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We reverse-mortgaged our house to SBI 10 years ago for a loan of ₹13 lakh. Now the bank is demanding ₹38 lakh. If we cannot repay the amount, will we have to vacate the house? What are the legal rights and rules in such cases? The bank is not giving clear answers.
In a reverse mortgage, repayment is usually due after the borrower’s death, but some loans may end after 10 years. If you don’t repay, the bank may sell the property. Ask the bank for a clear repayment schedule. You can also consult a banking lawyer to verify if their demand is legally valid. For further legal assistance contact us on our helpline number.