For Honourable Senior Citizens – Reverse Mortgage Loan – No Repayment
by
Ashok Goyal
·
26/12/2014
For Honourable Senior Citizens – Reverse Mortgage Loan – No Repayment
September 23rd, 2021
Ashok Goyal
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.
Tags: Bank LoansPNB Baghban SchemeReverse Mortgage SchemeSenior Citizens
Ashok Goyal
Hi members, I am Ashok Goyal from Rajpura - Punjab, a town near Chandigarh. I am a retired Chief Manager from a Top Nationalized Bank in India with 35 years of experience. I am the CEO-cum-Founder of this site made for Young and Old, Technical and Non Technical members to spread their knowledge across the Globe. I am a Science Graduate with an M.A. in Economics and C.A.I.I.B. (Certified Associate Life Member of Indian Institute of Banking and Finance since 1980 and a Social Worker authoring many Blogs for the benefit of the Public in General. I Graduated from Patel Memorial National College, Rajpura - 140401 and secured a Master's Degree in Economics from Punjabi University, Patiala - 147001 Punjab, India. Expert in Legal and Money Matters, may it be Banking, Investments, and Insurance or Fraud investigations. My Hobby is to share Knowledge and alarm the younger generations about the practical implications of transacting online. I am available at many Social Networking Sites. I am health conscious and like reading deeply about anything related to health and nutrition. In the case of any violation of objectionable content, the images on my authored links or on this site, you can either report me directly or you can file a DMCA complaint about the removal of the content. I do not like spammers and never hesitate to report the abuse of my profile information. I am the owner of the WQAINDIA Brand hosting self-hosted Question Answers Site at Web Question Answers. In Jan 2016, I founded Samadhan Kender at Rajpura - which is now talk of the down. In January 2017, keeping in view the Identity Crisis in India I found that the Public was facing difficulties in their CIBIL Reports - I started my best ever venture at CIBIL Consultants to solve the CIBIL Problems of the Public online. CIBIL Consultants is having its client base in all 17 states in India.
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