*Just imagine a father wants his son and grandson to help him financially and on health ground when he is unable to take his own care.But alas due to some unforseen reasons, this could not execute as desired. The old man during his youth period either build up his own house or got it by will unconditionally, which made him sole owner of the house.What option he has, either to make it a double story to accommodate a tenent or family member.But how long his income sourse will continue?
His beloved house which he had built for his old time residence but lacs source income while living there.
The Finance Minister in the Budget first exempted taxable income of Rs 1.95 lacs in the first slab.
Further like many foreign countries, Reverse Mortgage Scheme is introduced and all Banks invite people to mortgage their house property and assess their house value on future basis. They in return fix a monthly income say Rs 5000-10000 on wards depending upon the valuation of the property.
Now the senior citizen need not to sell the property to earn his livelyhood on sale proceed, which he will earn thru bank deposit.
Simply he has to contact Bank and offer his house for mortgage and after the legal formality, bank will fix monthly income as stated above, which may vary according to valuation and the life of the house property.
In case in future, the senior citizen or his son wants to get it relieved from mortgage, can repay and held back the property.In case if the senior citizen dies unfortunately, his property will be sold by the bank or bank may buy back and pay the difference amount to his wife/legal dependent.
So now your house will help you as Shravan Kumar who arranged his blind parents to charon dham ki yatra.(old story from Porans)
Ravi