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  • Federal Bank Loan for Senior Citizens

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  • Federal Bank offers the Federal Aashray Loan to senior citizens in India who have a self-acquired property in the country. The loan intends to provide an additional source of income to them.

    Usage of Federal Bank Loan for Senior Citizens (Aashray)

    The loan amount can be utilised for any personal needs that one might have, but can’t be utilised for any business or speculative trading purposes.

    Eligibility Criteria for Federal Bank Loan for Senior Citizens (Aashray)

    In order to apply for the Federal Aashray Loan, the following eligibility criteria have to be met by the concerned individual:

    • Only senior citizens who own a property in their name can apply for the loan.
    • The property used as a security should have a residual life of at least 20 years.
    • The applicant should be at least 60 years when applying for the loan and the applicant’s spouse should not be under 58 years.
    • Spouses can only apply for the loan as co-applicants if they are joint owners of a property.
    • As on the loan sanction date, the applicant should not have more than one surviving spouse.
    • The value of the equitable mortgage of the property against which the loan will be sanctioned should amount to at least 60% of the loan amount.

    Types of Financing under Federal Bank Loan for Senior Citizens (Aashray)

    The financing modes allowed under the Senior Citizen Loan is a term loan.

    Loan limits under Federal Bank Loan for Senior Citizens (Aashray)

    • Based on the creditworthiness of the applicant, Federal Bank can provide loans that are variable, based on the value of the security provided.
    • The total monthly payout could be anywhere between Rs.2,000 and Rs.25,000.
    • The loan period is between 10 years and 15 years.
    • Loans can be repaid through bullet payment. Individuals are also given the option to prepay the loan amount by giving the lender a notice of 6 months. The loan can also be paid by one’s legal heirs if the need arises.

    Interest rates for Federal Bank Loan for Senior Citizens (Aashray)

    • The interest will be reset every five years.
    • The lender charges an administration and processing fee of 0.50%, subject to a minimum fee of Rs.1,000 and a maximum fee of Rs.5,000.
    • These interest rates are applicable as on October 2018.

    Documentation required during applying for Federal Bank Aashray Loan

    The standard list of required documents for applying for this loan are mentioned as follows –

    1. Application form
    2. Passport Size Photographs
    3. Identity proof
    4. Residence proof or Address Proof
    5. Ownership proof, deed of the property
    6. Other KYC documents as deemed necessary
    Note: You may be required to provide additional documents, if requested.

    Features of Federal Bank Loan for Senior Citizens (Aashray)

    • The Pensioner Loan from Federal Bank is a secured loan that requires the applicant to own a property in their name as security.
    • The loan period can be of 120 months to 180 months.
    • The loan amount that will be sanctioned by the bank will be decided based on the value of the property that is provided as security.

    Applying for Federal Bank Loan for Senior Citizens (Aashray)

    Individuals who wish to apply for the Federal Aashray Loan can directly walk into the nearest Federal Bank branch to begin the process. If one requires any assistance, the concerned individual can either call or email Federal Bank on the bank’s dedicated helpline channels.

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