Pnb Baghban- A Scheme For House Owning Senior Citizens

Pnb Baghban- A Scheme For House Owning Senior Citizens Of India Under `Reverse Mortgage Concept`
Objective To address the financial needs of senior citizens owning self occupied property (house) for leading a decent life.
Purpose For generating income/supplementing pension/other income for day to day requirements.

Residential house/flat owner, resident of India, age of 60 years & above The residential house/flat should be in his/her single name or jointly with his/her spouse, with clear title in his/her/their name(s)

In case of joint account, one of the spouse must be of the age of 60 years & above, while the age of other spouse should be minimum 58 years.

Qualifying/ Maximum amount of loan/ Margin

Realizable value of residential property after maintaining margin of 20%. Maximum qualifying amount of loan along with interest shall be restricted to Rs.100 lacs.

Lump-sum payment be permitted only for medical treatment of senior citizen borrower, his/her spouse and dependents, if any, subject to ceiling of Rs.15 lacs

Disbursement/ tenor of loan

The loan shall be extended as regular fixed monthly payments calculated calculated on `Reverse Annuity basis` as per the chart given hereunder) during the loan period or till the death of the last surviving spouse, whichever is earlier. Amount to be paid to the senior citizen borrower for different tenors of loan per lac of rupees is as under :- This is subject to change on account of change in RLLR/ROI

Tenor (yrs) 10 11 12 13 14 15 16 17 18 19 20
Monthly Installment (Rs.) 501 431 373 326 286 251 222 197 175 156 140
Security Equitable Mortgage of Residential Property in favour of the Bank. Residual life of the residential property should be at least 20 years.
Repayment (Maximum)

The legal heirs of the borrower(s), after the death of borrowers (both spouses), will have the option, to settle the loan along with accumulated interest, without sale of property. The loan will, as such, become due for recovery and payable six months after death of the last surviving spouse

The borrower will have the option to pre-pay the loan at any time during the currency of the loan or later.

Prepayment charges In case there is any takeover of loan by other financial institution/Bank, a charge of 2% on the amount taken over
Rate of Interest Click Here
Processing Charges/ Upfront fee Click Here
Documentation Charges Click Here

Above are only salient features of the scheme. For details please contact nearest branch

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