The final six months have been tough for a lot of due to the pandemic.
By Chaitali Dutta
I was a guarantor for a friend’s housing loan. He has defaulted on the EMI for the previous six months. What should really I do as I worry that the bank will harass me now? —Mahesh Padalkar The die has been cast. Once you grow to be a guarantor it will be tough to get out of the duty. Guarantee should really be offered only in pretty choose, unique circumstances exactly where you are prepared to take on the repayment burden if the original account holder does not spend. The final six months have been tough for a lot of due to the pandemic. Hope that your pal can spend the outstanding EMIs quickly.
My brother and I are joint owners of our parents’ house even though we do not have any documents to show our name in the house as my father in no way wrote a will and my mother is no far more. Can we get a joint loan of Rs 70 lakh to redevelop the house? What documents are required to get the loan? —S R Rawat The 1st step would be to get the house in each the brothers’ name. For this, get a succession certificate from the court. Once the house is in each your names, you may perhaps apply for a loan as effectively.
Is there an selection for pregnant ladies to stay away from paying household loan EMI due to non- payment of salary by employer while on maternity. —Rahul Lumb As of now there are no guidelines which let for this advantage of EMI vacation when on maternity leave. Please refer to the Maternity Leave Benefit Act 1961 and The Maternity Leave (amendment) Bill 2017 which enables for 26 weeks of paid leave which is applicable for all permanent staff, contract workers or engaged with agencies.
I have an education loan sanctioned in 2017. I began paying EMIs from November 2019, with the moratorium period however to expire. Can I spend a lump sum quantity along with my EMIs? Will it aid me in claiming extra tax rewards below Section 80E? —Vinayak Sharma The complete interest paid in the year of the education loan taken for self/ kid/ spouse is eligible for deduction from your taxable revenue. Ask your bank the breakup of principal and interest element of outstanding loan quantity. Then you may perhaps program the extra repayment you would like to do in this economic year.
The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to