Vijaya Bank to launch 'Reverse Mortgage' in April

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Mangalore, Mar 29 (UNI) Vijaya Bank will launch two new products 'Reverse Mortgage' and 'On-Line trading'' in April.

Inaugurating the bank's 1047th branch here today, Bank CMD Prakash P Mallya said bank was introducing 'Reverse Mortgage' scheme to help senior citizens and the 'On-Line' trading as a value added to the customer.

The 'Reverse Mortgaging' would help the senior citizens with a regular source of income, he added.

Under Reverse Mortgaging scheme the minimum and maximum loan available were Rs two lakh and Rs 100 crore.

The rate of interest was fixed at 10.5 per cent per annum with reset clause once in every five years, he added.


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