Mortgage Loan EMI Calculator
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Loan Amount:
₹5000000 -
Rate of Interest (%):
10.80 -
Loan Terms (monthly):
120 -
Equated Monthly Installment (EMI) will be
₹68,310
Baroda Ashray (Reverse Mortgage Loan)
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Eligibility
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Interest rates & charges
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Documents Required
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Most Important Terms and Conditions (MITC)
Baroda Ashray (Reverse Mortgage Loan) : Eligibility
- Should be senior citizen of India, above 60 years of age.
- Married couples will be eligible as joint borrowers provided one of them is above 60 years of age and age of spouse is not below 55 years at the time of application.
- Should be the owner of a residential property (house or flat) located in India in his/her own name.
Residential property should be used as permanent primary residence (fully self-occupied property).
The commercial property will not be taken as a security under the product.
Security
Simple/Equitable mortgage of the residential property.
Tenure
15 years. The tenure may further be extended till survival of the borrowers subject to advance value of the property.
Insurance
Insurance of the residential property mortgaged to the bank shall be regularly taken. The premium charges are to be borne.
Baroda Ashray (Reverse Mortgage Loan) : Interest rates & charges
Product | Conditions | Repo Rate + Spread | Effective Rate of Interest | |
---|---|---|---|---|
Baroda Ashray (Reverse Mortgage Loan) |
Repo Rate + SpreadBRLLR + SP + 2.35% |
Effective Rate of Interest0.00% |
Baroda Ashray (Reverse Mortgage Loan) : Documents Required
Coming Soon
Baroda Ashray (Reverse Mortgage Loan) : Most Important Terms and Conditions (MITC)
Maximum Amount
The maximum loan amount inclusive of interest tenure of the loan shall be restricted to Rs. 1 crore subject to value of the property.
Option to adjust payments
The bank shall have the option to revise periodic annuity amount, if lump-sum payment is taken or at the interval of every 5 years based on valuation of the property.
Repayment of Loan
The loan shall become due and payable when the last surviving borrower dies or would like to sell the home/permanently moves out of the home for aged care to an institution or relatives. The loan will, as such, become due for recovery and payable.
- Settlement of loan, along with accumulated interest, to be met by the proceeds received out of sale of residential property.
- The borrower(s) or his/her/their estate shall be provided with the first right to settle the loan along with accumulated interest, without sale of property. A reasonable period of 2 months may be provided when repayment is triggered, to be sold.
Need Assistance?
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Toll Free Number
For Domestic Customers
Calling From Abroad (24X7):
+91 79-66296009
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What is meant by a "reverse mortgage” loan?
Mortgages on self-occupied real estate (a house or an apartment) are used to supplement senior citizens' cash flow streams and meet their financial needs. To put it another way, the borrower receives a monthly income (annuity) from the bank rather than paying EMIs on a monthly basis.
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How much money do you get from a reverse mortgage?
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How does reverse mortgage lending work in India?
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Can you lose your house with a reverse mortgage?
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Who owns the house in a reverse mortgage?
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How do you pay back a reverse mortgage?
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What happens at the end of a reverse mortgage?
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Can heirs walk away from a reverse mortgage?
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What happens when the owner of a reverse mortgage dies?
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Can a family member take over a reverse mortgage?
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How long does a reverse mortgage take?
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Do I have to pay interest on a reverse mortgage?
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What credit score is needed for a reverse mortgage?
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Does a reverse mortgage hurt your credit?
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At what age can you take a reverse mortgage?
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Is money from a reverse mortgage taxable?