That you are taking the responsibility of EMIs on his behalf if you want to help your brother with the loan, remember.
In an auto loan, will there be any pre-payment clause?–Mayank Bhardwaj
Yes, usually there are prepayment limitations car loans, particularly into the couple that is first of. Nevertheless, the fees differ by loan provider, term expired, loan outstanding along with your creditworthiness. Please read the information on your vehicle loan sanction letter to find out of the charges.
I experienced taken loan of Rs 23 lakh from HDFC Bank additionally the EMI that is monthly is 18,500. I’ve maybe not taken PMAY subsidy. I would like to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh. Can I be qualified to receive PMAY subsidy? —Abhay Singh
In the event that you fulfill the conditions of PMAY subsidy, you might get it now. Nonetheless, component prepayment or complete payment is extremely hard without reimbursement of PV of future subsidy already availed during the time of sanction.
My cousin really wants to purchase a home but he won’t have regular salary. Can the money is borrowed by me through the bank and provide it to him to purchase the home?
—Deepak Kumar Soni
Banking institutions will give consideration to loans to individuals without regular income when they can substantiate their over-all income that is steady the supporting ITR for 3-5 years. If you would like assist your sibling with the loan, keep in mind that you’re taking the obligation of EMIs on his behalf. Bank will move healing up process against you in the event of irregular repayments. This may additionally ruin your creditworthiness. In the event that loan is in your joint title, you will certainly reduce your eligibility of a mortgage yourself separately. In the event that you would nevertheless ahead want to go using this arrangement, purchase the home in your title and invite your bro to keep here with rentals compensated for your requirements. When he has got an income that is steady you could present him the home when you close the loan account together with your brother’s funds.
Which is much better: a silver loan or your own loan for the need that is short-term? —Narender Gupta
When it comes to rate of interest, there isn’t any difference that is substantial the low end associated with the interest range. Nonetheless, a personal bank loan may be since costly as 20% per year rate of interest. Provided the very data that are limited have provided, it is advisable to go with that loan against silver. This will be cheaper than a unsecured loan as you have the safety of thegold with all the bank.
