BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Banks these days have launched a new scheme product known as “Reverse Mortgage". The scheme is designed keeping which of the following groups of society in consideration?

A	Youngsters who have just started earning
B	Defence personnel whose life is always at high risk
C	Senior citizens
D	Women who do not have independent source of income

Explanation:

Detailed explanation-1: -In a Reverse Mortgage, a senior citizen who owns a house can mortgage the property with a bank. Instead of paying EMIs to the bank like with a regular home loan, the bank makes monthly payments to you in a reverse mortgage. Moreover, you can occupy the house and are not required to repay the loan.

Detailed explanation-2: -SBI Reverse Mortgage Loan provides an additional source of income for senior citizens of India, who have a self-acquired or self-occupied home in India. This product is beneficial for senior citizens who do not have adequate income to support themselves.

Detailed explanation-3: -Reverse Mortgage Loan (RML) enables a Senior Citizen i.e. above the age of 60 years to avail of periodical payments from a lender against the mortgage of his/her house while remaining the owner and occupying the house.

Detailed explanation-4: -Reverse mortgage is a loan which provides additional source of income for senior citizens who have a self-acquired or self-occupied home in India. The borrower is paid payments by the lender against the mortgage.

There is 1 question to complete.