Senior citizens have options such as personal loans, home loans or loans against other assets. However there are stringent limits.
Prescribed by banks
In these times of high inflation, higher medical costs, and
grandiose lifestyles, there are many senior citizens who are in need of loans
to fulfill some of their requirements for example, a temporary medical
emergency where insurance may not be enough, or buying of property where the
borrower needs partial or full funding. In many cases, senior citizens are not
aware of the loan options available to them. We look at some options available
for senior citizens.
Mortgage loan
This is the most popular HDFC home loan for senior citizen.
Mortgage loan is very popular in United States and other part of the West. It
has caught the borrowers’ eye in India recently. Now, many banks are peddling
reverse mortgage loan.
Reverse mortgage loan is a scheme launched by banks where
borrowers can keep their home as collateral to get the loan. The loan is given
through periodic instalment. The periodic payment is called annuity. Reverse
mortgage essentially enables senior citizens have extra income from their homes
in the old age.
It is slowly gaining popularity in India too. With
increasing cost of lifestyle, medical services, and general prices, it has
become extremely important to have another source of money than just depending
on pension or provident fund which usually is not sufficient.
The key requirements for mortgage loan are that the borrower
should not have any outstanding loan against the property being mortgaged and
that he or she must be 60 or more.
We are providing 100% Loan Guarantee Apply 04433044488 With
Instant Approval Nationalized Bank. Get more information Call @ 9840136583
No comments:
Post a Comment