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Loan Against Property for Pensioners

Mortgage Loan for Pensioners

Last Updated 13th Jun 2021

  • A mortgage loan for pensioners is a secured loan specially designed for pensioners.
  • It is a multipurpose loan and can be used for a variety of purposes like child’s education, the medical emergency, the wedding of your child, travelling and business expansion
  • The loan disbursed is around 60% of the market value of the property
  • The interest charged on mortgage loan for pensioners starts from 7.20%.
  • Apply for loan against property for pensioners online from the top banks and NBFCs.
  • Minimal documents are required to get a mortgage loan with quick processing time.
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Mortgage Loan for Pensioners Overview

A mortgage loan for pensioners is a secured personal loan which is avail by pledging the property as a security or collateral. It is also known as Loan against Property for Pensioners and is specially designed to assist the pensioners in meeting their financial needs. It can be used for a variety of purposes such a marriage, education, medical expenses or any other significant financial requirement.

Features of Loan Against Property for Pensioners

Feature of Loan against property for pensioners are as follow:

  • Loan against property for pensioners as the name suggests is a secured loan.
  • It is secured against the property, and both commercial and residential property can be used as collateral.
  • The loan can be availed by salaried, self-employed and businessman.
  • The loan amount varies from bank to bank and ranges from ₹ 10 Lakh to ₹ 10 Cr.
  • Generally, the loan disbursed is around 60% of the market value of the property.
  • Minimal documents are required. Processing time of the loan against property for pensioners is around 4-5 days.

Benefits of Mortgage Loan Pensioners 2021

Some of the top benefits of availing mortgage loans are as following:

  • Low-interest rate :As the mortgage loan for pensioners is a secured loan, the interest charged on the mortgage loan is lower than the personal loans. Generally, the loan against property rate starts from 7.20%.
  • Multipurpose loan : Unlike the home, two-wheeler and car loan, the Loan against property can be used for a variety of purposes. The amount disbursed against the property can be used for a child’s education, the medical emergency wedding of your child, travelling business expansion and many other purposes.
  • Minimal or low prepayment cost : The cost charged on prepayment of loan against property is minimal. Thus, the borrower has the option to reduce the interest burden.
  • Easy to avail : Unlike the personal loan where the banks are relatively rigid while considering the person eligible for the loan, the eligibility criterion of the mortgage loan is less strict. An individual with low CIBIL score can also get the loan against property. Further, applicants can put up a commercial, residential, or even an empty plot as collateral for a mortgage loan.

Why MyLoanCare to Avail Loan against Property for Pensioners?

There are various reasons to avail loan against property for pensioners from MyLoanCare. Some prominent reasons are as follow:

  • You can get all the information in one place. This information includes interest rates charged, processing fees and all other relevant details.
  • You can compare loan against property rates offered by top banks and NBFCs. The comparison will help individuals to make a better choice by considering the interest rates, processing charges and all other essential factors.
  • As the requirement and conditions of the customers differs from each other, and one credit option might be an excellent option for an individual and mediocre option for others. MyLoanCare provides free assistance to individuals to help select the best Loan against property for pensioners available.

FAQs

Is the CIBIL score required for the loan against property for Pensioners?

Yes, CIBIL is also considered for the loan against property. However, as the Loan against property is a secured loan, the bank can still offer the loan if the CIBIL is below 750.

Can a pensioner get a Mortgage loan in India?

Yes, pensioners can also avail the mortgage loan in India. The rate for LAP for pensioners starts at 7.20%.

Which bank is best for the loan against property for Pensioners?

The top banks for the loan against property for pensioners are State Bank of India, HDFC, ICICI, Axis Bank and Citibank.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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