RETIREMENT PLANNING 

WHAT ARE THE ELIGIBILITY CRITERIA FOR REVERSE MORTGAGE LOANS? 

Reverse mortgage loans are tailored for senior citizens, allowing them to receive periodic payments from a lender against their mortgaged house while maintaining ownership and residence, with specific eligibility criteria varying among banks.

Age Requirements

Borrower must be at least 60 years old; if applying jointly, the spouse must be at least 55 years old. No maximum age limit for loan applications.

Property Conditions

Property owned by the borrower must be free of outstanding loans or financial obligations. The mortgaged property's age should not exceed 20 years.

Residency Criteria

Mortgaged property must have been the borrower's primary self-occupied residence for at least the past year.

Loan Amount

Loan amount ranges from a minimum of <span class='webrupee'>₹</span>3 lakh to a maximum of <span class='webrupee'>₹</span>1 crore.

No-Objection Certificate

Mandatory to obtain NOC if the property has an existing home loan against it. Property must be free from any encumbrances or burdens.