STATE BANK OF INDIA

Realty Plot Purchase Loan

SBI REVERSE MORTGAGE LOAN
LOAN FOR THE WELFARE OF SENIOR CITIZENS IN INDIA
House-owning Senior Citizens having inadequate income can avail this loan to meet their financial needs for renovation/repairs to house, medical & other personal uses.
No compulsion for the borrower to repay the loan amount during his or her lifetime or till such time he or she continues to stay in the house.
Borrowers have the options to prepay the loan at any time without any pre-payment penalty.
Interest Rate
2.75% above the Base Rate, present effective rate being 12.75% p.a. (Fixed) subject to reset every 5 years.
Disbursement
Either in Monthly/Quarterly payments or 50% of the sanctioned limit in lump-sum and the remaining in periodic payments.

FEATURES

Eligibility:
Minimum age: 18 years as on the date of sanction
Maximum age: 70 years. i.e. the age by which the loan should be fully repaid, subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment.

Loan Amount:
Actual loan amount will be determined taking into consideration such factors as applicant's income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. To enhance loan eligibility you have option to add:
1) Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2) Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3) Depreciation, subject to some conditions.
4) Regular income from all sources.

Security:
Equitable mortgage of the property
Margin/ LTV Ratio:
Individual Home Loan Amount

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