BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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English Mortgage Scheme
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Senior Capital Loan Scheme
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Reverse Mortgage Loan Scheme
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DEMAT Account Scheme
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Detailed explanation-1: -Should be senior citizen of India, above 60 years of age.
Detailed explanation-2: -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-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: -09 JUNE, 2021. Senior citizens may often need immediate funds to meet their monetary exigencies. In such a case, they can make use of the Loan Against Property. Be it managing their medical costs, or taking care of the living expenses, education, marriage, the loan amount can be used for a variety of purposes.
Detailed explanation-5: -The scheme of reverse mortgage has been introduced recently for the benefit of senior citizens owning a house but having inadequate income to meet their needs. Some important features of reverse mortgage are: A homeowner who is above 60 years of age is eligible for reverse mortgage loan.