INDIA: Bank offers Reverse Mortgage for Senior Citizens

CHANDIGARH, Punjab (The Financial Express - Punjab Pulse), April 22, 2007: Punjab National Bank (PNB)has launched a unique scheme to cater to the financial needs of senior citizens. The scheme, PNB Baghban, based on the reverse mortgage concept was launched across the country by the bank on its foundation day, April 13, and is already drawing a huge response. The scheme makes citizens of 60 years and above owning property, which is free from any encumbrances-- eligible for a loan. By Vani Aseem Grover © 2007: Indian Express Newspapers (Mumbai) Ltd.