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Bank of Baroda will soon offer loan against your home
Bank of Baroda plans to launch a `reverse mortgage' - a stream of loan payments against the homeowner's net equity stake in the property- product for customers based on the recent guidelines issued by the National Housing Bank (NHB).
Bank of Baroda plans to launch a `reverse mortgage' - a stream of loan payments against the homeowner's net equity stake in the property- product for customers based on the recent guidelines issued by the National Housing Bank (NHB). "We will introduce a `reverse mortgage' product in the next three months' time based on the revised NHB guidelines," said Dr A.K. Khandelwal, Chairman and Managing Director, Bank of Baroda.
Mr Khandelwal was speaking at the sidelines of a press conference on the launch of an electronic bill presentment and payment service for its customers under core banking service.
Talking about the reverse mortgage scheme, Mr Ajai Kumar, General Manager, Retail Banking, Bank of Baroda, said, "It is not an easy product, there are several issues to be understood before the implementation of the scheme." Having said that, he felt that there would a wide acceptance for the scheme. "With the concept of joint family fading, there is a market for the product as it will provide a source of sustenance for the older people."
Mr Khandelwal was speaking at the sidelines of a press conference on the launch of an electronic bill presentment and payment service for its customers under core banking service. 
