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PSB Sukhmoney for Senior Citizens

PSB Sukhmoney for Senior Citizens - Reverse Mortage Concept

 
Purpose

This scheme is designed to help Senior Citizens to sustain their lifestyle and also help them maintain their monthly expenditure without being dependent on anyone. It is a social security scheme designed to benefit the senior citizens post retirement. The loan amount can be used for following purposes:

  • Meeting genuine needs
  • Up gradation, renovation and extension of residential property.
  • For uses associated with home improvement, maintenance/insurance of residential property.
  • Medical, emergency expenditure for maintenance of family.
  • For supplementing pension/other income.
  • Repayment of an existing loan taken for the residential property to be mortgaged.
Eligibility The borrower should fulfill the following criteria:-
  • Senior citizen of India above 60 years of age.
  • The residential property should be in his/her single name or jointly with his/her spouse. In case it is in the single name of one individual, he/she should give will in favour of the other spouse, who should be made co-borrower.
  • Married couples will be eligible as joint borrowers for financial assistance provided either of the spouse owing the property is above 55 years of age and other legal spouse is of age 60 years and above.
  • The residential property should be self-occupied/self acquired with clear title free from any encumbrances.
  • The borrower(s) should use that residential property as permanent primary residence.
  • The residual life of the property should be more than the period of loan.
Quantum of Finance/Margin

Maximum Amount permissible: Rs. 1 crore

The amount of loan will depend on present market value/realizable value whichever is less, of residential property after maintaining margin as given below:

The maximum loan to value (LTV) Ratio & consequent derived margin are as under:

Age-Group Maximum Loan
(subject to ceiling of Rs.100 Lacs)		 Margins
60 & up to 70 60 % of the value of immovable property 40%
Above 70 & up to 75 50 % of the value of immovable property 50%
Above 75 & up to 80 45 % of the value of immovable property 55%
Above 80 40 % of the value of immovable property 60%
Rate of Interest Please click here For rate of interest
Processing fee Please click here For Processing fee
Security Loan to be secured by way of Equitable/ Registered Mortgage/Assignment on the Residential property in Bank's favour.
Period of Loan Maximum 15 years.
Prepayment

The borrowers will have option to prepay the loan without any prepayment charges.

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.
Guarantee Personal Guarantee of spouse may be obtained in case he / she is not a joint or a co-borrower.

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