Taking into account certain limitations in earlier model, NHB has now conceived a new variant. The earlier scheme had certain shortfalls like payment tenure where the stream of monthly payments being made by banks to senior citizens was limited to maximum period of 20 years.
Now, the new variant has been engineered to convert illiquid house asset of senior citizens into stream of inflows throughout his lifetime. He is also assured of higher quantum of annuity as compared to RML. As on March 31 2010, around 7,000 RMLs of Rs 1,400 crores have been sanctioned.
Published 21 May 2010, 14:52 IST