Message deleted by moderator
Message deleted by moderator

Re: help me determine the tenure for this loan. by Lalit Deora on May 28, 2010 08:52 PM  Permalink He will never be able to close the loan. As his monthly interest stands at 15000 and he is willing to pay 10000. Sp with every passing month his debt will increase by 5000    Forward   |   Report abuse

Re: This is not new by sarat babu on Oct 16, 2009 09:34 AM  Permalink me too. I've been using the same OLD emi calculator.. Rediff as usual lies    Forward   |   Report abuse

Re: REVERESE MORTAGAGE by balchandhar on Jul 29, 2009 08:42 AM  Permalink The government came to the distress of old people not to depend on their wards for any thing and every thing. It is a good move to safeguard the life of the aged. They can be independent and not at the mercy of their sons/daughters though they have immovable property in their name. Some of the leading banks are offering reverse mortgage to the retired and aged people who crosses 60 years. For a 60-65 loan amount will be 60% of market value of the poroperty . For 65-70 it is 70% and morethan 70 I think it is 80% of the market value. He can reside in his house till his death and after that his wife's death none can ask her to go out. They can choose either monthly payment or lump sum payment or both. They will get this payment for 20 years. Every 5 years the property will be revalued and fixed up the market value and amount of payment by the bank. After 20 years if the aged had amount to close the mortgage they can do that, if they dead the legal heirs will pay the total amount of principal and interest., and take possession of the mortgaged property, if they fail to do so, the bank will put in auction and after adjusting the loan dues the remaining will be paid to the legal heirs. This was the information I read. Subsequent changes I may not aware and request you to contact the banks like SBI, PNB etc.,    Forward   |   Report abuse