REVERSE MORTGAGE LOAN
AASHRAYA

To provide a source of regular income and for any of the following purposes:
- Medical emergency
- Expenditure of family
- Supplement pension and other income
- Upgradation, renovation, extension, maintenance and insurance of existing residential property
- Meet any other genuine needs

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Eligibility

  • Indian citizen above 60 years
  • Individual, preferable jointly with spouse or single (if widowed/divorce), with spouse older than 55 years as co-borrower
  • Individuals who own a self aquired and self occupied residential property in India (RML against ancestral property will not be considered)
  • The residual life of the property should be minimum 20 years
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Quantum

Maximum up to Rs.100 lakhs (along with interest) and payable on reverse annuity basis

For age group 60-70 years - 45% of the property value

For age group 71-75 years - 50% of the property value

For age group 76-80 years - 55% of the property value

For age group 81-85 years - 60% of the property value

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Repayment Period

For age group 60-70 years - maximum tenure of 20 years

For age group 71-75 years - maximum tenure of 15 years

or age group 76-80 years - maximum tenure of 10 years

For age group 81-85 years - maximum tenure of 5 years

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Security

  • Equitable / Registered Mortgage of the residential property which is in the name of the borrower(s)
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Rate of Interest

  • 10.75%
    Fixed interest rate for 5 years and thereafter will be reviewed/revised at regualar intervals of 5 years)

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Documents Required

  • PROOF OF IDENTTIY
    Aadhar Card / Driving license / Passport / PAN card/ Election card/Job card issued by Govt. agencies
  • PROOF OF RESIDENCE
    Aadhar Card / Driving license / Passport/ Election card / Job card issued by Govt. agencies
  • Title search and Valuation Report of Property to be mortgaged
  • Reverse Mortgage Agreement
  • Copy of Registered Will
  • Proof of Cost & Year of Acquisition//Improvement of property/capital asset
  • Duly attested copies of documentary proof viz. Name, Address & PAN of all legal heirs and estate of the owner of the capital asset
  • Life Certificate (to be obtained annually)

Mode of Disbursement

  • Periodic payment monthly / quarterly/ half yearly/ annually (to be decided in advance)
  • Maximum monthly payment is Rs. 50,000/-
  • Lumpsum payment restricted to 50% of the loan amount (Maximum of Rs. 15 lacs)

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Citizencredit Co-operative Bank Ltd.
CITIZENCREDIT CENTRE
CTS No:236, Marve Road, Orlem,
Malad (W), Mumbai 400064

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