Few takers for reverse mortgage in North

Swarleen Kaur
Posted: Tuesday, Jul 29, 2008 at 2334 hrs IST
Updated: Tuesday, Jul 29, 2008 at 2334 hrs IST

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Chandigarh, Jul 28 : of the bank would be 20%. For instance, if a person avails the loan upto Rs one lakh against the property then we will pay him the monthly installment of Rs 490. With the counseling centre being set up in Chandigarh things will certainly improve”....

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» RML loan Interest

Posted by D.Manohar on 2008-07-30 21:21:59.149789+05:30
The interest of 10% and 10.75% by SBI is too high for Sr Citizens. Also the processing fee of .5% is very high. For a loan of Rs 2000000/- it works out to Rs 10000! plus legalfees of Rs 2500/-Also there is no guarentee that the loan will be sanctioned

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» Reverse Mortgage

Posted by Ramana Rajgopaul on 2008-07-29 18:29:39.078847+05:30
So much has already been written about this topic that it is like flogging a dead horse. No one has bothered to find out why Senior Citizens are averse to making use of this facility. Perhaps you can initiate a study.

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