A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Custom Free
     

  • SBI Reverse Mortgage Loan

    Loading your search...
  • We found 1 SBI Reverse Mortgage Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.30% - 8.65% Floating
    ₹2,000 to ₹10,000 + applicable tax
    -
    1-30 Years
    What you'll love
    Documents
    Perks
    Think about
    Good to Know

    The SBI Reverse Mortgage Loan has been especially designed for senior citizens who either have a self-occupied or self-acquired home in India. Under this home loan scheme, the bank pays the borrower/s against the mortgage of the residential property. This home loan offered by SBI is ideal for senior citizens who do not have sufficient income to provide for themselves because they do not have to service this loan.

    SBI Reverse Mortgage Loan Interest Rates

    The interest rates offered on the Reverse Mortgage Loan are floating rates which are pegged to SBI’s 1-year MCLR (Marginal Cost of Funds based Lending Rate) which is currently 8.15%.

    Furthermore, the rates offered are categorised into two – interest rate for SBI pensioners and for the public:

    • SBI pensioners will enjoy concessional interest rate of 1-year MCLR + 2%; effective interest rate (EIR) of 9.15% p.a. (8.15% + 1%).
    • The public will be charged an interest rate of 1-year MCLR + 2%; EIR of 10.15% p.a. (8.15% + 2%).

    Eligibility Criteria

    If you are a senior citizen looking to apply for this home loan scheme, you must meet the following criteria:

    1. Nationality – Indian resident.
    2. Single and joint borrowers are eligible.
    3. Age:
      1. Minimum age - 60 years.
      2. In case the spouse is a joint borrower – Spouse to be over 58 years of age.
    4. Loan amount:
      1. Minimum loan amount – Rs.3 lakh.
      2. Maximum loan amount – Rs.1 crore.
    5. Maximum loan tenure – 15 years.

    Features and Benefits

    If you are considering applying for this loan, here are the features and benefits:

    • Attractive interest rates starting from 9.15% p.a.
    • Low processing fee of 0.50% of the loan amount.
    • No hidden charges or fees.
    • No prepayment charges in case you close the loan before the end of your loan tenure.

    Documents Required

    Both salaried and self-employed individuals interested in applying for this loan must submit the following documents:

    All applicants must submit:

    • Employer ID card.
    • Fully completed loan application form along with three passport size photos affixed to the form.
    • ID proof document (any 1 of the following) – Passport, PAN card, Voter ID card, Driver’s License.
    • Residence proof document (any 1 of the following) – Driver’s License, Aadhaar card, a most recent utility bill: water/electricity/telephone/piped gas.

    Property documents to submit include:

    • Construction permit, if applicable.
    • All applicants - Allotment Letter/Sale Agreement with Stamp; Maharashtra applicants – Registered Sale Agreement.
    • For ready to move property – Occupancy Certificate.
    • All applicants - Property Tax Receipt/Electricity Bill/Maintenance Bill; Maharashtra applicants – Share Certificate.
    • For new properties – Conveyance Deed.
    • Blueprint xerox of Approved Plan and builder’s Registered Development Agreement.
    • Bank account statements/payment receipts indicating all payments made to the seller or builder.

    Bank account statements to submit include:

    • Bank account statements for the past 6 months for all bank accounts held.
    • In case of any past loans from banks/lenders – last year’s loan account statement.

    Income documents for salaried employees/co-borrowers/guarantors:

    • Latest 3 months’ payslips or salary certificate.
    • Income Tax Return for the past 2 financial years or Form 16 for the past 2 years, acknowledged by the Income Tax Department.

    Income documents for self-employed individuals/co-borrowers/guarantors:

    • Address proof document for the business.
    • Latest 3 years’ Income Tax Returns.
    • Profit and Loss Account and Balance Sheet for the past 3 years.
    • TDS Certificate with Form 16A, wherever applicable.
    • Business License Details or an equivalent document.
    • For professionals such as Chartered Accounts, Doctors, etc. – Certificate of qualification.

    Frequently Asked Questions

    1. What is the minimum processing fee charged for the SBI Reverse Mortgage Loan?

      The minimum processing fee applicable on this loan is Rs.2,000 + tax.

    2. What is the maximum processing fee charged on this home loan?

      The maximum processing fee applicable on this loan is Rs.20,000 + tax.

    3. If I apply for this loan, will I be eligible for the maximum loan tenure of 15 years?

      The maximum tenure offered under this loan will depend on the age of the borrower. Therefore, depending on your age, you may be eligible for a maximum loan tenure between 10 years and 15 years.

    4. Does this home loan scheme charge any pre-sanction fees?

      There are no pre-sanction fees applicable on this loan currently.

    5. Are there any post-sanction fees associated with this SBI home loan?

      Yes. The post-sanction fees that you will be liable to pay include the stamp duty charges for loan agreement and mortgage, the insurance premium for the property, and the CERSAI registration fee.

    6. How much does the CERSAI registration fee cost?

      The CERSAI registration fee charged depends on the amount. A fee of Rs.50 + GST will be applicable for limits up to Rs.5 lakh and a fee of Rs.100 + GST will apply for limits above Rs.5 lakh.

