Reverse mortgage scheme extended till life of borrower
With an aim to make the reverse mortgage facility more attractive for senior citizens,the government has extended the period of the scheme from 20 years to the life of the person seeking funds from banks by pledging his residential property. This has been done by amending the Reverse Mortgage Scheme,2008 which enables a person above the age of 60 years to avail of periodical payments from a lender against the mortgage of his/her house while remaining the owner and occupying the house. Earlier,the period of reverse mortgage loan was 20 years from the date of signing the agreement by the reverse mortgagor and the approved lending institution. But,now period has been extended to the residual life time of the borrower, said a notification by the Central Board of Direct Taxes (CBDT). Persons availing the facility gets income tax benefits. The scheme is operated by National Housing Bank and other banks and housing finance companies registered with it. As per the amendment,Life Insurance Corporation of India and other insurers registered with the Insurance Regulatory and Development Authority (IRDA) have included as annuity sourcing institutions.
LIC HFL reduces home loan rates by 0.25%
LIC Housing Finance (LIC HFL) said said it has reduced home loan rates by 0.25 per cent with effect from October 15. The new rates on home loans are applicable up to November 30. LIC HFL is also offering lower processing fee during the period,a company press release said. An additional rebate of 0.25 per cent throughout the loan term is applicable after conversion to floating rate after the fixed period,the release said. Super Choice scheme for general borrowers will carry interest rate from 10.35 per cent. In this scheme,the interest rate will be fixed for the first 2 years and converted to floating thereafter,the release said.
ITC Hotels launches Panchkula property
ITC Hotels has opened the WelcomHotel Bella Vista,in Panchkula. The new 49-room property will be managed by ITC Hotels under the chains WelcomHotel brand. The hotel is located 10 kms from the Chandigarh airport with easy access from the business districts. Agencies