By Chaitali Dutta
I took a home loan for Rs 12 lakh and applied for PMAY. I want to re-pay Rs 3 lakh in the first year apart from the regular EMI to reduce the interest outgo. Is it possible to re-pay like this?
—Rahul Hire
Yes, it is possible to pre-pay your home loan where you have availed PMAY. However, you will be required to return a part of the subsidy availed by you. This will be calculated based on the reduced tenure of your loan.
My relative, who had a PPF account, died recently. His nominee does not want to withdraw the amount of PPF account immediately. What are the rules for continuation of accrual of interest on deposited amount, closure of account, etc.
—Amar Nath
The bank needs to be notified immediately about the death of the depositor. All deposits into the PPF account will stop immediately. Till the paperwork for the claim of the balance in the PPF account is completed by the nominee, the balance will continue to earn interest. It is advised not to let the balance continue in the PPF account for long after the demise of the depositor as the nominee is only the trustee of the amounts and is not the rightful owner.
While remitting forex to children for one of the purposes permitted by RBI, can the remitter bank ask for the proof of purpose or is the declaration of purpose sufficient?
—Rajiv Kaushik
As per FEMA rules and existing banking procedures, the declaration by the remitter is sufficient. However, if the amount is close to the LRS limit for the person for that year, the bank may ask for additional proof.
I took a gold loan from a NBFC but the interest rate is very high. Can I shift the loan to a bank?
—Sanjeev Bisht
Transferring a gold loan has its challenges as the bank may not be able to sanction you a gold loan without inspecting your collateral. The NBFC will not release the ornaments/ gold as the loan is still outstanding. The only way you could possibly do this swap would be to take a bridge loan by way of a personal loan. Here too the personal loan will be more expensive than a collateral-backed gold loan.
The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to )