Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal Loan BYTES FROM OUR KITCHEN

    Reverse Mortgage Loan

    Reverse mortgage loans are a unique type of home loan designed for senior citizens and require no monthly mortgage payments. Borrowers do still have to pay other expenses like property taxes and home insurance premiums. The loan payments need not be made until the borrower passes away, sells or moves out of the house. There are no restrictions on the end use of the funds obtained via a reverse mortgage loan.

    It is called reverse mortgage because the lender is making payments to the borrower. The loan needn’t be paid back till the home is sold or vacated. The borrower must however pay the property taxes, insurance and other dues.

    Reverse mortgage comes in handy when you have a financial crisis and no source of income to fund your financial needs, but you have a house and you can use that house to mortgage and avail loan.

    Home is pledged and the monetary value of the house is decided based on the demand for the house, current property prices and the condition of the house. The loan amount is then disbursed to the borrower in the form of periodic payment. The borrower can choose the frequency of the periodic payment. This is an ideal option for senior citizens so that they get regular income.

    Features of Reverse Mortgage Loan

    Eligibility

    Individuals owning residential house or flat and who is a resident of India and above the ages of 60 can avail this loan.

    The residential house must be in his name or jointly with his spouse.

    If the loan is in joint account then one of the spouse must be 60 years and above and the other must be at least 58 years.

    Margin

    20% margin has to be maintained.

    Maximum loan amount

    The maximum loan amount is Rs.1 crore along with interest.

    Lump sum pay-out is permitted in the event the borrower or his spouse has to undergo medical treatment. The maximum limit on that is Rs.15 lakhs.

    Disbursement and loan tenure

    Maximum tenure allowed is 20 years.

    The amount paid to the borrower per lakh is as follows:

    Tenure

    Monthly instalment (Rs.)

    10

    432

    11

    365

    12

    311

    13

    267

    14

    229

    15

    198

    16

    172

    17

    150

    18

    130

    19

    114

    20

    100

    Processing charges

    Amount equivalent to half month’s loan instalment is charged as a processing fee.

    Security

    The residual life of the residential property has to be at least 20 years old.

    Repayment

    The legal heir of the borrower, after the borrower’s death will have the chance to settle the loan along with the interest without having to sell the property. The loan is due and is to be paid in 6 months after the death of the last surviving spouse.

    The borrower can also pay the loan at any time during the loan tenure, if he wishes to and has enough funds to pay for it.

    Prepayment charges

    If the loan is transferred to another lender, usually a 2% fee is charged.

    Insurance

    The borrower has to cover all the home insurance premiums.

