Reverse mortgage loan will secure retirement, bank will give money every month, learn the entire scheme
Every person wants his life to be good, especially those times when he is a little helpless in working. We are talking about old age ie Retirement Plan. In fact, with aging, the capacity of human to work also decreases. In such a situation, after retirement, you need a good amount of money so that you can take your life out of peace, but not every person has enough money to plan future with his present. Loan is done.
The biggest condition for taking this loan is that the age of the borrower should be more than 60, and you should have your own house because if you have built your own house then they can be useful for you in old age. Huh.
Who gives back loans - If you have a home, then SBI (STATE BANK OF INDIA) and PNB Bank (Punjab National Bank) will give you pension (PENSION) under this scheme under Reverse Mortgage Loan.
What is Reverse Mortgage Loan - In Reverse Mortgage Loan, banks take mortgage of your house. Then every month banks keep giving you money. When the applicant (loan application) dies, the house becomes that of the bank. We have already told you the 2 big conditions of this scheme and the special thing about this loan is that this loan is available for 15 years only. Also, some banks do not give you this loan after the age of 72 years.
How much money you get every month- How much money you will get every month depends on the home value. The bank gives you 60% loan at the cost of the house, along with the bank lets you stay in the house till you are alive, but after you this house becomes the bank.
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