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Loan
For Pensioners : : |
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Loans are worthwhile when someone is in immediate
need of financial assistance. In earlier days senior citizens
were usually deprived of regular loans because of their inability
to show proof of a regular income. But the scenario has been
changed now and banks are taking care of economical independence
of retired individuals by offering a unique pension loan.
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Pension loans
are of two types. Pensioners loan and Mortgage loan for senior
citizen. Through Pensioners loan, a senior citizen can take
a loan against their Pension, fixed deposits, National Savings
Certificates, Kisan Vikas Patras, LifeInsurance Polices and
RBI Relief Bonds etc where mortgage loan demands collateral
in the form of an asset such as a home or land. The maximum
age limit of a pensioner to apply for a loan is 70.
The main advantage of this loan is its low interest rate.
The maximum amount of loan avail may varies from bank to bank
and depends upon individuals repayment capacity. This loan
shall be disbursed through Savings Bank A/c other than the
account in which your pension is credited every month. Loan
prepayment charges and processing fees are free. These loans
can be prepaid any time without any penalty.
Eligibility :
1. All pensioners of Central and State Governments, Central
and State Governments’ Undertakings, Defense Services,
reputed Companies, Educational Institutions (Universities,
Institutes, Schools and Colleges) including pensioners (VR
and VRS)
2. Your Monthly Net Pension should be Minimum of Rs. 5,000/-
3. Your age at the time of availing loan should be Maximum
70 years
4. You must be physically fit and mentally alert to execute
the documents. Person(s) in paralytic condition or bed-ridden
is/are not eligible for the loan
Purpose :
• Renovation/ extension/ repair/ furnishing of self-occupied
house/ flat
• Purchase/construction of new house/ flat
• Purchase of old house/ flat not old over 35 years
from the date of completion of construction.
• Securing shelter in any “Old-Age Home”
Quantum of Loan :
Max. Rs. 2 lac provided total deduction including EMI of
the loan must not exceed 40% of your net monthly pension.
If your spouse joins as co-borrower and if he/ she is also
pensioner drawing pension from the our branch, pension of
both of you shall be considered for determining the quantum
of loan within the overall ceiling.
Repayment Period :
Entire loan has to be liquidated before your attaining 75
years of age. The age of the 1st pensioner or from whose
income (also pensioner), the major recovery of loan will
be made, shall be the deciding factor for the period of
loan (subject to maximum repayment period of 10 years).
However, where loan is extended for getting shelter in “Old
-Age Home” total repayment period must not exceed
10 years (120 EMI).
Moratorium Period:
Repayment shall start from the following month in which
the last installment is disbursed or two months after release
of first installment, whichever is earlier.
Rescheduling of Loan:
Where loan is secured by way of mortgage of immovable property
and family pension-holder is co-borrower, repayment may
be rescheduled upon death of the original pension holder.
But rescheduled loan must be liquidated within 75 years
of age of the family pension holder.
Primary Security:
Mortgage of the property for which bank finance is availed
of and hypothecation of movable assets financed by the Bank
for furnishing the house/ flat, wherever necessary. Where
creation of such charge is not feasible, the total amount
of loan must be covered by securities of adequate value,
till the mortgage is created, in the form of Bank’s
own Term Deposit, LIC Policy (by surrender value), NSC,
KVP, Relief Bond or any other tangible security acceptable
to the Bank.
If loan is taken for securing shelter in “Old-Age
Home”, the loan has to be secured by way of Bank’s
own Term Deposit at least equal to the loan amount. Under
such cases, deposit shall be subject to automatic renewal
for a period covering the entire repayment.
Additional Security:
1. Your irrevocable undertaking to realize EMI from the
S/B A/c. maintained with the branch concerned and not to
transfer the PPO elsewhere till the liquidation of the loan
in question.
2. You shall have to furnish a letter to your PPO issuing
authority with an undertaking not to effect transfer of
PPO to any other bank, since you have availed Housing Loan
from UBI, till the loan is liquidated.
3. The family pension-holder shall be the co-borrower. If
there is no family pensioner or family pensioner is dead,
any working son or daughter or the legal heir shall be the
co-borrowers.
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All pensioners of Central and State Governments, Central
and State Governments’ Undertakings, Defense Services,
reputed Companies, Educational Institutions (Universities,
Institutes, Schools and Colleges) including pensioners
(VR and VRS) 
