NEWS & ADVICE : HOME LOANS
Reverse mortgage scheme in pipeline from BoB
By Joseph Samson
Oct 24, 2007
Print    Email    RSS   

New Delhi: After the successful launch of a reverse mortgage scheme by SBI, Bank of Baroda (BOB) is also planning to introduce one such scheme for senior citizens from 26 November. The announcement in this regard was made by Mr. G Nagamal Reddy, general manager (eastern zone) at a bankers's conference in Mumbai.

Though the details of the scheme have not been spelt out as yet, it is likely to compete with the SBI's reverse mortgage scheme. The concept of reverse mortgage is pretty new in India. It is a scheme in which the property earns income for its owner. Especially suited to senior citizens owning a property, who need lump sum money or a regular income, the reverse mortgage offers much needed help.

Apart from SBI, which launched the scheme in October, Dewan Housing Finance Limited (DHFL) was the only player in the market to offer a reverse mortgage. Now, with the concept catching up, more banks are likely to bring in their versions.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
An insight into the era of teaser loans
Loan against Property: A shoulder to rest...
Factors to Evaluate before opting for Home...
Credit score from CIBIL: will it really...
Home Equity Loan: A shoulder you can bank...


PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive