Tina Ambani inaugurates helpline for the elderly

Mumbai, Dec 11 (IANS) Tina Ambani, industrialist Anil Ambani's wife, Thursday evening inaugurated a toll free helpline for senior citizens seeking information about a government financial scheme for the elederly.

Harmony for Silver's Foundation has joined with the National Housing Bank (NHB) for introducing the all India toll free helpline through which interested people can get information on the central government's scheme of Reverse Mortgage Loan (RML).

The helpline number 1800 100 1111 will be available to callers countrywide from 10 a.m. to 6 p.m.

Inaugurating the helpline here, chairperson of Harmony Foundation Tina Ambani said it would help senior citizens get the information that is beneficial for them.

'We have been working for the 'Silvers' (senior citizens) and this initiative will make people aware about the scheme. We are here to facilitate the whole process,' she added.

'I think the unique scheme has not been used to its potential by the 'Silvers' because many people did not know about it. And now with this helpline 'Silvers; people living even in small towns can gain access to the information easily, which will be of great help in solving their financial needs,' Ambani told IANS.

Chairman and Managing Director NHB S. Sridhar said: 'Most senior citizens invest their lifelong savings in buying a house and are finally left without any cash. This scheme would be of great help to them as they can get a steady monthly income to suit their financial needs.'

He said at least Rs.550 crores (Rs.5.5 billion) in over 2,000 loans has been disbursed by over 20 banks since its inception.

RML is a scheme developed by the NHB to help senior citizens above 60 years to avail of periodic payments from a lender against the mortgage of his/her house while remaining the owner and occupant of the house.

The borrowers are not required to service the loan during their lifetime and, therefore, do not make monthly repayments of principal and interest to the lender.

RMLs are extended by primary lending institutions, such as scheduled banks and housing finance companies.