Home Loan for Pensioners - Eligibility, Documentation, & it's Procedure | RSP LIC Housing Loan
Home Loan for Pensioners - Eligibility, Documentation, & it's Procedure RSP LIC Housing Finance Limited (RSP LIC HFL) offers specialized home loans for pensioners, allowing them to purchase, construct, renovate, or extend a residential property even post-retirement. Eligibility: To be eligible for a pensioner home loan, the borrower must: Be a retired individual receiving a regular pension. Maintain a good credit history. Meet the age requirements as specified by RSP LIC HFL. Loan Amount and Tenure: The loan amount depends on the pensioner's repayment capacity and the property value. The tenure of the loan is typically shorter compared to regular home loans, often extending up to 15 years, considering the borrower’s age. Interest Rates: RSP LIC HFL offers competitive interest rates for pensioner loans, which can be fixed or floating, depending on the borrower’s preference and eligibility. Processing Fees and Charges: Processing fees are applicable and are usually a small pe...