The Hindu Business Line : HDFC plans offering reverse mortgaging

Pune June 6 Housing Development Finance Corporation Ltd (HDFC) will offer reverse mortgaging to take care of senior citizens' need for funds as a new line of business and come out with the product in a month.

The Chairman, Mr Deepak Parekh, also made a commitment to support builders who would come out with housing projects for senior citizens.

In the city to inaugurate `Athashri', a 300-unit complex for senior citizens developed by Paranjape Schemes, Mr Parekh said that National Housing Bank, its regulator, is working on a reverse mortgaging product and would be ready with guidelines soon.

Elaborating on what will be a new line of business for the corporation, Mr Parekh said that the Hadapsar branch office in Pune would meet residents of the new complex to assess and study the special requirements that would need to go into such a product.

"We could even bundle it with a savings product like a mutual fund or a unit linked scheme,'' he said, emphasising that HDFC would be "very flexible''.

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