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Reverse Mortgage: Senior Citizens Get a Tax Break

To make the reverse mortgage facility more attractive for senior citizens, the government has decided to a give a tax break on the instalments earned by pledging residential property. Annuity on reverse mortgage is henceforth tax exempt, National Housing Bank chairman and managing director RV Verma said. The revised scheme will enable a person above the age of 60 years to avail monthly payments from an insurance company as annuity for life against the mortgage of his/ her house while remaining the owner and occupying the house. As per the scheme, on the borrower’s death, or on the borrower leaving the house property permanently, mortgage is repaid along with accumulated interest, through sale of the house property. The borrower, or heir, can also repay the loan with accumulated interest and have the mortgage released without resorting to sale of the property.
 

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Credit Cards: SBI To Pay Rs1 lakh for Illegal Demand of Dues

State Bank of India has been directed by The East District Consumer Disputes Redressal Forum (New Delhi) to pay Rs1 lakh to a man for raising a demand of over Rs3 lakh from him towards credit card dues even though he had not availed the facility. The Forum noted that the Bank acted ‘irresponsibly’ by raising the illegal demand and putting the name of the complainant in CIBIL’s defaulter list which, in turn, resulted in denial of a housing loan to him, apart from tarnishing his reputation.

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