World Senior Citizen Day 2019
regardless of how well senior citizens have invested their money within the old age, additional coins flow is extra than welcome. amongst the many senior citizen pushed schemes that exist in india, opposite loan is a lesser-known one. permit’s recognize this scheme in detail and the way senior citizens can benefit from it.what is reverse mortgage?
the opposite loan scheme changed into brought in 2007-08 by means of the indian authorities to permit senior citizens get complement income. below this scheme, senior citizens obtain periodic bills each month in opposition to the house owned by means of them. they are able to mortgage their owned residential belongings as collateral with a financial institution or a financial group and get a loan in opposition to it. that is the ‘reverse’ of a domestic loan in which the borrower pays month-to-month emi.
the maximum monthly payment to the senior citizen is capped at rs 50,000 in a 12 months
benefits of opposite mortgage
new supply of income
opposite loan serves as a supplementary income source apart from conventional investment alternatives inclusive of financial institution fixed deposits, country wide financial savings certificate, put up office scheme, etc.
all-cause profits
senior residents can use reverse mortgage income for any motive – household charges, medical bills, travel, debt charge and any every day want. there may be no restrict on how this income must be used...Read More
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