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  • SBI Reverse Mortgage Loan

    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. The interest rate ranges from 8.05% p.a. to 9.05% p.a.

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    We found 1 SBI Reverse Mortgage Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    7.35% - 7.90% Floating
    ₹2,000 - ₹10,000 One time fee
    -
    1 - 30 Years
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    Good to Know

    SBI Reverse Mortgage Loan Interest Rates

    The interest rate for SBI Reverse Mortgage Loan are as follows:

    For SBI Pensioners 8.05% p.a.
    For Public 9.05% p.a.

    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 8.05% 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.

    FAQs

    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.

      

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    Customer Reviews

    • SBI Home Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
      Was this review helpful? 31
      , indore
      Reviewed on Mar 13, 2020
    • SBI
      SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Myself approached SBI to apply for a home loan and taken the loan on 2016. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs. The rate of interest was average around 8%, there is pre closure option and locking period of 1 year. EMI need to pay of 35K.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Mar 04, 2020
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home Loan from SBI through bank directly. The loan amount was 12L and the rate interest was 8.25% normal. Total amount I am paying of 11,400 rupees. 11K is EMI and the 400 rupees is for insurance with the tenure period of 20 years and I received the amount within 30 days.
      Was this review helpful? 10
      , vizianagaram
      Reviewed on Feb 04, 2020
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .For constructing home i have taken this loan .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan and i am really satisfied with the service .
      Was this review helpful? 3
      , bellary
      Reviewed on Feb 04, 2020
    • SBI Home Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      In SBI interest rate and external charges are less when compared to other bank, so that I have selected the home loan from this bank. I had already completed the loan. I got the loan in the year of 2011 and i have chosen the duration of 15 years but i have done a pre-closure without paying any additional charges. I bought the loan amount of Rs. 12 lakhs with the low interest rate of 10.25%. They took 1.5 months to sanctioned my loan.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Jan 25, 2020
    • SBI Home Loan
      "SBI home loan service is very good"
      0.5 5.0/5 "Blown Away!"
      I had a home loan from SBI and the sales executive was best because no one provides me this much low rate of interest compared to any other banks but they needs so much documents and their mortgage they do is really worst. Its due to the low rate of interest, i have selected the home loan from SBI. They have offered me a interest rate of 8.24%.
      Was this review helpful? 9
      , ahmedabad
      Reviewed on Jan 21, 2020
    • SBI Home Loan
      "Easily accessible with less documents"
      0.5 4.0/5 "Great!"
      I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years. I heard that interest rates are low so i approached with them. I had a online contact number specially for my home loan so they directly approached my home. They are asking very less of documentation like current residential address, last 3 months payslip, my job offer letter. They have given me a link also to process the loan.
      Was this review helpful? 5
      , chennai
      Reviewed on Jan 18, 2020
    • SBI Home Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying. Customer service is good. Their online application is not a user friendly. I have taken a loan amount of Rs. 8,50,000 and there is no preclosure charges.
      Was this review helpful? 7
      , guntur
      Reviewed on Jan 09, 2020
    • SBI Home Loan
      "Need to improve in customer service"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan from SBI and they offered me a less rate of interest and i am not sure what i am paying because i recently done a balance transfer. Customer service is not upto the mark and they need to improve. Their online application is not a user friendly.
      Was this review helpful? 8
      , mumbai
      Reviewed on Dec 28, 2019
    • SBI Home Loan
      "Easy loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from SBI and the loan amount was Rs. 30 lakh. The rate of interest was 8.15% and i am paying EMI of Rs. 25k. Customer service was good. I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
      Was this review helpful? 12
      , pune
      Reviewed on Dec 09, 2019
    • SBI Home Loan
      "Before approval documentation process was fine"
      0.5 5.0/5 "Blown Away!"
      Purchased the home loan in SBI, 5 years back. I am paying the EMI amount of Rs. 22000 every months after i have taken the top up. They have provided me a interest rate of 7.25%. I got the loan amount of Rs. 27 lakhs and i have selected the tenure period of 240 months. They do have a partial payment and pre-closure facility without any additional charges.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Home Loan
      "Good Home loan"
      0.5 4.0/5 "Great!"
      I never contacted SBI customer care service regarding a home loan services. Interest rate was less so I have chosen this bank for my home loan. The interest rate was nominal which is 8.35%. I got a loan amount of Rs. 50L and they are providing pre - closure and partial payment facility. I got a loan with in 1 week.
      Was this review helpful? 7
      , chennai
      Reviewed on Nov 08, 2019
    • SBI Home Loan
      "Best Loan service"
      0.5 4.0/5 "Great!"
      Home Loan services was fine from State bank of Travancore since i got the offer. Once i applied the loan, they approved the loan on the spot. I purchased the loan amount of Rs. 7 lakhs and the provided me a interest rate of 7.2% at the time of purchase in the year of 2008. But when i am closing the loan in the year of 2015, the interest rate was 8.5%. I have done the pre-closure and there is no additional charges for that.
      Was this review helpful? 9
      , tirunelveli
      Reviewed on Oct 23, 2019
    • 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? 7
      , thiruvananthapuram
      Reviewed on Oct 17, 2019
    • 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? 5
      , 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? 6
      , 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? 18
      , 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? 3
      , 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? 10
      , hyderabad
      Reviewed on Sep 14, 2019
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