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

SBI lets senior resident to improve their post-retirement existence with, by offering Reverse Mortgage loans for individuals over 60 years old.

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)

Source

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