SBI Home Loan for Senior Citizens

Navigating the twilight years with comfort and security is a priority for all. The State Bank of India (SBI) acknowledges this through their tailored home loan options for senior citizens, ensuring a stable and secure future. With a focus on accessibility and support, SBI's home loans offer a beacon of hope for the elderly who dream of owning a peaceful abode in their golden years. 

SBI Home Loan for Senior Citizen – Highlights

Here’s a quick look at the SBI Home Loan for senior citizens:

SBI Home Loan for Senior Citizen – Fees and Charges

• Processing fee: The processing fee for SBI Reverse Mortgage is 0.50% of the total loan amount, the minimum amount being INR 2,000 and the maximum amount being INR 20,000 plus taxes 
• Charges post sanction: The stamp duty that’s payable for the loan agreement, property insurance premium, and CERSAI registration fee of INR 50 + GST up to INR 5 lakh and INR 100 up to INR 10 lakh.  

SBI Home Loan for Senior Citizen – Documents Required

• Employer-issued Identity Card
• Completed Loan Application Form
• Valid Identification and Address Proof
• Construction Permission (if applicable)
• Copy of the Approved Building Plan (Xerox Blueprint) along with the Builder’s Registered Development Agreement, or the Conveyance Deed for new properties
• Receipts of Payments made to Builder/Seller or a statement from the bank indicating these transactions
• Bank Statements from the last six months for all accounts held by the applicant(s)
• In the case of pre-existing loans, a one-year statement from the previous bank or lender
• For employed individuals: Recent proof of income
• For self-employed applicants: Proof of business address
• Income Tax Returns for the past three years
• Financial statements, including the balance sheet and profit & loss account for the last three years
• Applicable business licences
• Tax Deduction at Source Certificates (Form 16A, if available)
• Professional Qualification Certificates

SBI Home Loan for Senior Citizen – Eligibility Criteria

• They should be residents of India 
• The person should be 60 years of age as a single borrower. If a couple is applying for a loan, then the age of the spouse should be more than 58 years
• Depending upon the age of the borrower, the loan tenure is between 10-15 years
• The maximum loan amount that can be applied is INR 2 crore at a pre-condition if the property is located within Municipal Corporation Areas of NCR, Mumbai, Pune, and Chennai and INR 1.50 crore at all the other centres