application.
- Should be the owner of a residential property (house or flat) located in
India in his/her own name.
- Residential property should be used as permanent primary residence (fully
self occupied property).
- The Commercial property will not be taken as a security under the product.
Quantum of Loan:
The maximum loan amount inclusive of interest for entire tenure of the loan
shall be restricted to Rs.1crore subject to value of the property.
Repayment of Loan Amount:
The loan shall become due and payable when the last surviving borrower dies
or would like to sell the home / permanently moves out of the home for aged care
to an institution or relatives. The loan will, as such, become due for recovery
and payable.
- Settlement of loan, along with accumulated interest, to be met by the
proceeds received out of sale of residential property.
-
The borrowers or his/her/their estate shall be provided with the first right to
settle the loan along with accumulated interest, without sale of property. A
reasonable period of 2 months may be provided when repayment is triggered, for
house to be sold.
Interest Rate:
Interest rate of Baroda Ashray loan for below BPLR senior citizens is 1.25%
and for above BPLR, it is 13.25%.
Security:
Simple / Equitable mortgage of the Residential property
Tenure of Loan:
The tenure of loan is 15 years and it may further be extended till survival
of the borrower's subject to advance value of the property etc.
For more information: Visit
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