State Bank of India 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.
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