Hero FinCorp Home Loan for Senior Citizens and Pensioners

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Written By
Thejus KS
Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Hero FinCorp Home Loan for Senior Citizen – Highlights 

Here are the features and key highlights of the Hero FinCorp Home Loan for Senior Citizens:

Feature Details
Maximum Loan Amount Up to INR 3 crore
Loan Tenure Up to 30 years
Maximum Age Limit 75 years
Loan-to-Value Ratio Up to 90%
Processing Fees Upto 1% of the loan amount

Hero FinCorp Home Loan for Senior Citizen – Fees and Charges

Hero FinCorp Home Loan for Senior Citizens features competitive interest rates and minimal processing fees. The specific fees and charges are outlined in the table below:

Type of Fee/Charges Home Loan
Processing Fees  Up to 1% of the loan amount
Penal Interest 2% per month on overdue payment

Hero FinCorp Home Loan for Senior Citizen – Documents Required

Applying for the Hero FinCorp Home Loan for Senior Citizens is straightforward, with minimal documentation requirements. Applicants need to provide the following documents:

  1. Identity Proof: Aadhar Card, Valid Passport, PAN card, Driving License, or Voter ID Card.
  2. Address Proof: Aadhar Card, Valid Passport, Driving License, or Voter ID Card.
  3. Age Proof: Aadhar Card, Valid Passport, PAN card, Driving License, or Voter ID Card.
  4. Income Proof (if applicable): Last 2 months’ salary slip or 6 months’ salary slip if variable, latest year Form 16, bank statements for the last 3 months reflecting salary credits, and appointment letter with salary breakup if the current employment is less than 1 year old.
  5. Property Related Documents: Previous chain of at least the last 13 years.

Hero FinCorp Home Loan for Senior Citizen – Eligibility Criteria 

Hero FinCorp Home Loan for Senior Citizens has set simple and clear eligibility criteria for its home loan scheme. The eligibility criteria include:

  • Age: Applicants should be between 21 to 75 years old.
  • Loan Amount Eligibility: The loan amount eligibility is based on the property’s market value and the applicant’s financial profile.

Frequently Asked Questions (FAQs)

What is the new Hero FinCorp Home Loan scheme for senior citizens?

The Hero FinCorp Home Loan for Senior Citizens provides financial assistance to retirees and pensioners for purchasing, constructing, or renovating a home. It offers flexible terms, competitive interest rates, and easy repayment options.

What is the maximum age limit for a Senior Citizen Home Loan at Hero FinCorp?

The maximum age limit is 75 years, allowing retirees to access affordable housing finance even in their advanced years.

Bank Wise Home Loan Interest Rate

Urban Money