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  • Vijaya Bank Reverse Mortgage Loan

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  • Vijaya Bank serves diverse sectors of the Indian Society. The bank has a network of 1767 branches, 50 extension counters and 1509 ATMs. The bank has a lot of innovative and attractive products and services to offer to their customers. Reverse mortgage loan is one such product that they provide to their senior customers who own a self-acquired and self-owned to meet their financial needs. People in India first try to ensure their security and the first thing they do is buy themselves a property to safeguard them against all the financial difficulties that they might face in the future. Having a property will also allow you to take mortgage against the property and make the most of the idle property.

    Purpose of Vijaya Bank Reverse Mortgage Loan

    Vijaya Bank offers a reverse mortgage loan for generating cash flow to supplement pension or other source of income to meet the day to day requirements, to renovate your house, to meet your medical expenses and to repayment outside institutional liabilities.

    Eligibility Criteria for Vijaya Bank Reverse Mortgage Loan

    Individuals who wish to obtain a Vijaya Bank Reverse Mortgage Loan need to satisfy the following criteria:

    • The applicant must be a senior citizen of India, i.e. above 60 years of age.
    • Married couples are eligible as joint borrowers, provided either one of them is above 60 years of age.
    • The applicant must own a self-acquired, self-occupied residential property that is located in India.
    • The loan is not available against ancestral property.
    • NRIs and PIOs are not eligible for availing Vijaya Bank Reverse Mortgage loan.

    Note: The criteria is subject to change at the sole discretion of Vijaya Bank.

    Documents Required for Vijaya Bank Reverse Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Application form duly filled.
    • Identity proof it can be either passport, PAN card, employee identity card or other valid proof.
    • Address proof that can be either electricity bill, telephone bill, ration card or other valid proof.
    • PAN card copy.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of Vijaya Bank Reverse Mortgage Loan

    Some of the salient features and benefits of Vijaya Bank Reverse Mortgage loan are:

    • The loan is easy to avail and requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by Vijaya Bank.
    • The idle property can be used to avail funds.
    • The minimum loan amount is Rs.2 lakh and the maximum loan amount is restricted to Rs.100 lakh.
    • The margin is set at 20% on the realizable value of the residential property.
    • The residential property that the applicant is residing is to be provided as security.
    • The loan is offered for a minimum tenure of 7 years and a maximum tenure of 15 years.
    • The tenure can be extended on a rollover basis till 15 years or till the borrower’s survival.
    • The loan is disbursed through monthly annuity payments.
    • The loan has to be paid at the end of the tenure or through outstanding balance exceeding the equity to value ratio or when the last borrower dies, or if the last borrower wishes to sell the house or permanently move to an old age home.
    • The borrower can pre-pay the loan at any time during the loan tenure.
    • The legal heir of the borrower on the death of all the borrower will have the option to settle the loan along with the accumulated interest without selling the property. The loan is to be paid in 6 months after the death of the last borrower.

    Vijaya Bank Reverse Mortgage Loan Interest Rate

    Vijaya 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 Vijaya Bank are at their sole discretion and are subject to change without prior intimation.

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