BOI Star Reverse Mortgage Loan

  • Maximum repayment tenure up to 180 months
  • Quantum of Loan:-
  • Minimum Rs.5.00 Lacs
  • Maximum Rs.50.00 Lacs
  • Depending upon the age of the borrower 35% to 55% margin of the value of property proposed to be mortgaged shall be stipulated.

Advantages

  • Special product for senior citizen
  • ROI starting from @ 9.50% 
  • No hidden charges
  • No prepayment penalty

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

  • Principal Borrower should be a senior citizen of India aged above 60 years and not more than 80 years of age.
  • Borrower shall be owner and occupant of residential property (House or flat) located in India or jointly in the name of spouse.
  • Residential property shall be free from any encumbrance.
  • The borrower/borrowers should use the residential property as permanent primary residence.
  • No monthly income/ gross income criteria/ Pension as only source of income.
  • The residual life of the property should be 1.5 times of the repayment period Minimum 20 years.
  • Married couples will be eligible as joint borrowers for financial assistance at the discretion of the Bank, subject to at least one of them being above 60 years of age & the other not below 55 years of age.
  • Maximum Loan Amount: Know Your Eligibility

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Rate of Interest(ROI)

  • 2.00% above 1 Year MCLR, presently 9.50% p.a. (fixed) at monthly rests for the loan tenure subject to reset clause at the end of every 5 year period. (Present 1 Year MCLR-7.50 %.)

Charges

  • PPC-0.25% the sanctioned limit, Minimum Rs.1,500/- and maximum up to Rs.10,000/-.
  • Valuation report fees and Advocate's fees to be borne by the borrower.
  • Annual service charges of 0.25% on the loan amount outstanding recoverable at the time of annual review.

Other Charges

  • Document stamp charges, advocate fees, architect fees, Inspection charges, CERSAI charges etc., on actual basis.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

  • Copy of PAN card
  • Identity proof
  • Address proof
  • Copy of Form 16/1T Return/Wealth Tax Return/assessment order for last 3 years
  • Xerox of passbook or statement of operating account for last 6 months
  • Copies of Property Documents such as Registered Agreement of property , latest tax paid receipt for land & house, non-encumbrance certificate (wherever available)copy of society registration Certificate, share certificate allotment letter etc., ORIGINAL TO BE SUBMITTED FOR VERIFICATION
  • Undertaking Regarding Purpose of Loan

*Terms & Conditions apply. For further details, Please contact your Nearest Branch