Mumbai: LIC Housing Finance on Thursday launched its reverse mortgage loan scheme aimed at the senior citizens and is looking to disburse Rs100 crore within one year, a company official said.
“The upper limit of the loan amount will be Rs50 lakh. The property against which the loan would be provided should have at least 20 years of residual life,” Sharad Srivastava, general mManager, LICHFL told PTI here.
LIC Housing Finance (LICHFL), the second housing finance company in the country to roll out the scheme, said the loan would be offered at a fixed interest rate, which is subject to review every five years.
Senior citizens could avail the loan either on a monthly or a lump sum basis or a combination of both, the company said, adding that loan would be given on single or on joint basis with the spouse if the latter is over 60 years of age.
To begin with, LICHFL would launch the scheme in Delhi, Mumbai, Kolkata, Chennai, Lucknow, Hyderabad and Bangalore, Srivastava said, adding that the company targets to disburse Rs 100 crore within the first year of the launch of the scheme.
“Our own panel of specialised valuers will evaluate the property based on which the loan would be sanctioned,” he said.
The maximum loan balance should be restricted to 90% of the value of the property and the loan balance would include interest till maturity.