Title: Has the Budget
Done Justice to the Seniors?
Words: 1337
Candle in the Darkness
Let me now stop writing
on disappointing points and note on one interesting
proposal spelled out by the Finance Minister
in his speech on February 28, 2007 , that would
be of interest to Senior Citizens. It is in
para 89 of his Speech:
"89. The National
Housing Bank (NHB) will shortly introduce a
novel product for senior citizens: a 'reverse
mortgage' under which a senior citizen who is
the owner of a house can avail of a monthly
stream of income against the mortgage of his/her
house, while remaining the owner and occupying
the house throughout his/her lifetime, without
repayment or servicing of the loan."
While
the SZ would welcome this move which may prove
beneficial for him, it is only when the NHB introduces
this novel product, will it be possible to evaluate
its benefit and whether the same is workable and
hassle-free.
(The
author is a member of Bombay Chartered Accountants'
Society)
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