Vijaya bank to launch reverse mortgage schemeVijaya bank to launch reverse mortgage scheme.
Apnaloan.com Research Bureau
01 Apr 2008
Vijaya Bank will launch the Reverse Mortgage scheme next month. Among those who are married (subject to one of them being above 60 years) would be joint borrowers to the loan.
The quantum under the scheme is Rs. 2 lakh to Rs.100 crore under periodic monthly payments and or lump-sum-payments. Lump sum payment will not be more than 30 per cent of the qualifying amount and the remaining amount shall be released in monthly installments.
The rate of interest is fixed at 10.5 per cent per annum with reset clause of once in every five years.
Reverse mortgage loan is a loan scheme meant for senior citizens who have self-owned, self-occupied properties.
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