      

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Customer Reviews

    • SBI Home Loan
      "It's okay"
      0.5 4.0/5 "Great!"
      I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Oct 17, 2019
    • SBI
      SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
      SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
      Was this review helpful? 1
      , agra
      Reviewed on Oct 11, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
      Was this review helpful? 5
      , vizianagaram
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
      Was this review helpful? 2
      , itanagar
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a home loan with SBI bank about 5 years ago. It was processed through bank directly. The charges are nominal in this bank. Since I was holding a savings account process was smooth and done the process on time. The amount given for 23 lakhs not sufficient as per my requirement for the tenure of 15 years.
      Was this review helpful? 3
      , madurai
      Reviewed on Sep 15, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My Father has taken a home loan with State Bank of India. There was no hassle on the loan process, the manager was clearly explained about the charges. They have processed the loan faster and the rate of interest was reasonable when compared with other banks. We have purchased a residential property.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 14, 2019
    • SBI Home Loan
      "Very easy to get loan"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from State bank of India. In the year of 2016, they have sanctioned the loan within 15 days to 20 days. Loan amount is near about Rs. 34 lakhs and the interest rate is 8.2%. My salary account is lying with SBI therefore i got the loan from SBI. I have been paying the EMI amount of Rs. 35000 every month and i have selected the tenure period of 18 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 12, 2019
    • SBI Home Loan
      "Interest rate is good"
      0.5 4.0/5 "Great!"
      Chosen my home loan from SBI its a Nationalized bank. They took almost 2 months to sanctioning the loan. The given interest rate is 8%. I have chosen the tenure period of 15 years. They do have a partial payment and pre-closure without any charges.
      Was this review helpful? 3
      , chennai
      Reviewed on Aug 26, 2019
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have completed my home loan with State Bank of India long back. I got lot of reference for choosing SBI from different people and more over its a Nationalized Bank and I can trust them 90%. Its been an excellent experience. Even I am happy with rate of interest as they offered me 9% and the tenure is 25 years.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Aug 23, 2019
    • SBI Home Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      SBI interest rates are competitive. I have to pay some amount for conversion like whenever they are changing the interest rate. I need to switched to MCRL loan for that i need to pay Rs. 3500 for that i get the current interest rates by bank and 40 paise by MCRL.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 17, 2019
    • SBI Home Loan
      "Good home loan service"
      0.5 4.0/5 "Great!"
      Chosen my home loan from State bank of India because its a Government firm and SBI has approved my home loan even though i am working under partnership firm. I took the loan amount of Rs. 42 lakhs and the provided interest rate of 8.95%. Me and brother combine taken this loan and i'm paying the EMI of Rs. 36000 every month.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 09, 2019
    • SBI Home Loan
      "Best Experience"
      0.5 4.0/5 "Great!"
      My home loan experience is good with SBI they gave me lower interest when compared to other bank, I would say home loan cum overdraft loan called SBI max. They have sanctioned 100% of loan with 8.4% of interest and I added co applicant with out any hassles. I got the amount within 15 days.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Aug 03, 2019
    • SBI Home Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      The rate of interest was higher with the loan. I am using the loan since from last 12 years, the documentation process was done and i got the loan. The loan amount given was 12L, the rate of interest was 13-14approx, and now it is 9%. The duration for repaying the loan was 20 years.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 29, 2019
    • SBI Home Loan
      "Need to decrease interest charges"
      0.5 4.0/5 "Great!"
      I have taken a home loan in STATE BANK OF INDIA on 6 years before. The loan was applied directly to bank which was sanctioned on time and process was easy. I received with sufficient amount for the tenure of 15 years. The rate of interest and processing fee are 9% bit high.
      Was this review helpful? 5
      , jaipur
      Reviewed on Jul 26, 2019
    • SBI Home Loan
      "Very good loan"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from State bank of India. They are sending the mail regarding the offers. The interest rate is less and i get a quick response hence i have chosen them. Took the loan amount of Rs. 7 lakhs for that they have offered me a interest rate of 9.72%. I am paying the EMI amount of Rs. 6000 for the tenure period of 18 years.
      Was this review helpful? 5
      , kolkata
      Reviewed on Jul 23, 2019
    • SBI Home Loan
      "Above Average"
      0.5 5.0/5 "Blown Away!"
      I took a home loan with State Bank of India mainly for the interest rate which is 8.77%. Its almost going to be a year and the loan tenure is 30years. I have purchased a residential property. There is no hassle in processing the loan and it went smoothly.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 20, 2019
    • SBI Home Loan
      "It can be better"
      0.5 4.0/5 "Great!"
      I took a home loan with SBI and its been 3 years. I have purchased a residential property. There was a delay in the loan process because the bank person is on leave so it took more than 30 days for the approval. The interest rate and processing fee is nominal. I opted the loan for 30 years.
      Was this review helpful? 7
      , gurgaon
      Reviewed on Jul 19, 2019
    • SBI Home Loan
      "Need to be process at earlier"
      0.5 3.0/5 "Satisfactory"
      I was taken a home loan in STATE BANK OF INDIA before 10 years ago. At the time they have asked so many documents to submit for a verification purpose and the process was too long faced difficulties to complete the process took 2-3 months to get sanctioned. The loan was low for the tenure of 10 years. The rate of interest and fee are nominal.
      Was this review helpful? 6
      , amravati
      Reviewed on Jul 16, 2019
    • SBI Home Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      My home loan is with State Bank of India. The services are excellent. I got a proper response and the process was smooth and easy. The customer support is good. It was timely and the documentation is also easy. The rate of interest and charges is normal.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Jul 05, 2019
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.