Reverse Mortgage Loan enabled Annuity. PDF created with pdffactory Pro trial version
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1 Reverse Mortgage Loan enabled Annuity
2 v More than 90 years of experience v 7 th Largest Bank in India in asset base v 2699 branch network across the country v 23% shareholding in SUD Life v More than 100 years of experience v 4 th Largest Bank in India in asset base v 3021 branch network across the country v 51% shareholding in SUD Life v More than 100 years of Insurance experience v2 nd Largest Insurance company in Japan v Ranked among Top 10 Insurance company in the world v 26% shareholding in SUD Life v Asset base of Rs billion. Joint Venture between Three Financial Giants : Dai-ichiMutual Life -Japan, Bank of India & Union Bank of India Launched on 9 th February 2009 by Hon ble Shri P Chidambaram, Home Minister of India. Rs 250 Cr. Of paid up capital No. of Employees : 805 (as on 30th Nov 09) Regional Office: Mumbai/Delhi/Chennai/Hyderabad/Lucknow and 15 New RO will be open soon.
3 1 2 3 SUD Life Ranking among Private Life Insurers (Nov 09) Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 q 2 nd in terms of ticket size in FY 2010* Rank Ticketsize (Monthly) Rank Ticketsize (upto Nov'09) Rank Premium Basis (Monthly) Rank Premium Basis (upto Nov'09) q 2 nd in terms of ticket size in the month of November -09. q Reached 16 th position in the first complete year of Business performance i.e. FY q 11 th in November month premium collected performance.
4 Reverse Mortgage Loan enabled Equity
5 The Need for RML enabled Annuity India s aging population Increasing Longevity Disintegrated Joint Family Structure; grown up children too do not live with their parents. Fast Increasing Cost of Living makes existing pensions and retirement provisions inadequate. Geriatric or Old Age Needs involve certain expenses towards, health, lifestyle, and obligations. Make provisions for self as well as one s spouse. Need to be independent and maintain dignity. Solution for such House Owning Senior Citizens is to unleash the equity in the house and lead a comfortable and dignified life.
6 Reverse Mortgage enabled Annuity (RMLeA) Concept & Guidelines Given By
7 RML enabled ANNUITY: The Concept Reverse Mortgage Loan enabled Annuity (RMLeA) conceptualized by NHB to provide Assured Life-time Payments to house owning Senior Citizens against mortgage of their residential property. Scheduled Commercial banks and Housing Finance Companies(HFCs) to extend loan to Senior Citizens. Loan does not require to be paid back by the borrower as long as he/she live sand occupies the house property. Banks and HFCs source Life-time Annuity from Life Insurance Companies to be transmitted to Senior Citizens. RMLeAis the result of Collaboration of Life Insurance Sector with the Banking Sector and Housing Finance Market First time in India.
8 This pioneering work on RMLeAis a collaboration of CBI and SUD under the guidance of NHB Cent Swabhiman Scheme is the first such scheme. SUD s RML Annuity Scheme is the first of its kind in the industry. We are offering this product to all Banks and HFCs in India.
9 HOW IT WORKS? BORROWER/SENIOR CITIZEN RMLeA Payment Mortgage of House BANK / HFC Annuity Payment Loan to Purchase Immediate Annuity SUD LIFE LIFE TIME PAYMENTS TILL DEMISE OF SURVIVING BORROWER. NO REPAYMENTS TILL BORROWER LIVES AND OCCUPIES HOUSE. BORROWER LIABILITY NOT TO EXCEED VALUE OF HOUSE. LOAN SETTLEMENT THROUGH SALE OF HOUSE. HEIRS MAY REPAY WITHOUT SALE OF HOUSE.
