BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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

Who among the following are the beneficiaries of the RS.Reverse Mortgage Scheme’.?

A	Government Employees
B	Senior Citizens
C	Unemployed Persons
D	Persons of BPL Category

Explanation:

Detailed explanation-1: -The scheme involves the Senior Citizen borrower(s) mortgaging the house property to a lender, who then makes periodic payments to the borrower(s) during the latter’s lifetime.

Detailed explanation-2: -This product is beneficial for senior citizens who do not have adequate income to support themselves. The Bank makes payments to the borrower /borrowers (in case of living spouse), against mortgage of his / their residential house property. The borrower is not expected to service the loan during his lifetime.

Detailed explanation-3: -Any person who is 60 years or above can avail of the reverse mortgage scheme. In case of a married couple, at least one of them should be 60 years of age or more. The house to be mortgaged should have a residual life of at least 20 years or more.

Detailed explanation-4: -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.

There is 1 question to complete.