    Reverse Mortgage Loan Reviews

    • ICICI Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      My personal loan is with ICICI Bank and it was a good experience. The process is good and the loan was provided to me on time and as needed. The rate of interest and the processing charges is nominal and there are no hassles in the after loan services.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Excellent experience"
      0.5 5.0/5 "Blown Away!"
      The experience is good overall at Bankbazaar as they contacted me on time and informed me the details. The process was easy as I was able to get my details on time. The website is also good and it is informative and useful as well. From next time will apply for loan through this channel.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "ROI is high"
      0.5 5.0/5 "Blown Away!"
      HDFC Bank has offered me a personal loan with a zero processing fee. The rate of interest is on the higher side. It is of 16%. After the document collected the loan got approved. But the disbursement took very long, I got the loan after almost 25 days.
      Was this review helpful? 0
      , jorhat
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      There are no hassles with Bankbazaar, as I received a response on time and there are no issues to get connected with the bank. The portal is also good and it is easy to understand and use and apply for the loan. There are follow up calls as well in the process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC Bank. The customer services and response is good and I got the loan with ease and on time. They are also normal on the rate of interest and processing charges. In all no hassles in the documentation process.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Fast process"
      0.5 4.0/5 "Great!"
      The experience with Bankbazaar is good and there are no hassles in the process. The customer services and response is very fast. They been on time to contact me and they are helpful too. The website is also good and it is easy to understand and place a request.
      Was this review helpful? 0
      , haridwar
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Need to improve overall"
      0.5 3.0/5 "Satisfactory"
      After me applying for a personal loan with HDFC Bank. The documents was collected on time. After which the process for the loan took three weeks which is almost like 25 days to get the funds. I have not received the loan letter yet. I have not got any confirmation about the EMI due date and also what is the interest rate and processing fees.
      Was this review helpful? 0
      , haridwar
      Reviewed on Jan 15, 2019
    • ICICI Bank Personal Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I also have a personal loan with ICICI Bank. The customer services are good and the process was on time. I did not face any delay and the documents was collected on time. I received the loan within a week. The rate of interest and the processing charges is normal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Supportive services"
      0.5 4.0/5 "Great!"
      There were no delay with Bankbazaar.com, and the customer services and the response is good. They were on time to contact me and inform me the details. The website is also satisfactory and it is easy to understand and it is informative as well. Mr. Vijay was very supportive in the whole process.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good. Can do better"
      0.5 4.0/5 "Great!"
      HDFC Bank has also offered me a personal loan. The process was quick and I got the loan on time. The rate of interest is of 18% and there were processing charges as well. The loan amount is not as expected. I asked for 5.5 lakh and I received 2.5 Lakh.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Excellent experience"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar has been really good overall. The website is satisfactory as I can check the bank offers. The services was on time to contact me and inform me the details. There were follow up calls as well in the process. In all a hassles free experience.
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I had my personal loan with HDFC Bank. The process to get the loan is good. The documentation is normal too. I needed a loan of five lakhs but I received only two lakhs for the rate of interest of 10%. There was a processing fee as well. The customer support is fine.
      Was this review helpful? 0
      , kochi
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Services are satisfactory"
      0.5 4.0/5 "Great!"
      There were no hassles at Bankbazaar.com as the contacted me on time and informed me the details. The customer services and response is good and there are no issues. The website is also fine and it is easy to use and understand and place a request.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2019
    • IndusInd Bank Personal Loan
      "Experience is good"
      0.5 4.0/5 "Great!"
      I have a personal loan with Indusind Bank. The process to get the loan is fine. The rate of interest is around 11.5% with a zero processing fee. The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Good. Can be more quick"
      0.5 3.0/5 "Satisfactory"
      After I applied at Bankbazaar I received a call and the process started off for the loan. I got the details of the banks and their offers. The website is also easy to use and it is informative as well. It would be better if the process is more sooner.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 15, 2019
    • HDFC Bank Personal Loan
      "Good. Can be more sooner"
      0.5 3.0/5 "Satisfactory"
      I have taken my personal loan with HDFC Bank. The process to get the loan was delayed, I got it after one and half week. The documentation was collected late. The rate of interest of 11.25% and there was a processing fee too. The loan amount was as expected.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 15, 2019
    • Bank Bazaar Personal Loan
      "Awesome one stop shop "
      0.5 5.0/5 "Blown Away!"
      Various option available in Bank Bazaar, rather going to direct financier. here we can analyze the real information in website without going anywhere. I am using the site for past 2 months, the portal is good to post the request. The customer support team gave me the proper information.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 14, 2019
    • Tata capital Personal Loan
      "Satisfactory Experience"
      0.5 4.0/5 "Great!"
      I am satisfied with Tata Capital documentation part and they have fulfilled the commitment on my personal loan. The interest rate is quite nominal they gave me the same thing which provided by other banks. Even the door step documentation process is good.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 14, 2019
    • Axis Bank Personal Loan
      "Reduce the charges"
      0.5 5.0/5 "Blown Away!"
      I took my personal loan in Axis Bank before 4.5 years back and its been completed before 5 to 6 months have taken top-up loan. The customer service is very good. The charges are more compared to other banks. The loan duration is 5 years. Monthly installment is 5600 rupees through net banking.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 14, 2019
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The customer service and response was better. I have been using the bank bazaar website for past 2 years, It was helpful to take credit card,loans and to check the credit score. Am comfortable with the mobile app. Most I like the responsibility is very good and process was simple.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jan 14, 2019
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