Re: [MTC Global] Reverse mortgage

Dear friends,

Good morning.

Let me clarify things.

1.  Valuation will be done by an approved valuer from the panel of banks.  100% market value is not considered.  They may consider anywhere between 75 and 90%.  This is left to individual banks.  Exceptionally, a few banks consider 100%.

2.  Annuity is calculated on factors such as age of the person, age of the building, condition of the building and its marketability, etc.

3.  Yes.

Since individual bankers have their own rules, it is better to approach them for individual queries.

With regards,

 

Dr. K. Sampath Kumar,  B.A. (Economics), BGL, M.Com., M.Phil., Cert. A.I.I.B.,
                                        MBA (Finance), MBA (HR & Marketing),  ACS, FCMA, Ph. D.,
Professor, SSN School of Management
C/o. SSN College of Engineering
Rajiv Gandhi Salai (OMR)
KALAVAKKAM - 603110
Kancheepuram District, Tamil Nadu, India
Landline :  044-24860668
Mobile    :  9094405733
 
Success consists of getting up
just one more time than you fall
-- Oliver Goldsmith

On Saturday, 27 September 2014 10:08 AM, Mr. Govind Autee <govind.autee@mit.asia> wrote:

Dear Prof. Sampath Kumar,

Thank you so much for the valuable  information about reverse mortgage proposition; I have few queries though:

• What is the approach of banker regarding valuation?
• How annuity is calculated by the bankers?
• Suppose an apartment scheme is promoted in this property to get equivalent carpet area in the new premises and then reverse mortgage is to be considered, then is the valuation based on purchase price prevailing in the scheme?
• What are the income tax considerations of this transaction?

Thanks and regards,

Prof.G.S.Autee

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From: join_mtc@googlegroups.com <join_mtc@googlegroups.com> on behalf of 'K. Sampath Kumar' via Management Teachers Consortium, Global <join_mtc@googlegroups.com>
Sent: Saturday, September 27, 2014 5:21 AM
Subject: [MTC Global] Reverse mortgage

 

Dear friends,

Good morning.

About reverse mortgage.

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With regards,

 

Dr. K. Sampath Kumar,  B.A. (Economics), BGL, M.Com., M.Phil., Cert. A.I.I.B.,
                                        MBA (Finance), MBA (HR & Marketing),  ACS, FCMA, Ph. D.,
Professor, SSN School of Management
C/o. SSN College of Engineering
Rajiv Gandhi Salai (OMR)
KALAVAKKAM - 603110
Kancheepuram District, Tamil Nadu, India
Landline :  044-24860668
Mobile    :  9094405733
 
Success consists of getting up
just one more time than you fall
-- Oliver Goldsmith

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