SBI Reverse Mortgage Loan

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:

1. Attractive interest rates starting from 8.05% p.a.
2. Low processing fee of 0.50% of the loan amount (minimum of Rs.2,000 and maximum of Rs.20,000).
3. No hidden charges or fees.
4. 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:

1. Employer ID card.
2. Fully completed loan application form along with three passport size photos affixed to the form.
3. ID proof document (any 1 of the following) – Passport, PAN card, Voter ID card, Driver’s License.
4. 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:

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

Bank account statements to submit include:

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

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

1. Latest 3 months payslips or salary certificate.
2. 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:

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

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