After 60 years of age, many persons end up without pension and adequate income. In many cases, such persons own a self occupied house. As such they cannot sell their house to meet the monthly expenses. Reverse Mortgage loans is a solution for such persons. Under this loan scheme bank will make regular monthly payments to such persons during their life time (maximum 10 or 15 years). After that, they or their legal heirs (sons/daughters) can pay the loan amount and interest and get the property released. Otherwise bank will recover the loan by selling the property.
- Purpose - To provide a source of additional income for senior citizens of India (age minimum 60 years) who own self-acquired and self-occupied house property in India.
- Mode -Can also be availed jointly with spouse. Age of spouse minimum 58 years.
- Age - Maximum payout years 10 for age above 68 years for the younger borrower, 15 years for others. OR upto the demise of the borrowers.
- Payment - Payments can be taken monthly, quarterly or in lump sum.
- Repayment - The borrowers will have option to repay the loan at any time during the loan tenor without penalty.
- Value - Total loan upto 90% of the property value.
- Amount - Minimum loan amount 3 Lacs, maximum 1 Crore (lump sum).
For Example Property value = Rs.10 lacs
Qualifying loan amount = (90% of property value) = Rs. 9 lacs
Tenor = 15 years
Monthly instalment Rs 225 per Lac for 15 years
= Rs. 225 x 9 = Rs.2,025/- per month
You can contact any SBI branch for more details.
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