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canara bank
  • About Us
    • Board of Director
  • Financial Results
  • PMJDY and Financial Inclusions
  • Press Release
  • Tenders
  • E Auction Properties
  • Announcements
  • Careers
  • Personal Banking canara
    • Savings & Deposits
    • Loan Products
    • Technology Products
    • Mutual Funds
    • Insurance Business
    • International Services
    • Card Services
    • Consultancy Services
    • Depository Services
    • Ancillary Services
    • Approved Housing Projects
    • How To Apply
  • Corporate Banking canara
    • Accounts & Deposits
    • Supply Chain
    • Loans & Advances
    • Syndication Services
    • IPO Monitoring Activity
    • Merchant Banking
    • TUF Schemes
    • Canara eTax
  • Investor Relation canara
    • Contact Us
    • Appeal to Physical Shareholders of Canara Bank
    • Join 20th e-AGM [NEW]
  • Canara Easy Fee
  • NRI Banking canara
    • Deposit Products
    • Loans & Advances
    • Remittance Facilities
    • Investment Facilities
    • Consultancy Services
    • Other Services
    • NRI News Bulletin
    • Contact Details
    • FAQs
    • FATCA / CRS - Self Declaration Form
  • Priority Portal canara
    • Schemes
    • RRB Section
    • Agri-Marketing
    • Agricultural Innovation Centre
    • Rural Development
    • CED for Women
    • Sustainable Development and Corporate Social Responsibility (SD-CSR)
    • Lead Bank
    • In Promotion Of Self Employment
    • RURAL DEVELOPMENT SCHEMES
    • SUPPORT INITIATIVES
    • Agriculture loan Application formats
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  • Canara Kuteer–Housing Loan Scheme
Got any Questions?
Call us Today!

Toll Free Numbers

1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333


Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.

Canara Jeevan

REVERSE MORTGAGE LOAN (RML) SCHEME FOR SENIOR CITIZENS

In the present scenario, for most senior citizens and those nearing retirement the biggest fear is the need for money to live comfortably after retirement.   Reverse mortgage loan scheme helps them to convert their dwelling house property into liquid cash flows to meet their living expenses.

With this objective of meeting the financial needs of the Senior Citizens, a new loan scheme is introduced, namely “CANARA JEEVAN” - Reverse Mortgage Loan Scheme For Senior Citizens.

Objective

  • To meet the financial needs of Senior Citizens owning self occupied residential property.

Purpose of the loan

  • For supplementing pension/other income
  • Maintenance of family, Medical, emergency expenditure
  • Repayment of an existing loan taken for the residential property to be mortgaged
  • Up gradation, renovation and extension of residential property
  • For uses associated with home improvement, maintenance/insurance of residential property.
  • Meeting any other genuine need

Eligibility

  • Owners of residential house/flat, who are residents of India, above 60 years of age,
  • Property self acquired and self occupied as permanent primary residence and property free from encumbrance
  • Residual life of property should be at least 20 year
  • Incase of flats the age of the flat should not be more than 10 year.
  • In case of jointly owned properties the joint owner who is aged above 60 years shall be the first borrower.
  • Commercial property not eligible under the scheme.
  • No loans against ancestral property.

Couples will be eligible as joint borrowers and in such cases, at least one of them should be above 60 years of age and the spouse/joint borrower should be more than 55 years of age.

Determination of Eligible Amount of Loan

  • Depending upon the age of the borrower and the assessed value of the property.  flats/house.
  • Incase of independent house Minimum loan quantum Rs.5.00 lacs and maximum Rs.50.00 lacs. (*)
  • Incase of flats Minimum loan quantum Rs.5.00 lacs and maximum Rs.25.00 lacs. (*)

(*) Loan amount including interest till maturity.

Nature of Payment

Nature of payment to be decided in advance as part of the RML covenants, as under:

  • Periodic payments (monthly/quarterly)
  • Option once exercised for monthly or quarterly payments shall remain unchanged throughout the tenor of the loan and interchangeability cannot be permitted.
  • One time Lump-sum payment, not more than 20 % of the eligible loan amount.

In case of periodic disbursement, the payments shall be made during the loan period of 15 years or till the death of the surviving borrower, whichever is earlier.

Period of Loan: Maximum 15 years.

Rate of Interest

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Security

  • The loan shall be secured by way of mortgage of residential property, by way of Registered Mortgage or equitable mortgage with memorandum of deposit of title deeds in favour of the bank.

Repayment of the loan

  • The loan shall become due and payable only when the last surviving borrower dies or would like to sell the house, or permanently moves out of the house.

Processing charges

  • 0.25 % of the loan amount with a maximum of Rs. 10,000/-

EMI Calculator

  • EMI Calculator
Got any Questions?
Call us Today!

Toll Free Numbers

1800 425 0018
1800 103 0018
1800 208 3333
1800 3011 3333


Non Toll Free Numbers
(if calling from outside India)

+91-80-22064232

Customers are requested to call on our
mentioned Toll Free Numbers only for any
complaints/issues. Bank shall not be
responsible for any consequences arising
out of customers calling any other
unverified numbers.
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Last Updated on: 17/05/2022 |   Visitors: 16612        

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