UBI's reverse mortgage service launched in NE

Guwahati, Apr 4 (UNI) The Union Bank of India's (UBI) reverse mortgage service was launched in North East today, along with the rest of the country.

Informing this at a press conference here, UBI regional deputy general manager S N Tripathi said the service would be provided in all the branches in the region.

He said the UBI was the first nationalized bank in the country to launch the reverse mortgage service, with the bank also earning the distinction of being the first to launch it in NE.

Under the scheme, senior citizens could avail monthly payouts against mortgage of their residential property, with the provision of buying back on paying back the total loan amount and accumulated interest.

The UBI has 58 branches in four NE states, with the bank aiming to open branches in the three states of Nagaland, Mizoram and Manipur within 2008-09 to mark its presence across NE region, Mr Tripathi said.

He said the total business of the bank in the region has crossed Rs 2000 crore, with the UBI claiming over 3.5 per cent of the market sector in NE.

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