|
RML Case study
Reverse Mortgage Loan (RML) Scheme,though apparently enables senior's regular income by pledging home with the lending bank,the product has not met with much success due to obvious reasons such as non-availability of regular income beyond tenure leading to uncertainty as to how manage without payment after the loan term,quantum,etc. To overcome the weakness of the scheme, an improved Reverse Mortgage Loan enabled Annuity Scheme (RMLeA) has envolved as significant improvement over the intial RML product variant.
Answer the following question:
01. RMLeA scheme has been promoted by ......
(i) National Housing Bank
(ii) HDFC Ltd
(iii) Central Bank of India
(iv) Star Union Daichi life insurance Company ltd.
a. (i) and (ii) only
b. (iii) and (iv) only
c. (i),(iii) and (iv) only
d. (i),(ii) and (iii) only
02. Which of the following features are true in respect of RMLeA?
(i) Married couples will be eligible as joint borrower for financial assistance
(ii) Joint borrower will have the option to receive the annuity separately in their respective individual names on proportionate basis that may decide
(iii) The senor Citizen borrower are eligible to receive assured life-time payments even after completion of the fixed term with increased quantum of annuity
(vi) The periodic annuity payments are subject to Income Tax and Taxable in the hand of the annuity recipients.
a. (i),(iii) and (vi)are correct
b. (ii),(iii) and (vi)are correct
c. (iii),(ii) and (i)are correct
d. All (i),(ii),(iii) and (vi)are correct
03. The LTV in respect of Senior Citizen in the age bracet of 70-80 as per the scheme is ......
a.50%
b.75%
c.70%
d.60%
04. Under reverse Mortgage Loan Enabled Annuity(RMLeA), which of the following are considered as the primary annuity sourcing institution?
a. Scheduled Commercial Banks
b. Housing finance Companies
c. Life insurance Corporations
d. All the above
Answers
1-b, 2-a, 3-c, 4-c
…………………………………………………………………………………………………………………………………………… |
