NHB seeks tax sop for reverse mortage scheme

The National Housing Bank (NHB) plans to request the finance ministry to exempt reverse mortgage enabled annuity schemes (RMLEA) from income tax. The bank also asked the state governments’ guaranteed insurance schemes to expand RMLEA to people who are coming to government housing projects.

NHB chairman S Sridhar said that RMLEA, which was launched in December 2009 was an improved version of the old scheme, which was launched in 2007.