The State Bank of Travancore has introduced the reverse mortgage loan scheme for senior citizens owning houses.
Reverse mortgage loans are available to pensioners who are above 60 years of age and have a self-owned, self-occupied property.
These loans will be joint loans with spouse and the loan amount can be disbursed in lump sum or in quarterly/monthly installments.
Though the loan scheme is such that the borrower does not have to repay the loan during his lifetime, on remarriage or on keeping the house vacant for more than one year, the loan has to be pre-closed.
The loan will be available for a maximum tenure of 15 years and the bank will sell the house after the death of the loan borrower/s. The legal heirs can claim the property if they repay the loan.
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