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.
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.
Individuals who wish to obtain a Vijaya Bank Reverse Mortgage Loan need to satisfy the following criteria:
Note: The criteria is subject to change at the sole discretion of Vijaya Bank.
A borrower is required to furnish the following documents before availing a loan:
Some of the salient features and benefits of Vijaya Bank Reverse Mortgage loan are:
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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