THIS SBI loan provides additional source of income for senior citizen, get loan upto Rs 1 crore --Check eligibility, features

SBI lets senior citizen to enrich their post-retirement life with, by offering Reverse Mortgage Loans for people above 60 years of age.

India's largest public sector lender State Bank of India (SBI) has several options and that provide income avenues. SBI's Reverse Mortgage Loan is one such avenue that provides an additional source of income for senior citizens of India, who have a self-acquired or self-occupied home in India. SBI says that this product is beneficial for senior citizens who do not have adequate income to support themselves.

The Bank makes payments to the borrower /borrowers (in case of living spouse), against mortgage of his / their residential house property. The borrower is not expected to service the loan during his lifetime.

What is the Eligibility of SBI Reverse Mortgage Loan

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

Loan Amount: Minimum Rs. 3 lakhs & Maximum Rs. 1 crore

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)