Reverse Mortgage Loan

Repayment:

Maximum repayment period is 15 years

Security:

The loan shall be secured by way of Mortgage of residential property in favor of Axis Bank.

Settlement of Loan:

• The loan shall become due and payable only when the last surviving borrower dies, sells the home, or permanently moves out of the home.

• Settlement of loan along with accumulated interest to be met by the proceeds received out of sale of residential property.

• The borrowers or his/her/their heirs will have an option to settle the loan along with accumulated interest, without sale of property.

Insurance:

Customer can avail Property and Personal Accident insurance cover as per the guidelines and arrangements with the insurer/underwriter.

Other Conditions:

• Bank reserves the right to reject any application without assigning reasons thereof. The applicant will undertake to inform the Bank as and when there is a change in address or employment. The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion.