Individuals who are eligible for a Reverse Mortgage Loan:
Senior citizens of India (above 60 years of age) who own a residential property.
Check your borrowing limits
Minimum Limit - Rs. 5,00,000
Maximum Limit - Rs. 100,00,000
Loan up to 60% of market value of residential property depending on age of borrowers.
Other Conditions
- The borrower shall maintain the home as their permanent primary residence
- The borrower shall regularly pay the property taxes and insurance
- The home is maintained to preserve its value
- The residential property must be free from any encumbrances
Submit the documents listed below and get a Home Loan / Loan Against Property sanctioned in 5 days!
| Mandatory Documents |
| Application Form |
| PAN Card |
|
| Proof of Identity |
Any one of the following
| Passport |
Aadhaar Card |
Driving License |
| Voter ID |
GOI issued Photo ID |
Govt Employee ID |
|
| Proof of Address |
Any one of the following
| Aadhaar Card |
Driving License |
Voter ID |
| GOI Issued Photo ID |
Govt Employee ID |
Electricity Bill |
| Gas Bill |
Telephone Bill
(Land line)
|
Property Tax Receipt |
|
| Date of Birth Proof |
Any one of the following
| Passport |
PAN Card |
Aadhaar Card with DOB |
| Driving License |
Birth Certificate |
SSC Marksheet |
|
| Signature Proof |
Any one of the following
| Passport |
PAN Card |
Banker's verification |
| Notarized affidavit with ID & Address proof (not applicable
for financial applicant)
|
|
| Proof of Income |
Any one of the following
| Salaried |
Self Employed |
- 3 months pay slip
- 6 months pay slip/2 yrs bonus
proof (in case of variable pay)
- 6 months bank statement
showing salary credits
- 2 yrs Form 16 (or employment continuity proof)
|
- 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
- For Asha HL - 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
- Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
- 6 months bank statements of personal and business accounts
- If ITR is filed without digital sign - CPC and tax paid challan
- Business continuity proof (3 yrs for HL / 5 yrs for LAP)
|
|
| Other Important
Documents and
Checks
|
- Completely filled and duly signed application form along with
all applicants latest passport size photo
- Aadhar card is mandatory for Credit Linked Subsidy Scheme
(PMAY) applicants
- PAN card is mandatory for all financial applicants
- Processing Fee and CERSAI cheques
- Self-attestation of borrowers on all documents submitted
|
Documents to be submitted before loan disbursement
| Document |
Checks & Controls |
| Loan Agreement and Annexures |
- Loan agreement as per product type
- Annexures to be duly filled, signed & stamped as per state law:
- MII (Most Important Information) pages
- MCLR consent letter
- Schedule of loan agreement
- List of Documents (LOD)
- Loan restriction letter (if any)
- Disbursement request letter
- Indemnity for under construction cases in plot loans
- Guarantor agreement (if applicable)
- Any alteration/correction to be authenticated by applicants
|
| National Automated Clearance House (NACH) mandate/ Standing Instruction (SI) form and Security Cheques (SPDC) |
- NACH / SI mandate with a signed cancelled cheque with A/C holder's name as per bank records
- SPDC - 3 undated security PDCs equivalent to EMI amount
- 1 undated cheque with amount kept blank
- 1 cheque towards PEMI amount
- SPDC favoring "AXIS BANK LTD LOAN A/C Customer Name
|
| Loan Cover/ Insurance Details |
- Property insurance application form (mandatory)
- General insurance application form (if applicable)
- Life insurance application form (if applicable)
|
| Processing Fee / Equitable Mortgage cheques |
- Balance processing fee cheque (with clearance details)
- Equitable mortgage charges / stamping charges favoring
"AXIS BANK LTD A/C SERVICE CHARGES"
|
| Property Documents |
Property documents as per type of transaction, according to
bank's policy
|
| Sanction Letter |
- Duly accepted and signed by all applicants / power of attorney
- All sanction conditions to be met
|
| TDS |
- If TDS is being paid by applicant – TDS challan & bank statement reflecting debit of TDS paid
- If TDS is not paid by applicant – Undertaking cum indemnity to deduct TDS amount from disbursement
|
| PSL Documents |
- Financial documents (any of the below):
- Audited balance sheet
- CA certificate – original investment in Plant & Machinery
- Copy of invoice (investment in Plant & Machinery)
- Additional documents (any of the below):
- Audited / Unaudited (Profit & Loss Account)
- GST registration certificate
- For LAP cases – PSL Annexures
|
| Other Documents (to be collected if applicable) |
- Letter from customer towards opting for EMI in case of partly disbursed case
- Vernacular/indemnity bond Dual name/dual sign affidavit
- Credit Linked Subsidy Scheme (PMAY) affidavit
- Amenities agreement duly signed by 3rd party/sellers
- End use letter for Top Up/LAP/LAP top up cases
|
Click below to download the list of documents mentioned above.
List of documents required for Disbursement
List of documents required for Sanction
Disclaimer: This is an indicative list only. Additional documents may be asked for on a case-to-case basis.
