It will be hard to get a mortgage loan in such a predicament.
By Chaitali Dutta
I do not have a very good credit score and I have not paid my earnings tax for two years. Now, I want a mortgage loan against my industrial house. Will I be in a position to get a loan and what is the process for it? —Mohammed Mustaquim It will be hard to get a mortgage loan in such a predicament. There could be some NBFCs who could take into account a loan, but the interest price will be substantially greater than the industry price. You could take into account a reverse mortgage loan exactly where your house will be mortgaged to the provider, and they will spend you a fixed month-to-month payment for your living costs. However, at any point, if you want to totally free your house, you have to spend back in lumpsum, the outstanding at that point.
My youngster pursued a two-year specialist degree from the US and took a loan from a US bank. He is now working in India and repaying the loan. Can earnings tax advantage below section 80E be claimed? —Neeta Sharma Section 80E deduction is in respect of interest on loan taken for greater education. The loan must be taken from a economic institution or authorized chari-table institution for objective of greater education. Here we require to make certain that the University is an authorised education institute. As far as the bank is concerned, the section specifies that “financial institution” suggests a banking enterprise to which the Banking Regulation Act, 1949 (10 of 1949) applies (like any bank or banking institution referred to in section 51 of that Act), or any other economic institution which the Central Government could, by notification in the Official Gazette, specify in this behalf. If these situations are fulfilled, you will be in a position to claim the deductions.
I had taken a loan from LIC HFL. The quantity credited as subsidy is incredibly significantly less. It is Rs 89,000 against eligibility of Rs 2.35 lakh. What will occur if I do a balance transfer of the loan? —Sadeep Verma Here I presume you are referring to the PMAY subsidy. The calculation of applicable subsidy is performed by the NHB and they have particular parameters to calculate the very same. As for balance transfer, you will have to spend back the pro-rata subsidy quantity which will be unutilised to LIC HFL.
The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to [email protected]