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Reverse Mortgage

 
Loan Feature Description / Conditions
Eligibility
  • Senior Citizens above 60 years, including retired staff of our Bank. Married couples will be eligible as joint borrowers for financial assistance provided one of them is above 60 years of age.
  • They should be owner of self acquired residential property with absolute, clear title / conveyance and self-occupied and it should be principal residential house / flat, located in India.
  • The property should be free from encumbrance and is saleable and the house / flat to be located in India. However, inherited residential property if it is devolved on partition or owing to being the sole legal heir also can be accepted provided the title of the property is free from encumbrance.
  • The residual life of the property should be more than 20 years
Purpose
  • Loan to meet Medical , emergency expenditure for maintenance of family
  • For supplementing pension / other income
  • Meeting any other genuine need
    (Speculative, trading purposes shall not be permitted)
Quantum of Loan
  • The amount of loan will depend on realizable value of the residential property as assessed by the Bank. The realizable value of the property is calculated at 10% less than the Market Value assessed by Bank’s Panel Engineer.
  • Maximum loan amount: Rs.75 lakh.
  • Loan will be disbursed by Bank on regular monthly terms as annuity. Lump sum up to 20% of the eligible loan amount should be considered only if the amount is  utilised for meeting medical expenses of the Reverse Mortgage Loan Applicant/s.
  • The maximum eligible lumpsum is restricted to Rs.15 lakhs.
  • Revaluation of property to be done once in 3 years and interest rate will be reset once in 5 years. Periodic monthly payments will be based on such revaluation and the Loan to Asset Value shall be based on such revaluation. Borrowers consent for this will be obtained upfront.
Margin 61% on the realizable value of property.
Processing fee Click here
Rate of Interest Click here
Repayment
  • 15 years, with a provision to roll over, in case of need, after revaluation
  • Fresh terms, as at the time of rollover, shall be applicable.
Security
  • Mortgage of residential property in favour of Bank
  • Bank reserves the right to seek additional collaterals
  • Commercial property will not be eligible for Reverse Mortgage Loan {Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located
  • CERSAI registration (at Applicant’s cost) to be done
Documents to be submitted for processing the application
  1. Completed Application Form with passport size photograph.
  2. PAN Card copy.
  3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID.
  4. List of legal heirs with name, age, address etc.
  5. Sale Deed.
  6. Approved Building Plan.
  7. Title Deed Documents for 30 years.
  8. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
Insurance Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
Other terms and conditions The loan amount need not be repaid during the lifetime of the borrower / spouse. The borrower / spouse can continue to stay in their home during their lifetime. 2. The option of pre-payment is available, without pre-payment charges.

Frequently Asked Questions (FAQs)

Find answers to commonly asked questions about Indian Bank Mortgage Loan.
1. What is an Indian Bank Mortgage Loan?

An Indian Bank Mortgage Loan, also known as a Loan Against Property (LAP), is a secured loan offered against the mortgage of eligible residential, commercial to meet personal or business financial needs.

2. Who is eligible to apply for an Indian Bank Mortgage Loan?

Eligible salaried individuals, self-employed professionals, business owners, and other applicants meeting the bank's eligibility criteria can apply for a Mortgage Loan.

3. What is the interest rate for an Indian Bank Mortgage Loan?

The Mortgage Loan interest rate depends on the applicant's profile, loan amount, loan tenure, and the applicable scheme. Please refer to the latest interest rates published by Indian Bank.

4. What documents are required for a Mortgage Loan?

Applicants generally need identity proof, address proof, income proof, bank statements, property ownership documents, and other documents required by Indian Bank.

5. How much Mortgage Loan can I get against my property?

The eligible loan amount depends on the market value of the property, repayment capacity, credit profile, and the bank's lending norms.

6. Can I apply for an Indian Bank Mortgage Loan online?

Yes. Eligible customers can apply for a Mortgage Loan online through the Indian Bank website or visit the nearest branch for assistance.

7. What can a Mortgage Loan be used for?

A Mortgage Loan can be used for eligible personal, business, education, medical, or other financial requirements, subject to the bank's terms and conditions.

8. What is the repayment tenure for an Indian Bank Mortgage Loan?

The repayment tenure varies based on the loan scheme and eligibility, as per the prevailing guidelines of Indian Bank.

9. Can I prepay or foreclose my Mortgage Loan?

Yes. Indian Bank allows Mortgage Loan prepayment or foreclosure as per the applicable terms, conditions, and charges.

10. Can I get a Mortgage Loan against residential or commercial property?

Yes. Indian Bank offers Mortgage Loans against eligible residential and commercial properties, subject to valuation and the bank's lending policy.

11. Is a Mortgage Loan the same as a Loan Against Property?

Yes. A Mortgage Loan is commonly referred to as a Loan Against Property (LAP), where an eligible property is pledged as security to obtain a loan.

12. How long does it take to process a Mortgage Loan application?

The processing time depends on document verification, property valuation, legal scrutiny, and fulfilment of the bank's eligibility requirements.

(Last modified on:Jul 23, 2026 at 09:02:56 am)