SBI Reverse Mortgage Loan- Personal Loan of Senior Citizens
SBI Reverse Mortgage Loan provides an additional source of income for India’s senior residents who own or occupy a home in India. This product is useful for senior citizens who do not have a sufficient income to support themselves. The bank makes payments to the borrower /borrowers (if they have a living spouse) in exchange for the mortgage of their residential property. The borrower is not expected to repay the loan in his lifetime.
Features
Eligibility
Documents Required
- Low Interest Rates
- Low Processing Fees
- No Hidden Charges
- No Pre Payment Penalty
- Resident Type: Resident Indian
- Minimum Age: 60 years when single borrower. In case of joint borrowers, spouse’s age should be more than 58 years.
- Loan Tenure : 10-15 years, depends on age of borrowers
- Maximum Loan Limit:
Rs. 2.00 crore – Property located within Municipal Corporation Areas of NCR, Mumbai, Pune, Chennai, Ahmedabad, Bengaluru and Hyderabad Centre
Rs. 1.50 crores – At all Other Centres (except above Centres)
List of papers/ documents applicable to all applicants:
- Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving
Property Papers:
- Registered Sale deed and link documents for tracing of title
- Occupancy Certificate (optional)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed