SBI is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai. State Bank of India with a 200 year history is the largest commercial bank in India. In terms of assets, deposits, profits, branches, customers and employees SBI is the largest bank. The government of India is the single largest shareholder of this fortune 500 entity with 6158 percent ownership. SBI was ranked 60th in the list of top 1000 banks in the world by “the banker” in July 2012.
Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the land or as a security till the repayment of the loan. SBI Reverse mortgage loan is a special loan that will help you access some of the equity that you have accumulated over the years of paying on your home. This loan grows over time but you do not have to pay the loan back while you live in the house. If you move out, sell your home or die, the loan must be paid off then. This scheme is beneficial for senior citizens who do not save adequate income to support themselves. It is available for salaried and self employed individuals.
1. Low interest rate start at 8.05% per annum
2. No prepayment penalties
3. No hidden charges
4. Interest charges on daily reducing balance
5. Repayment tenure upto 15 years
6. Low processing fee
7. It is available for salaried and self employed individuals
To apply for a home loan you have to pay fees and charges applied by the SBI Reverse Mortgage Loan. It covers all charges and fees made by a bank to their customers. The following charges are taken from SBI Reverse Mortgage Loan i.e. processing fee, prepayment charges and CERSAI Registration charges etc.
|
TYPE |
CHARGES |
|
Processing fee |
0.50% of the loan amount (Minimum Rs.2000 and Maximum Rs.20000) |
|
Prepayment charges |
NIL |
|
CERSAI Registration charges |
Rs.50 plus GST for loan upto Rs.5 lakh Rs.100 plus GST for loan above Rs.5 lakh |
Before applying for a home loan from SBI Reverse Mortgage Loan you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
|
ELIGIBLE |
Salaried and Self employed individuals |
|
AGE |
Minimum 60 years |
|
NATIONALITY |
Indian Resident |
Any applicant who is going to avail a home loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Fully filled signed application form
2. Passport size photograph
3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id
4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id
5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited
6. For Self employed individuals / professionals = 2 years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
2. SBI Loan Against Properties
There are two ways to apply for home loans from SBI Reverse Mortgage Loan :
1. Offline method : By visiting nearest bank branch
2. Online Method :
First of all first visit to official website of SBI Bank
In retail section go to the “loans”
Now click in home loan
After that go to “SBI Reverse Mortgage Loan”
Now click on apply now and fill application form
SBI Reverse Mortgage Loan Customer Care
Contact number : 1800112211 / 18004253800
Email id : customercare@sbi.co.in
The following formula is used to calculate EMI of SBI Reverse Mortgage Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
P stands for Loan Amount
R stands for Interest Rate
N stands for tenure in number of months
Financials products offered by Bank
Reverse mortgage loan is a special loan that will help you access some of the equity that you have accumulated over the years of paying on your home. This loan grows over time but you do not have to pay the loan back while you live in the house. If you move out, sell your home or die, the loan must be paid off then.
The maximum loan amount is provided by SBI Reverse Mortgage Loan is upto Rs.1 crore.
The repayment tenure is up to 10 to 15 years provided by the SBI Reverse Mortgage Loan.
Processing fee charged by SBI Reverse Mortgage Loan is 0.50% of the loan amount (Minimum Rs.2000 and Maximum Rs.20000).
The Interest rate provided by SBI Reverse Mortgage Loan starts at 8.05% per annum onwards.
You can apply online or offline by visiting the nearest bank branch for SBI Reverse Mortgage Loan.
Last Updated on : 24/Aug/2020Know More About
You're eligible for a Sbi Reverse Mortgage Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Sbi Reverse Mortgage Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 8.05% - 0% |
| Processing Fees | 0.50% of the loan amount (Minimum Rs.2000 and Maximum Rs.20000) |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Home Loans EMI Calculator