Important Things Must know Before Availing Pensioner Loan
Statistics show that a mere 7.4% of the working population in India is covered under pension programs. Additionally, the amount they receive is not adequate. Either way, senior citizens of India are looking for a way to reduce their financial burden.
One of the best solutions for them has emerged to be as loan for pensioner. These secured loan come with attractive features and benefits that make it an ideal choice for senior citizens.
Aspects Pensioners Need to Keep an Eye on Before Applying
In addition to checking on the loan against property interest rates, applicants must look into the following as well.
Eligibility Criteria:
Must be residing in any of the cities in India specified by a particular financial institution.
Applicant must be less than 70 years old.
Must have a stable source of income.
Required Documents:
Address proof
ID proof
Property papers
KYC documents
Bank account statements
Income tax returns
Salary slip
Rate of Interest:
The rate of interest for loan against property from NBFCs is competitive. These loans are available with both floating and fixed interest rates. You can use an lap emi calculator to assess the loan amount and tenure you should opt for based on the interest rates.
Significant Features and Benefits:
Mortgage loans can provide up to Rs. 3.5 Crore.
Tenure can be up to 20 years for salaried and 18 years for self-employed.
Amount would reflect in your account typically within four days.
Loan account is manageable online.
Balance transfer facility.
The documents required to apply for these loans vary with lenders; however, the basic procedure to apply remains quite simple for availing a loan against property.
Additional Read: Things Pensioners Need to Ask before Applying for a Mortgage Loan
