Mortgage Loan EMI Calculator
Mortgage Loan EMI Calculator
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  • Rate of Interest (%):

  • Loan Terms (monthly):

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  • Eligibility
  • Interest rates & charges
  • Documents Required
  • Most Important Terms and Conditions (MITC)

Baroda Ashray (Reverse Mortgage Loan) : Eligibility

  • Should be senior citizen of India, above 60 years of age.
  • Married couples will be eligible as joint borrowers provided one of them is above 60 years of age and age of spouse is not below 55 years at the time of application.
  • Should be the owner of a residential property (house or flat) located in India in his/her own name.

Residential property should be used as permanent primary residence (fully self-occupied property).

The commercial property will not be taken as a security under the product.


Simple/Equitable mortgage of the residential property.


15 years. The tenure may further be extended till survival of the borrowers subject to advance value of the property.


Insurance of the residential property mortgaged to the bank shall be regularly taken. The premium charges are to be borne.

Baroda Ashray (Reverse Mortgage Loan) : Interest rates & charges

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Ashray (Reverse Mortgage Loan)
Repo Rate + Spread
BRLLR + SP + 2.35%
Effective Rate of Interest

Baroda Ashray (Reverse Mortgage Loan) : Documents Required

Coming Soon

Baroda Ashray (Reverse Mortgage Loan) : Most Important Terms and Conditions (MITC)

Maximum Amount

The maximum loan amount inclusive of interest tenure of the loan shall be restricted to Rs. 1 crore subject to value of the property.

Option to adjust payments

The bank shall have the option to revise periodic annuity amount, if lump-sum payment is taken or at the interval of every 5 years based on valuation of the property.

Repayment of Loan

The loan shall become due and payable when the last surviving borrower dies or would like to sell the home/permanently moves out of the home for aged care to an institution or relatives. The loan will, as such, become due for recovery and payable.

  • Settlement of loan, along with accumulated interest, to be met by the proceeds received out of sale of residential property.
  • The borrower(s) or his/her/their estate shall be provided with the first right to settle the loan along with accumulated interest, without sale of property. A reasonable period of 2 months may be provided when repayment is triggered, to be sold.

Frequently Asked Questions (FAQs)

  • What is meant by a "reverse mortgage” loan?

    Mortgages on self-occupied real estate (a house or an apartment) are used to supplement senior citizens' cash flow streams and meet their financial needs. To put it another way, the borrower receives a monthly income (annuity) from the bank rather than paying EMIs on a monthly basis.

  • How much money do you get from a reverse mortgage?

    A maximum of Rs. 100 lakhs.

  • How does reverse mortgage lending work in India?

    Under a reverse mortgage, the borrower receives a monthly annuity from the bank in exchange for a mortgage on their primary residence.

  • Can you lose your house with a reverse mortgage?

    Not necessarily. After the loan period is over, the borrower won't lose their property if they pay their debts in full.

  • Who owns the house in a reverse mortgage?

    Property is owned by borrowers. Nevertheless, he is required to mortgage the property with the bank and is unable to sell the property without paying the bank's debts.

  • How do you pay back a reverse mortgage?

    Only when the final surviving borrower passes away or wishes to sell the house or transfer ownership of the aged care facility to a facility or family member will the loan become due and payable.

  • What happens at the end of a reverse mortgage?

    The loan won't become due and payable until the last surviving borrower passes away, sells the house, or wants to permanently move into an institution or a relative's home for elderly care.

  • Can heirs walk away from a reverse mortgage?

    Yes, they can.

  • What happens when the owner of a reverse mortgage dies?

    Legal heirs of the deceased borrower will be given priority by the bank to pay off the loan without having to sell the property. The Bank will settle the loan by selling the property, though, if the legal heirs are unable to pay the obligations (o/s amount plus interest).

  • Can a family member take over a reverse mortgage?

    No. This is not allowed.

  • How long does a reverse mortgage take?

    15 years, but subject to the advance value of the property, the term may be extended further until the borrowers' survival.

  • Do I have to pay interest on a reverse mortgage?

    Interest must be paid by the borrower or the borrower's legal heirs in order to repay the loan account.

  • What credit score is needed for a reverse mortgage?

    Credit score is not a criteria to apply for a reverse mortgage loan.

  • Does a reverse mortgage hurt your credit?


  • At what age can you take a reverse mortgage?

    Borrowers of age 60 or above can apply for a reverse mortgage loan.

  • Is money from a reverse mortgage taxable?


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