A top official of the public sector Vijaya Bank informed at Bajpe, about 18 km form Mangalore the bank has plans to introduce new schemes – Reverse Mortgage and Online trading from the next month.
On Saturday the public sector Vijaya Bank opened its 1047th Branch. The branch was inaugurated by Mr Prakash P Mallya, CMD of the Bank. Speaking at the occasion the Mallya said the bank is planning to introduce Reverse Mortgage scheme to help senior citizens and the On-Line trading as a value added facility to the customer from April this year.
He said Reverse Mortgaging is a strong support for house owing senior citizens. He added many elderly people despite having immoveable property as a strong asset; do not have adequate income to support them and with the increase in longevity, the need for a regular source of income or cash flow in old age has become a necessity.
He said with the launching of this scheme the senior citizens above 60 years of age will be benefited, owing a self-acquired and self-occupied residence with the clear title can avail the facility.
He said the married couple (subject to one of them being above 60 years) would be joint borrowers. The quantum under the scheme is Rs two lakh to Rupees one hundred crore under periodic monthly payments and or lump-sum-payments, he said adding that the lump sum payment shall not exceed 30 per cent of the qualifying amount and the remaining amount shall be released in monthly installments.
He told the rate of interest is fixed at 10.5 per cent per annum with reset clause once in every five years.
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