House loan scheme for elderly
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NGO HelpAge India, working for the elderly, and National Housing Bank, have come up with a Reverse Mortgage Loan (RML) that enables houseowning senior citizens to get periodic payments to meet their everyday needs without having to repay the loan during their lifetime.
After their death, their children, or whoever are the nominees, are required to pay the loan. If there are no nominees, the bank takes over the mortgaged property. RMLs are extended by primary lending institutions registered by the NHB. The loan amount depends on the value of house property as possessed by the lender, the age of the borrower and the prevalent interest rate.
"RML helps the elderly live with dignity," said Sudipa Chatterjee, RML counsellor of HelpAge India.