Are Senior Citizens Eligible for Loan Against Property?

09 JUNE, 2021

Senior citizens may often need immediate funds to meet their monetary exigencies. In such a case, they can make use of the Loan Against Property. Be it managing their medical costs, or taking care of the living expenses, education, marriage, the loan amount can be used for a variety of purposes. This can help senior citizens lead a financially independent life post retirement.

With us at Kotak Mahindra Bank, pensioners can avail a customised Loan Against Property at competitive interest rates.

Features of Loan Against Property for Senior Citizens

• Loan Against Property for senior citizens is a secured loan. The property pledged as collateral can be either commercial, residential, or industrial property
• The loan can be availed by pensioners, salaried, or self-employed borrowers
• Minimum age should be 21 years while applying for the loan and maximum 65 years at the time of loan maturity
• Senior citizens can avail a loan amount ranging from Rs 10 Lakh to Rs 5 Crore
• The loan disbursed is around 65% of the market value of the property
• Loan Against Property comes for a tenure of up to 15 years.
• Minimal documents are required, and the application process is completely hassle-free

The property must be in the name of the borrower, or jointly with the spouse.

Take into consideration the advantages of Loan Against Property and get ready to carry out your big ticket funding requirements.

Benefits of Loan Against Property

Low-interest rate

As Loan Against Property for senior citizens is a secured loan, the interest rate charged on the loan is lower as compared to unsecured loans such as personal loans, student loans, credit cards.

Multipurpose loan

The loan amount availed against the property can be used for various reasons such as child’s education, medical emergency, travelling, etc.

Less prepayment penalty

The prepayment fee of Loan Against Property is minimal. Thus, senior citizens have the option to reduce the interest burden by prepaying the loan.

Easy to avail

The eligibility criteria for a Loan Against Property are much flexible as compared to a personal loan. If you have a lower CIBIL score, you can still avail the loan.

Senior citizens should check their eligibility for Loan Against Property before proceeding with their loan application. This will reduce the chances of loan rejection. They can easily check their loan eligibility by using an online eligibility calculator. With easy online application, minimal documentation, quick loan approval, efficient customer service, Kotak Mahindra Bank offers a hassle free Loan Against Property for senior citizens.

Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.