REVERSE MORTGAGE LOAN
- MODEL DOCUMENTATION

Pursuant to the announcement made by the Hon'ble Finance Minister in the Union Budget Speech 2007 – 2008 regarding Reverse Mortgage Loan, (RML), NHB had issued the Final Operational Guidelines for Reverse Mortgage Loans on May 31, 2007 . Following the same and in line with it endeavours directed towards creating an enabling environment for the Primary Lending Institutions (PLIs) to undertake Reverse Mortgage Loan activities, the National Housing Bank has, in consultation with a reputed Legal firm, prepared model formats of the Loan Documents viz. Loan Application Form, Loan Agreement, Deed of Simple Mortgage which may be considered for adoption suitably by the PLIs in connection with their lending under RML. Needless to add, these formats serve as model and are therefore indicative in nature to serve as reference documents. PLIs may put in place such documentation as considered appropriate with necessary internal approvals.

Copies of the formats of the above loan documents are being placed on NHB's website for wider dissemination.

July 31, 2007

New Delhi

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