Which company offer Reverse Mortgage Loan in India

For one I have heard that Dewan Housing Finance Corporation Limited (DHFL) have started reverse mortgage programs in India. May be few others also but there are not many who provide this type of mortgage in India.

"Pl provide names of institutioins and/or Banks offering Reverse Mortgage Loan in INDIA only.

Regards"

National Housing Bank (NHB) is also coming up with a reverse mortgage plan of its own in the market but is still in the planning stage.

Hi Krs,

In India, the Kotak Mahindra bank has also initiated a special offer for senior citizens where they will get an interest rate of 8.75% for the period of 1001 days, 25 basis points higher than the term deposit.

rural property is considered for rverse mortgage loan?

Hi Murthy,

Reverse mortgages can be secured by either urban or rural property. The amount of the loan available will depend on the borrower's age and the value of his equity.

Murthy,

If you need the complete details on How reverse mortgage works in India, refer to the section on this topic.

some banks say after loan period for 10 or 15 years, loan should be cleared ny selling the house property or any other means, in that case borrower has to leave the house for selling then where to go. But national housing board say borrower and his spouse through out life and loan could be cleared after their life time. Which is correct.

Hi

As far as I'm aware of, your reverse mortgage becomes due only after you die or when you sell off your property or move out of it. They cannot force you out of the house and sell off the property during your lifetime.

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INFORMATION NEEDED FROM YOU AS A BORROWER

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