Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Reverse Mortgage Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Reverse Mortgage Loan is Rated as "Great!" by 76083 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    What is 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.

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  • Reverse Mortgage Loan Reviews

    • HDFC Bank Personal Loan
      "Personal Loan balance transfer "
      0.5 0.5/5 "Unacceptable"
      Very worst service I ever seen even in national bank other government office, personal advice don't apply any type of loan even for closure they make you to run around them, it almost more than a month I am running around back to get my DD even customer care not responding well the greviance is worst not replying to ur mail
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 27, 2017
    • HDFC Bank Personal Loan
      "Interest rate should be flexible "
      0.5 3.0/5 "Satisfactory"
      I got best offer from HDFC according to my company policy, they gave me good interest rate on personal loan. But without informing they have taken processing fee and insurance amount from the disbursement, they should give clear picture about the charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Good financial website"
      0.5 4.0/5 "Great!"
      Bank Bazaar is good when I uploaded the loan request, I received the response immediately from them. Bank Bazaar has good loan segregation process, I could check and take the best product in the market. The website is easy to use, but I would like to suggest Bank Bazaar should enable the one time registration option, when I am filling my information it should capture it next time when I am checking for some other products again it should not ask the details.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Kotak Personal Loan
      "Communication part should be improved"
      0.5 2.0/5 "Expected more"
      I am ready to avail Kotak Mahindra personal loan, but they rejected my loan application without initmation, Infact I didn't receive any call or any message from them and no one came to collect the documents. I would like to suggest them to improve their communication part, also they need to be more transparent in their process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2017
    • Bank Bazaar Customer Support
      "Really good"
      0.5 4.5/5 "Excellent!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 26, 2017
    • Bank Bazaar Customer Support
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I took any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through a google search. I had been using it for three years and it is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Great Experience while applying for a Loan"
      0.5 5.0/5 "Blown Away!"
      I would like to tell the Bank Bazaar team that I had a great experience while applying for a loan. I never did this before and when I applied through your site you made it so easy. The way it is presented is really good. people will like it when filling up loan form if it looks so picturistic.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Customer support"
      0.5 5.0/5 "Blown Away!"
      Very good customer support service that I received from your side, thanks for your valuable support. keep it up. The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth, thanks.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Good response "
      0.5 4.0/5 "Great!"
      Very easily any one can login using this application, every steps can be followed easily, there is no confusion over all its good. Before using this app people have to struggle to take loan not only loan other there daily needs, now it's very easy and it is good to share.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 25, 2017
    • Bank Bazaar Customer Support
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is really a good one , the response provided by them is the best, also I used to get the calls from them on an immediate basis with them till now. Online portal of the Bankbazaar.com is easy to access, I would certainly recommend this site to all.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 24, 2017
    • HDB Financial Services Personal Loan
      "Wonderful "
      0.5 5.0/5 "Blown Away!"
      I did not take the personal loan with the HDB financial services because I have not submitted the documents with them till now because of some other reasons. Customer service and the response were good one with them and there are no suggestion to them as well.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Satisfied with the services"
      0.5 4.0/5 "Great!"
      The services from Bankbazaar has been nice and overall experience is good. It was very convenient to get connected with the banks through this portal. I only had to submit my details and place the request. I started to receive calls and I got the loan without a delay.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "High on ROI & good services"
      0.5 3.0/5 "Satisfactory"
      The service provided was really good by ICICI Bank and the process was on time. I received the personal loan within five days. The bank was high on the rate of interest, it was around 14%. The processing charges were also high. The documents were collected on time as it was promised as well.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Personal loan "
      0.5 5.0/5 "Blown Away!"
      It's very fast to get the information and calculated the your monthly EMI and processing is also very fast to get the loan confirm just upload your documents and get approval on the spot. It's nice and hassle free to get for your query and even to get the services by bankbazar. Comparison. Thank you very much bankbazar
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank contacted me for the personal loan and since I could not provide any documentation from my end at that moment, I cancelled my application. The interest rate and processing charges is normal. The overall experience is good and smooth.
      Was this review helpful? 0
      , jagdalpur
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I would like to say the communication part is the best and it is really working in a perfect way, also the timely update is really good one with the Bankbazaar.com. Co-ordination is prefect and the customer service of bankbazaar really works in a good way.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 24, 2017
    • IndusInd Bank Personal Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have not got the call from the Indusind bank after the first call like I would like to say there were no continuous follow ups. I have seen the interest rate was around 13% to 14% as approximately and the bank is also good one. I would like to suggest that they need to make the follow up with the customer which is on an immediate basis.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 24, 2017
    • Bajaj Finserv Personal Loan
      "Services are good & high on charges"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of Bajaj Finserv and they have given me a personal loan. The customer services are good. They collected my papers on time and the process was also smooth. The interest rate and processing charges was high when compared with other banks.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
    • Bank Bazaar Customer Support
      "Very good services"
      0.5 5.0/5 "Blown Away!"
      The services provided by Bankbazaar has been good and the overall experience is nice. I received a proper response and it was a timely process.There were a lot of follow up calls and the website has a number options to choose the right bank. Satisfactory overall.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
    • ICICI Bank Personal Loan
      "Not Satisfied with the services"
      0.5 3.0/5 "Satisfactory"
      ICICI Bank contacted me for the personal loan, and I gave them a time frame and asked them to call back because I was out of town. But I received no calls. It has not been a satisfactory experience. The rate of interest and processing charges is normal.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jun 24, 2017
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