By Chaitali Dutta
My husband died due to Covid. He was loan guarantor for his cousin’s hospital developing loan and for his brother-in-law’s private loan. How do I obtain out what other loans was he guarantor for? What are his liabilities that would take away assets we may perhaps inherit?
—Bhargavi Joshi
First, you really should ask the two recognized parties to obtain a different guarantor to their loan. When a individual stands in as a guarantor, he gets paperwork to record the particulars. Such paperwork really should be in the documents. In case any of these two loans becomes overdue for payment now, the bank may perhaps obtain your late husband’s assets to repay the loan. If each loans are frequent with no quantity overdue, there is no liability at present. Financially it does bring in uncertainties for you till the guarantor names are replaced.
I had applied for an education loan to study MBA in Australia. Since our college research are taking place on the web and have to spend only a element of the costs, can I defer the education loan?
—Ravi Amol
It will rely on the clauses pointed out in the sanction letter of the education loan. You may perhaps determine to avail of element of the loan quantity and convey the identical to the bank. However, if you do not draw any quantity from the loan account, the bank may perhaps cancel the sanction. I recommend you avail a modest quantity of the loan to maintain the arrangement alive.
If I migrate my home loan from Marginal Cost of Funds Based Lending Rate (MCLR) to Repo-linked Lending Rate (RLLR), can I re-migrate to the original sort of MCLR?
—Kanakeswar Das
After the RBI circular on RLLR, all loan accounts are linked to Repo price. No new loan account will be sanctioned pegged to MCLR. Migration back to MCLR linked account will not be feasible.
Why do I have to spend to reduce my interest price on my home loan?
—Satish Rajwansh
I presume your present loan account is linked to MCLR. Therefore the need to have to spend each and every time to cut down interest price. Ask the bank to modify your loan to RLLR exactly where the interest price is linked to Repo price. The adjustments would be automatic when repo price adjustments.
The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to