WHAT IS YOUR CONTRIBUTION FOR GETTING O.R.O.P.?

TO CALCULATE YOUR 7 CPC, DELINKING ARREARS, O.R.O.P.ETC., ARREARS AND REVISED PENSION PLEASE VISIT OUR WEBSITE: exweltrust.in

UNITY IS OUR STRENGTH

DEAR VETERANS
OUR UNITY IS VERY IMPORTANT
PLEASE HELP THE POOR JAWANS

THEY ARE MORE IN NUMBER

BRING THEM UNDER YOUR COMMAND
BY LOVE & COMPASSION
THEN YOU SEE HOW
THINGS MOVE WITH THE GOVT


PLEASE THINK IT OVER

7 CPC ORDER HAS BEEN ANNOUNCED BY GOVT.

SOME IMPROVEMENT IN PENSION FOR LOWER RANKS />
ARREARS FROM 01.07.2014.has been paid />
Minimum pension for Sep.Y15 yrs. Rs.17130 />< /> KNOW THE RATES OF DISABILITY PENSIONS

W.E.F.01.07.2014

(FOR PRE 01.01.06)(100%)
READ CDA CIRCULAR 555
Table No.76(FOR 100%)
READ CIRCULAR 555
OTHER RANKS (FOR 100%)
READ CIRCULAR 555

WAR INJURY PENSION
FOR ALL RANKS (100%)
READ CDA CIRCULAR 555

DISABILITY PENSION &
WAR INJURY PENSION
TO BE PAID WITH D.A.

CONSTANT ATTENDANCE ALLOWANCE
FOR ALL RANKS (FOR 100%)
Rs.4500/-W.E.F. 01.07.2014

MINIMUM SPECIAL FAMILY PENSION
Rs.7000/- W.E.F.01.07.2014 for 6 months service

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IT IS BETTER TO KNOW

YOUR PENSION ENTITLEMENTS THAN

YOUR LIQUOR QUOTA

HELP ALL TO GET
CORRECT PENSION FROM BANKS

REMEMBER, THAT OUR DEMAND OF

ONE RANK ONE PENSION

ACCEPTED BY GOVT.Circular issued

But Our demands are not fully accepted

OUR FIGHT CONTINUES

JOIN THE MISSION TO WIN

THERE IS NO GAIN WITHOUT PAIN

LET US FIGHT FOR JUSTICE
OROP MEANS
EQUAL PENSION
FOR EQUAL RANK
GROUP,AND SERVICE
IRRESPECTIVE OF DATE
OF RETIREMENT
WHETHER POST 01.01.2006
OR PRE 01.01.2006

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VISIT www.exweltrust.in

for calculating your OROP arrears

DUAL FAMILY PENSION AGREED BY TN GOVT


"நல்ல நிர்வாகத்தால் வழங்கப்படும்

நீதி தான் உயர்ந்தது.

நீதி மன்றங்களினால் பெறப்படும் நீதிகள்

நிர்வாகத்துக்கு பெரும் அவமானம்

என்பதை நிர்வாகம்

(Ministry of Defence)

நன்கு உணர வேண்டும்."

DE LINKING ORDER ISSUED ON 30SEP16

ARREARS FOR CIR.547,548 & 560 TO BE

PAID TO ALL ELIGIBLE PENSIONERS BY BANKS

தமிழக அரசு இரண்டு குடும்ப பென்சன்

வழங்க அனுமதி அளித்துவிட்டது. செய்தி.

முன்னாள் படை வீரர் குடும்பங்களின்

நலன் காப்பது ராணுவ அமைச்சகத்தின்

தலையாய கடமையாகும்

GOVT. OF TAMIL NADU SANCTIONED

SECOND FAMILY PENSION IS A GOOD NEWS.

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Disclaimer

The postings in this Blog are only the personal opinion and do not necessarily reflect the views of the “indianexserviceman” blog team. These are expressed in good faith for the general welfare of the veterans of the Indian Armed Forces. The contents of this blog are neither for business nor for any commercial gains. Neither the “indianexserviceman” blog team nor the individual authors of any material on this blog accept responsibility for any loss or damage however caused (including through negligence), which you may directly or indirectly suffer arising out of your use or reliance on information contained on or accessed through this blog. All views and opinions presented are solely those of the surfer and do not necessarily represent those of “indianexserviceman” blog team. This is not an official blog site. This blog is run by a team of Air Warriors of the IAF (Veterans). It is not affiliated to or officially recognized by the MOD or AHQ or Air HQ or Govt/State or any other organization.

"நாட்டுக்காக உயிர் நீத்தவர்களை நினைக்காதநாடு இனி யாரும் அதற்காக உயிர் விடும் தகுதியை இழந்துவிடும்."

PENSION GUIDE BOOK IN HINDI AVAILABLE FREE DOWNLOAD. CLICK HERE.

