For loan approval, the lending institution appears at the repaying capacity to arrive at a choice.
By Chaitali Dutta
I had taken a gold loan a year ago and now the bank says I have to give more gold for the loan as gold rates are falling. What must I do? —S R Mutthu The loan quantity depends on the worth of the collateral you provide to the bank. It is accurate that the collateral worth has dipped in the last year. It is recommended to either provide more collateral by way of gold to the bank or repay a aspect of the loan from cash from other sources. If neither of the measures is taken, the bank might classify your loan as an NPA which will negatively impact your credit score.
My housing loan was authorized six months ago but due to the lockdown, I did not take the disbursement. Now the bank desires me to give the most up-to-date salary slip for the disbursement. I have left my job and am assisting my father in his organization. What must I do? —Ajit Kumar For loan approval, the lending institution appears at the repaying capacity to arrive at a choice. If you do not have a job now, one of the essential situations of the loan approval has changed. The bank is consequently asking for the salary slip. Defer the disbursal till you have a job.
I personal a residential home with my wife and my mother as co-owners. My mother has passed away intestate. I am the only kid of my parents. What papers do I have to submit to the society to get my mother’s name deleted from society records and share certificate? —Rajeev B Here, your father and you have equal rights to her assets. If your father is alive, he has to relinquish his rights in your favour. When you submit it along with the death certificate of your mother, to the CHS, you will come to be owner of 66.66% of the home. If your father is no more, then each death certificates will need to be furnished to the society for transmission of ownership.
I had taken home loan in May 2015. Can I avail PMAY subsidy on added building by home loan best-up? —Mukund The PMAY is applicable to only these who do not personal a pucca residence or home in India. Since you currently have the home loan operating, it is implied that you personal that home. Hence you will not be eligible for PMAY on best-up loan.
The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance. com). Send your queries to