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Payment of lump sum amount, with a maximum of Rs.15 lacs, under the scheme can
also be considered selectively on merit, for meeting medical exigencies of senior citizen
Loan to be recovered only after the death of both the spouses and no loan repayment
during the lifetime of borrower.
Settlement of loan, along with accumulated interest, to be met by the proceeds received
out of sale of residential property and any surplus to be paid to heirs. The loan will, as
such, become due for recovery and payable six months after death of the last surviving
spouse. However the legal heirs/legatee of the deceased borrowers will be given first
option to settle the loan, alongwith the accumulated interest, without sale of the
property.
Pre-payment of Loan
The option to pre-pay the loan at any time during the currency of loan or later, is
available. However, in case there is any takeover of loan by other financial institution/
bank, a charge of 2% on the amount taken over, will be levied.
Upfront Fee
Amount equivalent to half month's loan instalment subject to Maximum of Rs.15,000/- +
Service Tax & Education Cess
Documentation/ Inspection Charges
NIL
Right of Rescission
After the loan is sanctioned senior citizen borrower(s) shall be given upto 10 days time
to relook into his requirements and if he so wishes to cancel the transaction for any
reason whatsoever.
Canara Jeevan
REVERSE MORTGAGE LOAN (RML) SCHEME FOR SENIOR CITIZENS
In the present scenario, for most senior citizens and those nearing retirement the biggest fear is the need for money to
live comfortably after retirement. Reverse mortgage loan scheme helps them to convert their dwelling house property
into liquid cash flows to meet their living expenses.
With this objective of meeting the financial needs of the Senior Citizens, a new loan scheme is introduced, namely
CANARA JEEVAN - Reverse Mortgage Loan Scheme For Senior Citizens.
Objective:
To meet the financial needs of Senior Citizens owning self occupied residential property.
Eligibility
Owners of residential house/flat, who are residents of India, above 60 years of age,
Property self acquired and self occupied as permanent primary residence and property free from encumbrance
Incase of flats the age of the flat should not be more than 10 year.
Couples will be eligible as joint borrowers and in such cases, at least one of them should be above 60 years of
age and the spouse/joint borrower should be more than 55 years of age.
In case of jointly owned properties the joint owner who is aged above 60 years shall be the first borrower.
Depending upon the age of the borrower and the assessed value of the property. flats/house.
Incase of independent house Minimum loan quantum Rs.5.00 lacs and maximum Rs.50.00 lacs. (*)
Incase of flats Minimum loan quantum Rs.5.00 lacs and maximum Rs.25.00 lacs. (*)
Option once exercised for monthly or quarterly payments shall remain unchanged throughout the tenor of the loan
and interchangeability cannot be permitted.
One time Lump-sum payment, not more than 20 % of the eligible loan amount.
In case of periodic disbursement, the payments shall be made during the loan period of 15 years or till the death
of the last surviving spouse, whichever is earlier.
Security:
The loan shall be secured by way of mortgage of residential property, by way of Registered Mortgage or equitable
mortgage with memorandum of deposit of title deeds in favour of the bank.
The loan shall become due and payable only when the last surviving borrower dies or would like to sell the house,
or permanently moves out of the house.
Processing charges:
PURPOSE
To provide a source of regular income for senior
citizens in the form of monthly payout or
combination of monthly payout and lump sum
(available for medical purpose only) amount.
ELIGIBILITY
RESIDENTIAL PROPERTY
QUANTUM OF LOAN
MARGIN
Metro
Urban
Other areas
10%
20%
30%
TENURE OF
LOAN
PREPAYMENT PENALTY
SECURITY
INSURANCE
Calculator
`
Features
FAQs
PURPOSE
To provide a source of regular income for senior
citizens in the form of monthly payout or combination of
monthly payout and lump sum (available for medical
purpose only) amount.
ELIGIBILITY
RESIDENTIAL PROPERTY
QUANTUM OF LOAN
MARGIN
Metro
Urban
Other areas
10%
20%
30%
TENURE OF LOAN
PREPAYMENT PENALTY
legitimate sources
A penalty of 2% on the average balance of the
preceding 12 months, if the loan is taken over by
any other Bank /FI or adjusted by the borrower in
lumpsum from any third source/party (except
genuine sale).
SECURITY
Equitable mortgage (E.M.) of the residential/
commercial property, which is in the name of the
borrower and/ or his family members. The coowners of the property need to join in as coborrowers
INSURANCE
Property insurance is compulsory to the tune of
the value of the property
PAN Card
Property papers
a. Proof of ownership
b. Title Deed
3 photographs
APPLICATION FORM
To download the application form, please click here
You can avail loan either singly or jointly with spouse, in case
of a living spouse older than 55 years, as co-applicants; number
of surviving spouses on the date of sanction should not be more
than one. In case there are any other co-owners of the house/
flat, they also need to be co-applicants.
Please see the Forms & Documents Tab above for information
on the list of documents required.
Eligibility:
Married couples will be eligible as joint borrowers provided one of them is above 60 years of age
and age of 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.
Maximum Amount:
The maximum loan amount inclusive of interest for entire tenure of the loan shall be restricted to Rs. 1
crore subject to value of the property.
Repayment of Loan:
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 borrower(s) 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.
Rate of interest:
( CLICK HERE FOR CURRENT INTEREST RATES )
Security:
Simple / Equitable mortgage of the Residential property.
Tenure:
15 years. The tenure may further be extended till survival of the borrower/s subject to advance value of
the property.
Insurance:
Insurance of the residential property mortgaged to the bank shall be regularly taken. The premium
charges are to be borne by borrower.
No. of borrowers
No. of surviving
Should not be more than one.
spouses on the date Borrowers will have to give an
of sanction of loan
undertaking that they will not remarry
during the currency of the loan. If the
borrower chooses to remarry, the
loan will be foreclosed.
Above 58 years
Residence
Above 60 years
Encumbrances
Residual life of
property
Security
Period
Disbursement
Periodicity of
availing loan
1. Monthly/quarterly payment
2. Lump sum payment.
Quantum of loan The loan amount would be 90% of the value of property. Loan
amount would include interest till maturity. The loan installment
payable to the borrower(s) would be as under (for a loan amount of
Rs.1 lac) (interest calculated at 10.75% p.a.)
Loan Tenor
10 yrs 11yrs
Monthly
installments
468
399
343
297
258
225
Quarterly
installments
1423
1215
1045
905
787
687
Lumsum
payment
34294 30813
Rate of interest
(fixed)
Repayment /
settlement
sanction.
Any violation of the terms and conditions of Reverse Mortgage
loan.
Pre closure of
loan
The borrower(s) will have option to repay the loan at any time
during the loan tenor.
There will be no pre closure penalty.
Valuation /
revaluation of
property and
option for the
Bank to adjust
payments.
Processing fee
Right of
rescission
Insurance and
maintenance of
house property
Type of facility