|
1
|
Purpose
|
For meeting any genuine needs and purpose acceptable to the company, like marriage of children, medical expenses etc. and should not be for any speculative purpose.
|
|
2
|
Loan amount
|
- Minimum – 2 lac.
- Maximum – 25 lac.
|
|
3
|
Eligibility
|
- All pensioners of Central and State Governments, Central and State Governments’ Undertakings, Defence Services, Educational Institutions (Govt. aided Universities, Institutes, Schools and Colleges), reputed companies where pension is paid through EPF, Pension scheme under LIC of India and other Insurance companies, Pension schemes for senior citizens as declared by Government of India.
- The property to be mortgaged should be in the name of the self or to be jointly with the spouse.
- The applicants spouse should join as co-applicant to the loan.
|
|
4
|
Security
|
- Mortgage of the property being financed.
- Collateral: on case-to-case basis, if required.
|
|
5
|
Rate of interest (ROI)
|
Prevailing rate.
|
|
6
|
Repayment
|
Minimum term of 5 years and Maximum tenure of 10 years, subject to maximum age of 70 years.
|
|
7
|
Other Conditions
|
- Only the average of the last 6 months net drawn pension (after commutation benefit if any). Income from any other source will not be considered.
- For loan above 15 lac, guarantee of legal heirs is to be given.
- Retirement includes Voluntary retirement.
|