SBI, established in July 1995 and headquartered in Mumbai, is one of the established and most trusted banks in India. It is an Indian multinational public sector for banking and financial services. In terms of assets, deposits, profits, branches, customers and employees, SBI is the largest bank in India and it was ranked 60th in the list of top 1000 banks in the world by “the banker” in July 2012.
Home Loan is offered to the 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 helps 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.
If your opt for SBI reverse mortgage loan, you will be eligible to enjoy following benefits:
You are offered a low interest rate in SBI reverse mortgage loan which starts at 8.05% per annum.
There is no prepayment penalty in this loan.
There are no hidden charges.
Interest is charged on daily reducing balance.
Repayment tenure goes up to 15 years.
The processing fee in this loan is quite low.
The SBI reverse mortgage loan is available for salaried and self employed individuals.
To apply for a home loan you have to pay fees and charges applied by the 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 meet all the basic requirements that are asked by the bank. Fulfillment of all the requirements as asked by the bank will help you get your loan amount quickly. The eligibility criteria to get the SBI reverse mortgage loan is mentioned below.
|
ELIGIBLE |
Salaried and Self employed individuals |
|
AGE |
Minimum 60 years |
|
NATIONALITY |
Indian Resident |
Any applicant who is going to avail the SBI reverse mortgage loan must submit the following documents. These documents are required by the bank before providing you the amount of loan.
Duly signed application form with all the required information filled in.
Passport size photograph
ID Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment ID
Address Proof: Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment ID
Proof of Income
For salaried employees: 3 months salary slip, ITR return of last 2 years or form 16 and Bank statement for last 2 months showing that the salary has been credited.
For Self employed individuals/ professionals: ITR return of last 2 years, Profit & loss account and Balance sheet computation sealed and signed by CA, Bank statement for the last 6 months.
Compare other bank home loan interest rates
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
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Starts at 7.75% onwards |
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Starts at 7.75% onwards |
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|
7.75% to 9.40% |
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|
Start at 9.55% onwards |
|
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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% |
|
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7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
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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 SBI Reverse Mortgage Loan:
Offline method
In this method, you have to visit the nearest branch of the bank and apply for the loan.
Online Method
In this method, you can simply sit home and fill in the loan application for SBI reverse mortgage loan online. Follow these steps to apply for SBI home loan online:
Go to the official website of SBI bank.
Hit the retail section and go to the “loans” option.
Now click the home loan.
Once you are there, you have to visit the “SBI Reverse Mortgage Loan” option.
Now hit the apply button and fill the application form with the correct information.
Contact number : 1800112211 / 18004253800
Email id : [email protected]
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
Reverse mortgage loan is a special loan that helps 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 provided by SBI Reverse Mortgage Loan is up to Rs.1 crore.
The repayment tenure provided by the SBI Reverse Mortgage Loan is up to 10 to 15 years.
Yes. The 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 : 09/Feb/2021Know 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