Baroda Ashray Reverse Mortgage Loan

1. Provides an additional source of income to senior citizens
2. Processing charges are waived 100% on all home loans and top-up loans of Bank of Baroda

Eligibility Criteria

The eligibility criteria are as follows:

Age	Above 60 years of age
Nationality	Resident Indians

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FAQs on Baroda Ashray Reverse Mortgage Loan

• In the case of married couples who are joint borrowers, should both be above 60 years of age?

  In the case of joint borrowers who are a married couple, one of the spouses should be above 60 years of age and the other should be above 55 years of age.

• What kind of property is considered for reverse mortgage?

  The property should be a house or flat which is located in India, is registered in the applicant's own name, and which is the permanent primary residence (i.e., is the self-occupied property).

• What is the collateral or security required?

  The collateral or security that is required is the equitable or simple mortgage of the residential property.

• What is the maximum tenure?

  The maximum tenure is up to 15 years, but it can be extended till survival of the borrowers which is subject to the advance value of the property.

• Should insurance of the property also be taken?

  Yes, insurance of the property that is mortgaged should be taken regularly, the premium of which has to be paid by the borrower.