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SBI Reverse Mortgage Loan

The SBI Reverse Mortgage Loan has been especially designed for senior citizens who either have a self-occupied or self-acquired home in India. Under this home loan scheme, the bank pays the borrower/s against the mortgage of the residential property.

This home loan offered by SBI is ideal for senior citizens who do not have sufficient income to provide for themselves because they do not have to service this loan. The interest rate ranges from 8.05% p.a. to 9.05% p.a.

We found 31 Home Loans

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Bank

Interest Rate

6.5%20%
  • Interest Rate range:

    6.5% - 20%

Balance Transfer

  • LIC HFL Home Loan

    Loan Amount

    :  

    ₹30L -₹5Cr

    Floating

    :  

    8.40% - 8.50%

    Tenure

    :  

    5 - 30 Years

    Processing Fee

    :  

    Up to 0.25%(Max ₹ 25,000)

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Balance Transfer

  • Karnataka Bank Home Loan

    Loan Amount

    :  

    ₹20L -₹5Cr

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50% - 2.00%

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Balance Transfer

  • HDFC Ltd. Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 3,000 - ₹ 5,000

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Balance Transfer

  • Indiabulls Home Loan

    Loan Amount

    :  

    ₹2L -₹3Cr

    Floating

    :  

    8.99% - 9.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 1.00%

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Balance Transfer

  • Sundaram Home Finance Limited Home Loan

    Loan Amount

    :  

    ₹12L -₹5Cr

    Floating

    :  

    6.95% - 8.30%

    Tenure

    :  

    1 - 20 Years

    Processing Fee

    :  

    0.50%

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Balance Transfer

  • Axis Bank Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Fixed

    :  

    9.00%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Min ₹ 10,000)

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Balance Transfer

  • DBS Home Loan

    Loan Amount

    :  

    ₹50L -₹5Cr

    Floating

    :  

    10.20%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    ₹ 10,000

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Balance Transfer

  • Aditya Birla Capital Home Loan

    Loan Amount

    :  

    ₹20L -₹10Cr

    Floating

    :  

    8.85% - 16.50%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 1.00%

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Balance Transfer

  • Union Bank Of India Home Loan

    Loan Amount

    :  

    ₹25L onwards

    Floating

    :  

    8.70%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 0.50%(Max ₹ 15,000)

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Balance Transfer

  • Federal Home Loan

    Loan Amount

    :  

    Up to ₹15Cr

    Floating

    :  

    8.80%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 7,500)

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Balance Transfer

  • State Bank of India Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.40%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 2,000 - ₹ 10,000

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Balance Transfer

  • Dhanalakshmi Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.90% - 15.00%

    Tenure

    :  

    3 - 20 Years

    Processing Fee

    :  

    1.00%(Min ₹ 10,000)

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Balance Transfer

  • Bank Of Baroda Home Loan

    Loan Amount

    :  

    ₹1L -₹2Cr

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.25% - 0.50%

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Balance Transfer

  • Bank of India Home Loan

    Loan Amount

    :  

    Up to ₹5Cr

    Floating

    :  

    8.45%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    ₹ 0

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Balance Transfer

  • Bank of Maharashtra Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.60%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.25%

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Balance Transfer

  • Canara Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.25%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 10,000)

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Balance Transfer

  • IDBI Bank Home Loan

    Loan Amount

    :  

    ₹5L -₹10Cr

    Floating

    :  

    8.65%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%

Enquire
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Balance Transfer

  • Indian Overseas Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.55%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%

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Balance Transfer

  • Karur Vysya Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    6.50%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    ₹ 2,500 - ₹ 7,500

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Balance Transfer

  • South Indian Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.85%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    0.50%(Max ₹ 10,000)

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Balance Transfer

  • Tamilnad Mercantile Bank Home Loan

    Loan Amount

    :  

    Up to ₹5Cr

    Floating

    :  

    9.45%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    2.00%(Max ₹ 15,000)

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Balance Transfer

  • Central Bank of India Home Loan

    Loan Amount

    :  

    ₹20L -₹75L

    Floating

    :  

    8.35% - 9.35%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    1.00%(Min ₹ 10,000)

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Balance Transfer

  • India Shelter Finance Corporation Home Loan

    Loan Amount

    :  

    Up to ₹20L

    Fixed

    :  

    13.00% - 20.00%

    Tenure

    :  

    Up to 20 Years

    Processing Fee

    :  

    Up to 3.00%

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Balance Transfer

  • Aavas Financiers Limited Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.50%

    Tenure

    :  

    1 - 15 Years

    Processing Fee

    :  

    2.00%

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Balance Transfer

  • Reliance Home Finance Limited Home Loan

    Loan Amount

    :  

    -

    Fixed

    :  

    9.75% - 13.00%

    Tenure

    :  

    Up to 30 Years

    Processing Fee

    :  

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Balance Transfer

  • Tata Capital Limited Home Loan

    Loan Amount

    :  

    Up to ₹3Cr

    Floating

    :  

    8.70%

    Tenure

    :  

    Up to 30 Years

    Processing Fee

    :  

    2.00%

Enquire
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Balance Transfer

  • Yes Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    9.40% - 10.25%

    Tenure

    :  

    1 - 25 Years

    Processing Fee

    :  

    Up to 2.00%

Enquire
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Balance Transfer

  • Jammu And Kashmir Bank Home Loan

    Loan Amount

    :  

    Up to ₹50L

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    2.00% - 3.00%

Enquire
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  • IDFC Home Loan

    Loan Amount

    :  

    ₹30L onwards

    Floating

    :  

