All private job holders get their salary until they retire from their services. However, after their retirement they do not get any pension. The same applies to government employees. People think about how to live life and manage household expenses after their retirement. In such a situation, banks have come up with a new scheme to help their customers to overcome these problems. Under this scheme, you can get a good pension.
The name of this scheme is Reserve Mortgage Loan Scheme. In this scheme, the house has to be mortgaged with the bank, but it does not mean that the bank will take possession of your house at the same time. However, the bank will continue to give a fixed amount every month to support the elderly couple. This scheme is also completely opposite to the home loan. In home loan, you have to deposit money every month, whereas, in this scheme, the bank pays you every month.
How to take advantage of Reserve Mortgage Loan Scheme?
Loan under the Reserve Mortgage Loan Scheme is available only to those senior citizens whose age is 60 years or more. This loan is available for 15 years. The amount of money the elderly people will be getting under this scheme every month depends on the value of the mortgaged house. For example, if the value of your house is Rs 25 lakh, the bank can give you about Rs 5000 every month for 15 years. You can also take a lump sum amount if you need for medical treatment. The special thing is that no minimum income proof is required to take a loan in this scheme.
Who will repay the loan if the owner of the house dies?
When the owner of the house dies, the bank gives their children or legal heirs the option to deposit the loan. If they deposit the loan, then the mortgaged property will be returned to them. But if the legal heirs do not deposit the money, the bank auctions the house and after deducting the amount given to the elderly, the remaining payment is returned to their heirs.
(Source: zeenews.india.com)
Ms Kalinga