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Mangalore: Corp Bank Launches Special Scheme for Senior Citizens

  •   Tue, Apr 15 2008 06:03:32 PM

Daijiworld Media Network - Mangalore (MM/AF)
Pics: Dayanand Kukkaje

Mangalore, Apr 15: Corporation Bank launched ‘Corp Shelter,’ a reverse mortgage loan scheme for senior citizens here on Tuesday, April 15.

Speaking after launching the scheme, M Narendra, chief general manager (CGM) of the bank said that senior citizens who have completed 60 years can raise a loan from Rs 1 lac to Rs 50 lac through this reverse mortgage scheme. Married couples are also eligible as joint borrowers for financial assistance, provided one spouse has completed 60 years and other 55 years, he informed.

The borrower should be the owner of residential property (house or flat) located in India, with clear title indicating the prospective borrowers’ ownership of the property, which must also be their  permanent residence. In view of the societal concerns and as a goodwill gesture, the bank has waived the pre-payment penalty, he added.

A Mohan Rao, general manager of the bank was present.
  

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Comment on this article

  • A.D'Cunha Shenoy, Mangaluru

    Wed, Apr 16 2008

    Reverse Mortgages or milking the equity of your home is a new technique by the banks and financial institutions to make money in the name of helping the older persons. Is it ethical? That is a different question. Then again what is ethical in todays buisiness? Cash poor Senior citizens perhaps can avail this scheme but is it advisable? It can be argued.

    Personally, I will not go for this. Watch for the interest rates and unknowns and for the small prints before you sign anything dear older citizens.

    DisAgree Agree Reply Report Abuse


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