National Housing Bank to launch Reverse Mortgage Loan for old

Kolkata, July 2 (UNI) National Housing Board is planning to launch a Reverse Mortgage Loan (RML) for senior citizens soon.

NHB sources said here today that the guidelines have been prepared in May and submitted to the Reserve Bank of India before launching this product.

The eligibility for this product has been fixed at 62 years.

Reverse Mortgage loans are products which allow a customer to get loan agianst mortgaging his/her property. This concept, though new in India, is very popular in developed countries like the United Kingdom the US.

''We have already prepared the guidelines before launching the RML for senior citizens. We have been negotiating with various banks on this matter,'' NHB Chairman and Managing Director S Sridhar told UNI.

The Bank will also start a Counselling Centre for senior citizens as well to give detailed overview about the reverse mortgage loans, elgibility, criteria and the process of procurement procedures of such loans.

Various other banks, like Allahabad Bank, has already launched this product.

UNI