My mother is a senior citizen who owns a house. We approached SBI (Lakhimpur Kheri) branch for a reverse mortgage loan. Initially, the bank manager informed that his branch is authorised to sanction such loans. But, later on he refused saying he was awaiting response from his controlling officer. He is not giving anything in writing and says it’s his personal decision. We are in dire need of financial support. How do we tackle this problem? Can the bank manager’s personal decision matter?
October 21st, 2008 at 11:09 am
I think you should probably approach another branch of SBI. You can also go to Punjab National Bank, Deewan Housing Finance and National Housing Finance for reverse mortgage.
November 18th, 2008 at 8:18 pm
well Reverse mortgage is a new concept in India and it will take a while when this will pick up. The way out is the property if converted into a joint name by gift then you can take loan against property and pay off the loan from your earnings if you are in a very need of money.
December 18th, 2008 at 3:08 pm
Whenever a bank gives the branch manager has to check certain things which includes loan seekers earnings, value of property, credit rating etc. If the branch manager finds it unsatisfactory then he mat refuse the loan. I think Raima is quite right in saying that approach another bank branch for the same.