Sbi reverse mortgage calculator9/12/2023 The BANKs will have the discretion to determine the eligible quantum of loan reckoning the ‘no negative equity guarantee’ being provided by the BANK. The amount of loan will depend on market value of residential property, as assessed by the bank, age of borrower(s), and prevalent interest rate. However, all facts and circumstances may be considered for the purpose of determining that the residential property is the permanent primary residence of the borrower.Ĭommercial property will not be eligible for RML. Factors that may be relevant in this regard include the address used for general correspondence, utility bills, bank statements, tax return, bank accounts and banking relations etc. Permanent primary residence refers to the self acquired, self occupied residential property where a person spends majority of his time. The prospective borrowers should use that residential property as permanent primary residence. The residual life of the property should be at least 20 years. The residential property should be free from any encumbrances. Should be the owner of a self- acquired, self occupied residential property (house or flat) located in India, with clear title indicating the prospective borrower’s ownership of the property. In such a case, the age criteria for the couple would be at the discretion of the BANK, subject to at least one of them being above 60 years of age and the other not below 55 years of age. Married couples will be eligible as joint borrowers for financial assistance. Should be Senior Citizen of India above 60 years of age.
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