Corp Bank launches 'Corp Shelter'

Mumbai, Apr 17: Corporation Bank has launched ''Corp Shelter'', a reverse mortgage loan scheme for senior citizens. The scheme is available to borrowers of at least 60 years of age. Married couples are also eligible as joint borrowers, provided one has completed 60 years and the other 55 years. The borrowers should be the owner of a residential property in India with clear title and free from encumbrances, a release issued by the Bank said.

The loan amount under ''Corp Shelter'' can be minimum of Rs one lakh to a maximum of Rs 50 lakh, and the money can be used for any purpose except speculation and trading.

UNI