Loan For Defense Forces’ Pensioners
We know how much you have sacrificed for our safety and wellbeing. In recognition of the exemplary services rendered by you for the country we have devised a special loan scheme for all our retired defense personnel.
Purpose
- Construction& Purchaseof house/flat
- Purchase of Car/ Vehicle
- Consumption loan
- For takeover of Housing/ Vehicle loans from other banks
Who Can Borrow
- All Defense Forces (Army/Navy/Air Force) pensioners possessing PPO having regular source of income/Pension.
- The loan should liquidate at borrower’s attaining age of 70 years.
- Anyone or more of the close relatives may join as co-borrowers if the income of the applicant is not sufficient to service the loan.
Loan Amount
- For Housing Loan – Maximum of Rs.140 lac
- For other loans specified in the scheme : As per norms of bank for general schemes
Margin
- As applicable on various schemes of the bank respectively.
Repayment
- Housing Loan: Maximum period will be 240 months including gestation period, limited up to borrowers attaining age of 70 years.
- For other loans specified in the scheme : As per norms of banks for general schemes
Security
- Housing Loan: Mortgage of residential property (house/flat) or any other security as per bank’s policy
- For other loans specified in the scheme : As per norms of bank for general schemes
Rate Of Interest
- The rate of interest as decided by the bank from time to time would be applicable.
Guarantee
- Two guarantors having sufficient net-worth acceptable to the bank.
Processing Charges
- As applicable to loans specified in the scheme
Share Holding
- 1.50% of loan amount
Documents Required
- Photograph , PAN and KYC documents of borrower and guarantor
- Photocopy of pension certificate verified by competent authority
- Age certificate of pensioner and their legal heir
- Documents as applicable to respective loans in the scheme