:::::SRI S.B. RODE, OUR BELOVED PRESIDENT, AICBOF AND OFFICER DIRECTOR ON THE BOARD OF CENTRAL BANK OF INDIA HAS BEEN COOPTED AS GENERAL SECRETARY, AICBOF IN E.C. MTG. HELD AT MUMBAI ON 24.02.2014:::::MR. S.C. GUPTA, GEN. SECRETARY OF OUR AHMEDABAD UNIT HAS BEEN COOPTED AS PRESIDENT, AICBOF::::::WE CONGRATULATE THEM AND WISH THAT THE OFFICERS' MOVEMENT IN CENTRAL BANK OF INDIA WILL BE TAKEN TO NEW HEIGHTS:::::LONG LIVE CBOA:::::LONG LIVE AICBOF::::::LONG LIVE AIBOC:::::

CENTRAL BANK OF INDIA LAUNCHES REVERSE MORTGAGE LOAN ENABLED ANNUITY PRODUCT FOR THE FIRST TIME IN INDIA

Central Bank of India and Star Union Dai-ichi Life Insurance Co. Ltd. have launched a novel Reverse Mortgage enabled Loan Annuity Product branded as CENT SWABHIMAN PLUS in the presence of Hon'ble Union Minister of State for Finance, Shri Namo Narain Meena at Delhi. CENT SWABHIMAN PLUS is a unique and tailor-made product to facilitate senior citizens to avail regular payments throughout their life time. Such an Annuity Product assuming life-time payments is being made available for the first time in this country.

This Annuity Product is an alternative to the Reverse Mortgage Loan product - CENT SWABHIMAN - which is already available from Central Bank and from some other banks and Housing Finance Companies.

The new product is an improvement over the existing product in two important aspects. First, life time payment is assured as against maximum of 20 years in the existing similar products. Second, the quantum of monthly payment is significantly higher.

Senior Citizens above the age of 60 years and also with eligible spouse of 55 years of minimum age cap, can get this life time annuity against the mortgage of their selfowned and self occupied house and they can also continue to stay in the house as long as the last surviving spouse is alive.

Other unique features of the product are:

* Regular income starts within a month of joining
* Choice of annuity payment - monthly/quarterly/half yearly/yearly
* Two Annuity options
Option 1: Life Annuity payable at a constant rate as long as the annuitant survives.
Option 2: Annuity for life with return of purchase price on death of Annuitant
* Loan amount upto 60%-75% of the value of property
* Option of lumpsum payment of 25% of loan amount (max. Rs.15 lacs)
* Lowest interest rate of 9.5% on the loan amount.

Over and above, the Senior Citizen can opt for the existing Reverse Mortgage Loan product as well.

Source: https://www.centralbankofindia.co.in/upload/news/PR_dai-ichi.pdf

Posted by C.B.O.A., A.P.

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1 comment

Anonymous said...

As far as what i've heard, it was National Housing Bank's product. And CBI started it because the CMD of both the Bank's is Shri. S. Sridhar.

Even the press releases that were released on the next day of the launch did not have NHB's name.

January 19, 2010 at 3:52 PM

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