Star Reverse Mortgage Loan
A special product that takes care of senior citizens personal & financial needs

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- 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