Just like a salaried or self-employed individual, senior citizens and retired individuals also need funding to meet any unforeseen financial emergencies. In the absence of a regular source of income, funding them through a financial institution is the next best option available. A financing option like a reverse mortgage loan can meet these needs.
A reverse mortgage loan is a unique credit option specially designed for senior citizens. A borrower does not need to make monthly payments after availing this loan. A person needs to mortgage his or her residential property to avail this loan.
The loan does not require a person to make repayments every month. Instead, it is only repaid after the borrower sells the property, moves out of it or passes away.
With a reverse mortgage loan in India, receive the loan amount in the form of a monthly payment, as a lump sum or line of credit and meet your financial requirements.
Also Read: What are the Benefits of Reverse Mortgage
For a reverse mortgage, the finalisation of credit amount to be sanctioned is done based on the value of the house to be mortgaged. Keep the documents required for reverse mortgage loan handy before you apply for one.
Alternatively, Bajaj Finserv offers Loans Against Property for individuals looking to avail funds against their residential properties. They can avail this loan at competitive Mortgage Loan interest rates and other charges. Repay the dues conveniently throughout a flexible repayment tenure.
Applicants can avail high loan amounts of up to Rs. 3.5 Crore against easy to meet Mortgage Loan eligibility criteria and documentation. Know other eligibilities that qualify you to apply for this loan.
A Bajaj Finserv Loan Against Property also offers hassle-free loan disbursal, balance transfer facility, high-value Top Up Loan, online account management and many more features.
Apply for this loan with a simple online application form and get instant approval and disbursal within 4 days of approval.