Canara Jeevan (Reverse Mortgage Loan)

1. Applicants should be owners of residential properties, such as independent houses or flats. 
2. Applicants should be Indian residents and above the age of 60 years. 
3. The property should be self-occupied and self-acquired. It should also be free from encumbrance. 
4. The age of the property (in the case of a flat) should not be above 10 years. 
5. The residual life of the property should be a minimum of 20 years. 
6. Joint borrowing is available for couples. 
7. In the case of joint borrowing, at least one of the borrowers should be more than 60 years of age and the spouse should be more than 55 years of age. 
8. If the property has joint-ownership, the owner who is above 60 years of age will be the first borrower. 
9. The loan is not available for ancestral and commercial properties. 

Loan Amount for Canara Jeevan Reverse Mortgage Loan

1. The eligible loan amount depends on the age of the applicant and the property value. 
2. If the property against which the loan is taken is an independent house, the minimum loan amount is Rs.5 lakh and maximum loan quantum is Rs.50 lakh. 
3. In case the loan is taken against a flat, the minimum loan quantum is Rs.5 lakh and the maximum amount is Rs.25 lakh. 

Loan Tenure and Repayment for Canara Jeevan Scheme 

1. The loan can be repaid in monthly or quarterly installments. 
2. Once the applicant decides to opt for the monthly/quarterly repayment frequency, this shall remain unchanged throughout the loan tenure. 
3. It is possible to make a lump-sum payment once. This amount should not be more than 20% of the eligible loan amount. 
4. Repayment through periodic installments shall be made within a maximum of 15 years or till the death of the last surviving spouse (whichever is earlier). 
5. The loan will be payable only till the last surviving borrower passes away, moves out of the property permanently, or sells the property. 

Security for Canara Jeevan Loan 

As mentioned above, the Canara Jeevan loan can be availed through the mortgage of a residential property. This can be done through equitable mortgage or Registered Mortgage with a memorandum of deposit of the property's title deeds taken in favor of Canara Bank. 

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