India’s biggest public area moneylender State Bank of India (SBI) has a few choices and that turn out revenue roads. SBI’s Reverse mortgage loan is one such road that gives an extra type of revenue for senior residents of India, who have a self-obtained or self-involved home in India. SBI says that this item is advantageous for senior residents who don’t have satisfactory pay to help themselves.
The Bank makes installments to the borrower/borrowers (in the event of residing companion), against home loan of his/their private house property. The borrower isn’t supposed to support the advance during his lifetime.
What is the Qualification of SBI Reversed Home Mortgage loan
Inhabitant Type: Occupant Indian
Least Age: 60 years when single borrower. In case of joint borrowers, companion’s age ought to be over 58 years.
Loan Tenure: 10-15 years, relies upon time of borrowers
Loan Sum: Least Rs. 3 lakhs and Most extreme Rs. 1 crore
List of papers/documents relevant to all candidates:
Employer Identity Card
Loan Application: Finished credit application structure properly filled in appended with 3 Visa size photos
Evidence of Character (Any one): PAN/Visa/Driver’s License/Citizen ID card
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:
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)
