SBI Reverse Mortgage Loan

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

• Nationality – Indian resident.
• Single and joint borrowers are eligible.
• Age:
  • Minimum age - 60 years.
  • In case the spouse is a joint borrower – Spouse to be over 58 years of age.
• Loan amount:
  • Minimum loan amount – Rs.3 lakh.
  • Maximum loan amount – Rs.1 crore.
• 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 (minimum of Rs.2,000 and maximum of Rs.20,000).
• 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.

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