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New beginnings for reverse mortgage in India

nion Bank of India has readied a reverse mortgage loan product which will be launched in couple of weeks, according to M.V. Nair, Chairman and Managing Director, Union Bank of India. India is getting ready for the reverse mortgage market, but it could be sometime before demand for the product begins to emerge. Given the population’s age profile, family system or living arrangement and geographic dispersal of the target group, it could be early days in India for the reverse mortgage market. The tax concessions extended to reserve mortgage products in the Union Budget 2008-09 have made the product an attractive offering. A major factor that could constrict the size of the target market is the legality of ownership. To facilitate the expansion, Union Bank would recruit 4,000 in the next financial year.

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