In Mangalore on Tuesday M Narendra, Chief General Manager (CGM) of the Corporation bank launched ‘Corp Shelter,’ a reverse mortgage loan scheme for senior citizens. Mohan Rao, general manager of the bank was also present at the launch of the scheme.
After the launch of the scheme he said that senior citizens who have completed 60 years can take a loan from Rs 1 lac to Rs 50 lac through this reverse mortgage scheme. Even the married couples can take loan as joint borrowers for financial assistance, provided one spouse has completed 60 years and other 55 years, he informed.
He added the borrower should be the owner of residential property (house or flat) located in India, with clear title indicating the prospective borrowers’ ownership of the property, which should also be their permanent residence. In view of the public concerns and as a goodwill gesture, the bank has waived the pre-payment penalty.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment