NHB Plans to Request Tax Stop on Reverse Mortgages
Tuesday, 16 March 2010 07:42
The National Housing Bank (NHB) is planning to request that the finance ministry exempt reverse mortgage enabled annuity schemes (RMLEA) from income tax. Additionally, the bank has requested that state governments’ guaranteed insurance schemes to expand RMLEA to those who are entering government housing projects.
NHB chairman S Sridhar feels that RMLEA, which was implemented in December 2009 is a much improved version of the old scheme, which debuted in 2007.
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