Business Daily from THE HINDU group of publications
Friday, Feb 29, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 29, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Housing Finance LIC Housing to offer reverse mortgage loans Our Bureau Mumbai, Feb. 28 LIC Housing Finance Ltd (LICHFL) will now offer reverse mortgage loans for senior citizens above 60 years. The loan will be given on single or on joint basis with the spouse, if the spouse is over 60 years. According to a press release, the reverse mortgage loan will be offered at a fixed interest rate subject to reset every 5 years. Under the scheme, senior citizens can avail the loan either on a monthly payment or a lump sum payment or a combination of both. The property evaluated for the loan should have at least 20 years of residual life. The maximum loan balance will be restricted to 90 per cent of the value of the property and the loan balance will include interest till maturity. More Stories on : Housing Finance
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