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MESSAGE FOR READERS

"தெரிந்து கொள்ளுங்கள்" என்ற பென்சன் வழிகாட்டி புத்தகம் புதிய O.R.O.P பென்சன் பட்டியலுடன் கிடைக்கிறது. ஒவ்வொரு ராணுவ பென்சனரும் அவசியம் படிக்கவேண்டியது. உங்கள் தேவைக்கு தொடர்புகொள்ள : முகவரி "எக்ஸ்வெல் டிரஸ்ட் " 15 மிலிடரி லைன், சமாதானபுரம், திருநெல்வேலி 627002. போன்:9894152959. 04622575380 தெரிந்து கொள்வது அவசியம். தெரியாது என்பது அவமானம். தெரிந்து கொள்வது கௌரவம்.உங்கள் சரியான பென்சனை தெரிந்துகொள்ள இந்த புத்தகம் உதவும் www.exweltrust.in என்ற இணைய தளத்தை பார்க்கவும்

Monday, April 20, 2009

REVERSE MORTGAGE LOAN



The Reverse Mortgage loan, which has been introduced in India, appears to be attracting middle class Senior Citizens, who have inadequate income to support themselves. I have come across some senior citizens to sell out their residential property for their survival and end up in untold miseries. This loan scheme seems to give some relief to such people in future.

REVERSE MORTGAGE LOAN

This is a new loan scheme launched in some of the nationalized banks. (STATE BANK OF INDIA AND PUNJAB NATIONAL BANK HAVE INTRODUCED THIS LOAN) This scheme is formulated for the benefit of the aged above 60 years living in their own residential property with inadequate income to support themselves. The loan can be availed of by way of either (i) periodic installments or (ii) lump sum amount. This loan and interest is not required to be repaid during the life time of the borrower. This loan will be recovered on the demise of the last surviving borrower or foreclosure in case the borrower leaves the property permanently by the sale of the property if the legal heirs do not repay the loan with interest.

Objective of the scheme:
To provide a source of additional income for senior citizens of India who own self-acquired and self-occupied house property in India.

Eligibility
No. of borrowers
Single or jointly with spouse in case of a living spouse.

Age of first borrower
Above 58 years.

Residence
Borrower should be staying at self-acquired and self owned house/flat against which loan is being raised, as his permanent primary residence.
Mobile/Telephone/Credit card bills/Certificate from the housing society where the borrower is staying/Affidavit made before the executive magistrate may be accepted as proof of residence.
Borrowers will be required to inform the Bank when they cease to use this residence as their permanent residence.

Title of the Property:
Borrowers should have a clear and transferable title in their names. Title verification and search report for a period of 30 years will be required to be obtained from the Bank’s empanelled advocate at borrower’s cost.

Title of the property and number of borrowers:
Case – Title in single name and loan availed jointly with spouse. Title holder should make a Registered Will in favour of the other spouse. The Will should confirm that this is the last Will and that it supercedes all earlier Wills, if any. The borrower to undertake that no fresh Will shall be made during the currency of the loan.

Encumbrances:
The property should be free from any encumbrances. However in case of property purchased by availing Home Loan from SBI and mortgaged to SBI, it will be considered for RML, subject to closure of the Home Loan account out of the proceeds of RML.

Residual Life of property:
Should be at least 20 years in case of single borrower and 25 years in case of spouse being below 60 years of age. Certificate from empanelled engineer/architect will be required to be obtained for this purpose, in addition to valuation of property.

Security:
The RML shall be secured by way of equitable mortgage of residential property.

Tenor:
Age of the younger of the borrowers between 58 and upto 68 years: 15 year’s age of the younger of the borrowers above 68 years: 10 years OR till death of the borrower(s), whichever is earlier.

Disbursement:
By credit to an SB account in the joint names of the borrowers operated by E or S

Periodicity of availing loan:
1. Monthly/Quarterly payments
2. Lump sum payment.

Quantum of loan:
The loan amount would be 90% of the value of property. Loan amount would include interest till maturity. The loan installments payable to the borrower(s) would be as under for a loan amount of Rs.1 lac (at interest rate of 10.75% p.a.):

Loan
Tenor
(years) 10 11 12 13 14 15
Monthly
Installments
(Rs.) 468 399 343 297 258 225
Quarterly
Instalments
(Rs.) 1,423 1,215 1,045 905 787 687
Lumpsum
Payment
(Rs.) 36,022 32,525 29,368 26,517 23,944 21,619

The maximum loan amount is proposed to be kept at Rs.1 crore (monthly payment Rs.22,500/- for 15years) and minimum Rs.3 lacs (monthly payment Rs.675/- for 15 years). Example of arriving at the monthly installments:
Property value : Rs.10 lacs
Qualifying loan amount
(90% of property value) : Rs.9 lacs
Tenor : 15 years
Monthly instalment : Rs.225 x 9 = Rs.2,025/-.

Purpose of Loan:
Supplementing income, any personal expenses, house repairs, etc. Loan amount should not be used for speculative, trading and business purposes.

2. This loan can be prepaid any time during the tenure without any prepayment penalty. Subsequent revaluation of the property will be done once in 5 years and revision of periodic/lump sum amount will be made on such basis.

3. Interest at a fixed rate of 10.75% p.a. for public and at 9.75% p.a. (Concessional interest rate of 1% below the card rate applicable to public) to SBI Pensioners will be charged.

4. The loan will be made available in the form of Non-Renewable over draft facility. No Cheque Book/Debit Card will be linked to this account.

Courtesy: SBI Elders Voice

1 comment:

reverse mortage said...

thanks for useful information.