You can get a loan up to ‘Rs 1 crore’ with SBI loan for senior citizens; Features and eligibility

State Bank of India (SBI), the largest public sector lender in India, offers a variety of services and potential sources of revenue. For older individuals in India who have a self-acquired or self-occupied home in India, one such option that offers an extra source of income is SBI’s Reverse Mortgage Loan. According to SBI, seniors who lack sufficient money to maintain themselves might benefit from this product. In exchange for the mortgage of the borrower’s or the borrower’s residential property, the bank pays the borrower (in the event of a living spouse). No lifelong loan servicing is required of the borrower.

 Eligibility of SBI Reverse Mortgage Loan

• Resident Type: Indian
• Minimum Age:  60 years if just one borrower. If there are joint debtors, at least one of the spouses must be older than 58.
• Loan Term: 10 to 15 years, depending on Borrowers’ Age
• Loan Amount: Minimum 3 lakhs and maximum 1 crore rupees

List of papers/ documents applicable to all applicants:

• Employer Identity Card
• 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 License/ Aadhar Card

Property Papers:

• Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready to move property)
• 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 (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

• Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate of last 3 months
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

• Business address proof
• IT returns for last 3 years
• Balance Sheet & Profit & Loss A/c for last 3 years
• Business License Details(or equivalent)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)