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Potential for Mortgage Loan in India: A Survey Among the Senior Citizens of Vadodara, Gujarat

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  • Vipin Desai

Abstract

Reverse mortgage loan is a home loan product having its deep roots in western countries. As far as India is concerned, the name formally figured in the Budget-2007 speech, in which the Finance Minister proclaimed the government’s intention to have this product launched as a social security measure for the senior Indian citizens. The banks and other lending institutions were expected to offer this product. However, the present status of the scheme does not reflect it having reached the expected level. Although some banks have announced the scheme, the volume of sanctions and disbursements is not large enough. The popular discourse suggests that Indians would not accept the said product due to their emotional attachment to the house, and their mindset towards leaving a legacy behind them for their heirs. Do the banks, too, have apprehensions on these lines? Is it due to such apprehensions that much publicity is not given after making formal announcements? This paper makes an attempt to analyze these issues based on the data collected from the senior citizens and ascertain the potentiality of the product by examining the substance and the scale of the said apprehensions, if any. The study is based on a sample survey of senior citizens in Vadodara, Gujarat.

Suggested Citation

  • Vipin Desai, 2010. "Potential for Mortgage Loan in India: A Survey Among the Senior Citizens of Vadodara, Gujarat," The IUP Journal of Bank Management, IUP Publications, vol. 0(1 & 2), pages 83-101, February .
    • Handle: RePEc:icf:icfjbm:v:9:y:2010:i:1&2:p:83-101
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    Cited by:

    1. Shu-Mei Chen & I-Chuan Yang, 2013. "Mobility, Housing Decisions and Economic Status of the Elderly in Taiwan," ERES eres2013_288, European Real Estate Society (ERES).
    2. Shruti Ashok & Deepika Dhingra, 2020. "Reverse Mortgage: A Financial Planning Tool for the Retirees— Case Study Approach in India," South Asian Journal of Business and Management Cases, , vol. 9(3), pages 375-386, December.

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