    8.00% - 14.00%

    Tenure

    :  

    5 - 30 Years

    Processing Fee

    :  

    ₹ 10,000

Enquire
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Balance Transfer

  • Kotak Mahindra Bank Home Loan

    Loan Amount

    :  

    -

    Floating

    :  

    8.75%

    Tenure

    :  

    1 - 20 Years

    Processing Fee

    :  

    ₹ 10,000

Enquire
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Balance Transfer

  • PNB Housing Home Loan

    Loan Amount

    :  

    ₹8L onwards

    Floating

    :  

    8.75% - 10.90%

    Tenure

    :  

    1 - 30 Years

    Processing Fee

    :  

    Up to 0.25%(Max ₹ 15,000)

Apply Now
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SBI Reverse Mortgage Loan Interest Rates

The interest rate for SBI Reverse Mortgage Loan are as follows:

For SBI Pensioners

8.05% p.a.

For Public

9.05% p.a.

Eligibility Criteria

If you are a senior citizen looking to apply for this home loan scheme, you must meet the following criteria:

  1. Nationality – Indian resident.
  2. Single and joint borrowers are eligible.
  3. Age:
    1. Minimum age - 60 years.
    2. In case the spouse is a joint borrower – Spouse to be over 58 years of age.
  4. Loan amount:
    1. Minimum loan amount – Rs.3 lakh.
    2. Maximum loan amount – Rs.1 crore.
  5. Maximum loan tenure – 15 years.
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Features and Benefits

If you are considering applying for this loan, here are the features and benefits:

  1. Attractive interest rates starting from 8.05% p.a.
  2. Low processing fee of 0.50% of the loan amount (minimum of Rs.2,000 and maximum of Rs.20,000).
  3. No hidden charges or fees.
  4. No prepayment charges in case you close the loan before the end of your loan tenure.

Documents Required

Both salaried and self-employed individuals interested in applying for this loan must submit the following documents:

All applicants must submit:

  1. Employer ID card.
  2. Fully completed loan application form along with three passport size photos affixed to the form.
  3. ID proof document (any 1 of the following) – Passport, PAN card, Voter ID card, Driver’s License.
  4. Residence proof document (any 1 of the following) – Driver’s License, Aadhaar card, a most recent utility bill: water/electricity/telephone/piped gas.
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Property documents to submit include:

  1. Construction permit, if applicable.
  2. All applicants - Allotment Letter/Sale Agreement with Stamp; Maharashtra applicants – Registered Sale Agreement.
  3. For ready to move property – Occupancy Certificate.
  4. All applicants - Property Tax Receipt/Electricity Bill/Maintenance Bill; Maharashtra applicants – Share Certificate.
  5. For new properties – Conveyance Deed.
  6. Blueprint xerox of Approved Plan and builder’s Registered Development Agreement.
  7. Bank account statements/payment receipts indicating all payments made to the seller or builder.

Bank account statements to submit include:

  1. Bank account statements for the past 6 months for all bank accounts held.
  2. In case of any past loans from banks/lenders – last year’s loan account statement.

Income documents for salaried employees/co-borrowers/guarantors:

  1. Latest 3 months payslips or salary certificate.
  2. Income Tax Return for the past 2 financial years or Form 16 for the past 2 years, acknowledged by the Income Tax Department.

Income documents for self-employed individuals/co-borrowers/guarantors:

  1. Address proof document for the business.
  2. Latest 3 years’ Income Tax Returns.
  3. Profit and Loss Account and Balance Sheet for the past 3 years.
  4. TDS Certificate with Form 16A, wherever applicable.
  5. Business License Details or an equivalent document.
  6. For professionals such as Chartered Accounts, Doctors, etc. – Certificate of qualification.
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FAQs on SBI Reverse Mortgage Loan

  • What is the minimum processing fee charged for the SBI Reverse Mortgage Loan?

    The minimum processing fee applicable on this loan is Rs.2,000 + tax.

  • What is the maximum processing fee charged on this home loan?

    The maximum processing fee applicable on this loan is Rs.20,000 + tax.

  • If I apply for this loan, will I be eligible for the maximum loan tenure of 15 years?

    The maximum tenure offered under this loan will depend on the age of the borrower. Therefore, depending on your age, you may be eligible for a maximum loan tenure between 10 years and 15 years.

  • Does this home loan scheme charge any pre-sanction fees?

    There are no pre-sanction fees applicable on this loan currently.

  • Are there any post-sanction fees associated with this SBI home loan?

    Yes. The post-sanction fees that you will be liable to pay include the stamp duty charges for loan agreement and mortgage, the insurance premium for the property, and the CERSAI registration fee.

  • How much does the CERSAI registration fee cost?

    The CERSAI registration fee charged depends on the amount. A fee of Rs.50 + GST will be applicable for limits up to Rs.5 lakh and a fee of Rs.100 + GST will apply for limits above Rs.5 lakh.

Home Loans by Banks
  1. SBI Home Loan
  2. Axis Home Loan
  3. HDFC Home Loan
  4. Canara Home Loan
  5. PNB Home Loan
  6. IDBI Home Loan
  7. Kotak Home Loan
  8. IOB Home Loan
  9. YES Bank Home Loan
Home Loans by NBFC
  1. LIC Home Loan
  2. Piramal Home Loan
  3. Indiabulls Home Loan
  4. TataCap Home Loan
  5. PNB Housing Finance Home Loan
  6. Shriram Housing Finance Home Loan
  7. Aadhar Housing Finance Home Loan
  8. Bandhan Bank Home Loan
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