Vijaya Bank launches reverse mortgage scheme

Bangalore, Apr 21 (UNI) City-based PSU major Vijaya Bank today launched its reverse mortgage loan scheme for people over 60 years, who are owning a self-acquired and self-occupied residence.

The loan is also available to married couple jointly, subject to one of the spouses being above 60 years of age.

The scheme is a 'handholding' facility, which seeks to help the senior citizens to derive a regular stream of cash flow to support themselves in their old age.

It is suited to meet the cash requirements of the senior citizens for various purposes and provides a regular monthly cash flow support towards supplementing their other income or to meet their regular expenses on livelihood.

The borrower also has the option of availing a part of the loan as lumpsum component.

The minimum amount of loan could range from Rs two to Rs 100 lakh, carrying a competitive fixed interest rate of 10.5 per cent. The loan tenure ranges from seven to 15 years, a release said here.

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