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IDBI bank offers personalised banking and financial solutions to their customers through a wide network of branches and ATMs. Reverse mortgage loan is one such product that they provide to their senior customers who wish to supplement their income. Indians believe that they are safeguarding their future by buying a property. They think that having a property will bail them out when they are in a dire need for raising finances and they are not wrong, having a property does help. Idle property can also supplement your income or pension.
IDBI Bank offers Reverse Mortgage Loan to senior citizens to supplement their present income or pension in the form of regular payments to cover genuine expenses.
The loan is given to:
Individuals who wish to obtain an IDBI Bank Reverse Mortgage Loan need to satisfy the following criteria:
Note: The criteria is subject to change at the sole discretion of IDBI Bank.
A borrower is required to furnish the following documents before availing a loan:
Some of the salient features and benefits of IDBI Bank Reverse Mortgage loan are:
IDBI Bank charges an attractive interest on their reverse mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered is 11% per annum. The rate of interest is fixed.
Note – Interest rates charged by IDBI Bank are at their sole discretion and are subject to change without prior intimation.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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Psst... We'll ensure you're the very first to know the moment rates change.
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