together to 1) give loans to seniors for buying houses 2) Tie up with
Reverse Mortgage if necessary to complete the loans / EMI
So, idea proposed by B Rama Rao is working. Let us hope the idea
spreads to other banks and other housing projects as well
Now read on for details .....
2 FEB, 2012, 10.10PM IST, PTI
Central Bank of India in pact with Tata Housing for loan to pensioners
MUMBAI: State-owned Central Bank of India today signed an agreement
with Tata Housing to offer a special home loan product exclusively
designed for pensioners.
"We have signed an agreement with Tata Housing for our newly developed
home loan product that will be offered to the pensioners at the
upcoming Tata Housing's project at Washim on Mumbai's northern
outskirts," Central Bank General Manager R Sangapure told PTI.
The product, CentHome Swabhiman Plus, which is yet to be approved by
the regulator RBI, seeks to fund home buyers in the age group of 55-70
at a concessional rate, he said.
While loans under Rs 30 lakh will attract only the bank's prevailing
base rate, those above this amount will be available at 0.25 per cent
above the base rate. The bank has scrapped processing fee on loans
under this product, he said.
Tata Housing is developing a township at Washim, where one of the
projects with 150 housing units is being developed for pensioners.
Tata Housing Managing Director Brotin Banerjee could not be reached
Explaining the rationale behind the product, Sangapure said, "this is
aimed at helping the elderly as banks mostly do not lend to people
after or near retirement. We thought of changing this and helping the
needy home buyers.
The product seeks to offer reverse mortgage option to customers unable
to service the loan after some time. It also seeks to fund the
borrowers who want to avail of the special medical fund being created
by Tata Housing, which has priced Washim housing units in Rs 25-40
lakh range, Sangapure said.
About the city-based lender's plan to launch a special product to help
redevelopment of old housing societies in Mumbai, which seeks to
directly finance the residents of the society instead of the
developer, as is the practice, he said, the bank will approach RBI
again with the proposal.
RBI has objected to the bank's plan to fund demolition and
rehabilitation costs under this scheme, he said.
Dr P Vyasamoorthy, 30 Gruhalakshmi Colony Secunderabad 500015 Ph
040-27846631 / 9490804278.