Electronic Signature Licitness for Mortgage Quote Request in India

How to eSign a document: electronic signature licitness for Mortgage Quote Request in India

hi guys here another day here and I welcome you all to my Saturday lecture series I'm sure everyone will agree with me that banks non banking financial corporations all are making lots of news since past one year the moment I talk about banks I'm sure everyone will agree with me that loans is a major part of their entire business scenario as far as loans are concerned personal loan then vehicle loan a housing loan all these are very normally generally known to anyone and everyone but a comparatively lesser type of a lesser known type of a loan is known as a reverse mortgage in today's video we are going to discuss about the concept of reverse mortgage in detail but before we move on to reverse mortgage I am very happy to make this announcement in front of you all I had told you that I'll be coming up with my next lecture series for which many people are waiting and they were asking me in the comment section when is the next lecture series coming up so my next lecture series which I'm going to introduce is on personal finance it's going to include a lot of concepts like insurance basics of different types of investments including introductory for stock markets mutual funds a post office schemes and lot more investment avenues like PPF just in short introduction we are going to talk about how to do budgeting we are going to talk about taxation how to save more money how to save on taxes a lot of stuff so that entire lecture series is going to be released on 21st of October and I'm very happy to announce that it's going to be released on my website for sure on 21st of October Rukhsana run a day dot in we are currently in talks with udemy as well as an Academy so that even those who are iPhone users they might also get a chance to view this lecture series on their iPhones as well we are in talks with them now comes the pricing part as an introductory offer the original price is actually two thousand rupees for this lecture series but believe it or not as an introductory offer we are releasing it at only 500 rupees the only intention is that personal finance is something which should be known to anyone and everyone so I'm just trying to cover my basic admin cost with this and hardly I am going to get any profit out of this but the main intention is to reach out to the entire public and make them aware about personal finances I would also like to tell a very nice thing for my current viewers that if you have already bought my basics of stock market series and fundamental analysis series this entire course is going to be free of cost to you just in case if you have not bought both the lectures the cutoff date for buying both the lectures is 20th of October so if you have already bought basics of stock market and if you intend to buy fundamental analysis try to get it done before 20th of October so that this course on personal finance will be free of cost to you so let's move on with reverse mortgage concept your reverse mortgage comparatively new concept in India but very popular in Western countries so the who's wise what's all these concepts we are going to go one by one the very first one is what is a mortgage and I'm sure sure everyone knows about it a typical mortgage is in the case of a house what happens in this case if I were to buy a house and if I were to take a loan against this house what did the bank does essentially is that the entire loan amount is directly transferred to the Builder right and the house ownership is transferred from the Builder to the bank as in how I start repaying this amount to the bank so what happens now I start repaying the loan so money goes from me the borrower to the bank and slowly and steadily I start becoming the owner of this house property when the entire amount is repaid to the bank the entire loan amount is repaid to the bank I become the true owner of the house now what happens in a reverse mortgage it has to be in exact opposite direction in a mod gauge where I was paying the installments of loan to the bank sure in case of a reverse mortgage bank pays me installments is it then what happens to the house who is the true owner of the house I am the true owner of the house but now slowly and steadily I transfer the ownership of my house to the bank now why would anyone want to transfer the ownership of their own house to the bank that's a very basic question a classic scenario for this is a case where I'm talking about two senior citizens maybe having no children or I may say there are they may have children but they are not dependent on this couple they are not interested in the house property or whatever may be the case if this be so let's take an example where mr. X who is 62 years of age and mrs. X who is let us say 60 years of age okay these two aren't a lot but maybe due to certain circumstances maybe now they're falling short of cash flows okay maybe to meet their medical expenses it's becoming a tough little bit tough for them maybe to meet the general expenses normal living expenses is becoming a little bit tough for them so what is the option available with them they've got a big house big house but problems for maintenance daily maintenance daily cash is a problem so what they feel what do I do with this big house I don't have day-to-day expenses so here is the solution the solution is reverse mortgage now what happens they transfer this house property in the name of the bank this is done by way of four will now what happens is essentially when the house property is transferred to the bank now bank starts paying the installment to this senior citizen couple okay let's understand this basic point among the husband and wife one has to be sixty years plus and one has to be fifty-five years plus so this facility might not be available for a person like me right now when I turn to the age of fifty-five or sixty either or the spouse then this facility can be available now what happens let's take the simple example let's say that the house properties of two karoon rupees if the house properties of two crore rupees in a reverse mortgage right now as per the norms in India maximum sixty percent of the housing loan of the house amount I mean can be taken as a reverse mortgage so if the houses of two crores sixty percent of this that comes to 1.2 crores this can be the maximum amount of reverse mortgage let's assume that this 1.2 crores is now to be transferred from the bank to the senior citizens in installments right so assume that the installment is of 10 years okay so over the period of 10 years now bank is going to pay 1.2 crores / 10 years they're going to pay slowly and steadily to the senior citizen couple now let us discuss two scenarios scenario number one both this spouse I mean the husband and wife died after five years now what happens in this case if both died after five this total amount was 1.2 crores which they were going to get but out of which they have gotten only 60 lakhs imbalance 60 lakhs they were yet to receive and even that margin the total house was of 2 crores so let us take this in our you 2 crores was the total value of the house the grandparents have received or the senior citizens have basically received only 60 lakhs out of that now what happens to the balance 1 crore 40 lakhs has a right to sell this house property and whatever is the gain that they get whatever is the gain that they get that will be transferred to their legal heirs of the senior citizens right of course bank is going to recover the principal amount as well as the interest amount entire put together whatever a surplus that surplus will be transferred to the legal heirs of this of the senior citizen the legal heir who is going to get this entire money they have a right to be happy but at the same time is their responsibility we even pay capital gain tax on that because the house property is sold and they have to be capital capital gain tax on that that is scenario number one I hope you have understood this let's talk about scenario number two scenario number two is that lets say 1.2 crores was the value of the loan which was to be given by the bank to the senior citizens 10 years are over and both these granny granny and Grandpa both outlive this 10 years scenario now what 10 years are over the value is also 1 which was going to be given by the bank to this senior citizen are they now allowed to stay in the house answer is yes as for the norms related to reverse mortgage the bank cannot take the property they cannot take the position basically of the house property unless and until both these senior citizens die post their death then bank can take charge of this house and then they can sell it off the legal heirs also have a right to claim this house and then they can repay the entire loan amount and claim their right to this house so I hope you have understood about reverse mortgage I feel that rather than me just telling this concept of rebirth reverse mod gets to you you also can take this as an icy arrogance or is are like I'm sure you know what is the CSR CSL CSR is a corporate social responsibility I feel this is an AI SR individual social responsibility that you can take up because this concept is comparatively lesser known in India educate people around you tell the senior citizens around you that they have this option and they can have a comfortable living even in the second innings of their life I said guys I hope you have understood the concept of reverse mod get very well we are starting with something new in the community section we are going to give you four choices you have to tell us which would be the lecture would you which who you would like to listen from me so we are going to give you four different topics and the topic which here is the highest words we are going to try to shoot on that specific topic so that I will be happy to help you all the lecture will be like on-demand lecture so I'd be happy to help again so do try to vote in for the community tab which lecture you want just let me know so that's it for my side jehane bye bye [Music]