10 Reverse Mortgage Loan (RML) Pursuant to the Government s Budget Announcement for , NHB had introduced the RML scheme in May 2007 (first time in India). Loan payments to Senior Citizens fixed for maximum period of 20 years. As such payment to Senior Citizens would stop after completion of 20 years. The new scheme overcomes this limitation and offers better benefits. The scheme is presently implemented by 23 Banks and 2 HFCs. No. of loans:5746: Amt. Sanctioned:Rs.1100 crore
11 BORROWER/SENIOR CITIZEN RMLeA Payment Mortgage of House BANK / HFC RML 2007 AND RMLeA: A COMPARISON BORROWER/SENIOR CITIZEN RMLeA Payment Mortgage of House BANK / HFC Annuity Payment Premium Payments SUD LIFE
12 RML AND RMLeA: A COMPARISON Eligibility RML (2007) Senior Citizens 60+ yrs and Spouse 55+yrs Own Residential Property RML enabled Annuity Same Security Mortgage of House Property Same Nature of Payment Periodic Payment Tenure Periodicpayments Lump sum Line of Credit Combination of above Maximum20 yrs Same Loan Repayment Not during Borrower s Lifetime Same Paymentsfor Lifetime. Option for Spouse to continue to receive lifetime annuity Recourse LoanSettlement Prepayment of Loan Borrower Liability not to exceed Property Value Through Sale of House Repayments by Heirs. Allowed. Mortgage Released Loan payment stops. Same Same Allowed. Mortgage Released and Annuity payment continues
13 RML enabled ANNUITY: MAIN TERMS Eligible Borrowers Lending Institutions Annuity Provider Borrower Interface Security Interest Rate Quantum of Loan Nature of Payment Lump Sum/Line of Credit Senior Citizens above 60 yrs and spouse (over 55 yrs) Scheduled Commercial Banks and Housing Finance Companies SUD Life Only with Banks / HFCs Mortgage of House Property in favourof Bank/HFC According to Market Conditions Depends upon the age of the borrowerand the valuation of the property by the lending institution: Borrower s Age yrs yrs >80 yrs Loan to Value 60% 70% 75% Periodic monthly, quarterly, half-yearlyor annually Lump Sum or Line of Credit, subject to terms Combination of above Up to 25% of loan Amount,subject to terms of Lender
14 RML enabled ANNUITY: Options Borrower Benefits On Borrowers Death Joint Borrowers Prepayment Of Loans Servicing Fees AnnuityOptions Option 1 (NoReturn Of Purchase Price) Life Time Annuity + bonus (subject to terms) Annuity Payment ceases Jointborrowers can obtain separate Life Time Annuities within the loan amount Possible without prepayment levy. Annuity will continueto flow till borrower s demise. Maximum 1.50% p.a. of Principal outstanding Option 2 (Return Of Purchase Price) Life Time Annuity + bonus (subject to terms) Annuitypayment ceases and Purchase Price returned On death of primary borrower,coborrower is automatically eligible for receiving Annuity Possible without prepayment levy. Annuity will continueto flow till borrower s demise. Maximum1.00% p.a. of Principal Outstanding Taxation Yes. As applicableunder Section 56 of Income Tax Act, 1961.
15 Reverse Mortgage Loan enabled Annuity Sample rates RMLeA Option 1 Option 2 Age at entry Without return of purchase price Annuity Rate Per Annum per thousand of Purchase Price (opt. 1) Monthly Annuity for Rs. 10 lakh (in Rs.) with return of purchase price Annuity Rate Per Annum per thousand of Purchase Price (opt. 2) Monthly Annuity for Rs. 10 lakh (in Rs.) opt , , , , , , , , , ,051
16 NHB s PROMOTIONAL ROLE Senior Citizen Counseling Program o Counseling Centers opened in: Chandigarh New Delhi (2 centers) Hyderabad Kolkata Bengaluru To impart information and preliminary advice on RML / RMLeA o Partnership Approach with reputed NGOs working with Senior Citizens MOUs signed with HelpageIndia, Harmony for Silvers Foundation and Nightingale Med Trust Capacity Building of Banks and HFCs: Training, Seminars and Conference Product Research for Value Additions and New Business Models
17 Thank You Please visit for details Counseling Help Line(Toll Free): NHB office at New Delhi Harmony for Silvers Foundation. Mumbai
18 Thank You
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