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For Honourable Senior Citizens – Reverse Mortgage Loan – No Repayment

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Some Banks are offering Reverse Mortgage Scheme for senior citizens who are in need of Huge Amount for their Medical Expenses and also need Regular Monthly Income to meet with their monthly expenses in the absence of any social security  or pensions for the common man. The senior citizen, pay taxes honestly, during their life when they do have the earning capacity but after retiring from business or economic activity the government does not take care of its own senior citizens who funded the country’s development projects by paying taxes. This very question always used to bother me in 1989 when I was just 33 years old and my father retired from a Private Limited Company in 1991 without any pensionary benefits. I felt hurt that my father, who paid income tax during all his life, was left high and dry by the government and the private employers. This made me restless and compelled me to take up the issue with Dr.Manmohan Singh Ji, present Prime Minister of India, who happened to b the then Finance Minister of India in 1992 when the issue was raised thread bare by me. I do not know whether it was my effort or because of effort of millions of such other sufferers that the Government came out with EPS-1995, the Employees Pension Scheme-1995, which is still not clear to the present contributors of EPS-1995. Let the Government fix the pension on the basis of tax contributed by the individual during his or her active. Every taxpayer may be issued Pass Book with all entries of tax contributed by the taxpayer and interest be applied at the rates applicable to PPF scheme. When a person or an individual retires the retiree should put up his papers and Tax Paid Pass Book with current balance so that matching Pension can be fixed for the taxpayer in addition to free medical, no further taxation and other means of social security. Let the citizens pay taxes to get the highest level of pension. The individuals who shirk work during active life deserve no sympathy at the cost of others who are working hard and taking part in country’s development. This step will increase the GDP, National product and National Income in real terms and individual shirkers will tend to change their attitude. Any how this was just a suggestion which may get implemented in India of my dreams in 2047, the Government of India, finding it difficult to provide social security to senior citizens have come out with a noble plan that is Reverse Mortgage Scheme, which has been thrown in the dust bin by most of the Public and Private sector banks whereas the scheme was launched more than 5 years ago which has been revised for the remaining life of the senior citizens and senior citizens are not to repay the loan taken under reverse mortgage scheme and they can lead an independent dignified life.
As per the Reverse Mortgage Scheme, Senior Citizens can mortgage their House property for getting Regular Monthly Installment for their livelihood. Senior Citizens are not to REPAY the loan during their life time and Legal Heirs can repay the loan to inherit the property. In such a way Senior Citizens will neither loose t…heir shelter nor they have to be dependent for their daily needs. Loan can also be repaid out of sale proceeds of property after the death of both (Husband and wife) as Regular Monthly Installment will continue to be payable to spouse after the death of the life partner. Surplus of Sale Proceeds is payable to legal heirs. One such scheme named as  PNB BAGHBAN SCHEME   after the theme of HINDI MOVIE BAGHBAN  is offered by PNB.                             

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