The lives of elderly people look to become easier in future. It has been reported that the National Housing Bank is working on a scheme under which senior citizens can get loans against their high priced houses without an obligation to repay it during their lifetimes. They do not have to vacate their house and them and can their spouses live in it.
As per the scheme a senior citizen over the age of 62 years and who has his own house can take the advantage of this scheme. The amount of loan would be determined on the market value of the house, on a percentage basis. Another option available to the people would be to receive the amount on a monthly basis. In such a case the amount would be spread across fifteen years. There would be a variation in the amount of loan and the monthly instalment on the basis of the age of the borrower. The chances of an old borrower surviving a longer period are less than a person of a relatively lesser age.
