A "low interest" loan shouldn't mean you have very little interest in paying it back!
The Baroda Ashray Reverse Mortgage Loan has an interest rate that starts at 9.10% p.a. The processing fees are up to 0.20% of the loan amount.
The interest rate for Baroda Ashray Reverse Mortgage Loan ranges starts at 9.10% p.a.
The features and benefits of Baroda Ashray Reverse Mortgage Loan are:
The eligibility criteria are as follows:
| Age | Above 60 years of age |
| Nationality | Resident Indians |
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.
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).
The collateral or security that is required is the equitable or simple mortgage of the residential property.
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.
Yes, insurance of the property that is mortgaged should be taken regularly, the premium of which has to be paid by the borrower.
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