Can I take a more affordable major-up loan rather than a individual loan?
—Kailesh Chaturvedi
I presume you are asking about a major-up loan on your home loan. Yes, the major-up loan is a more affordable loan than a individual loan. However, the finish-use of the major-up loan is monitored by the bank and you have to use the revenue for repairs/ upkeep of the current house.
I am preparing to prepay a component of my home loan. Should I minimize the EMI quantity or minimize the tenure?
—Anumedha
The choice to either minimize the EMI or to minimize the tenure will rely on your money flows. If you are comfy paying the current EMI, then minimizing the tenure is a improved choice as your net interest outgo will be considerably lowered. However, if your money flows are stretched, then you need to opt for minimizing the EMI.
I took a loan from IndiaBulls in July 2018. I applied for foreclosure on June 16, 2021, and program to transfer the loan to HDFC. I was told by IndiaBulls that I am eligible for the PMAY scheme as per the notification dated June 23, 2021. Will I get a proportionate subsidy for the interest currently paid?
—Minakshi
The subsidy approval in some cases requires extended and in case the subsidy has not however come in, you will not be capable to avail of the exact same from HDFC. Wait till the subsidy quantity gets credited to your IndiaBulls account and only then transfer the loan. Part of the subsidy will have to be refunded, as this is a case of foreclosure. You will be eligible for reduced interest price only from 2018 till now.
I am taking a vehicle loan of Rs 15 lakh and program to pre-close a Rs 40 lakh home loan. I spend Rs 30,000 a month to my in-laws for the Rs 40 lakh they are providing to spend off the loan. What is the greatest split I can make?
—Jayanthi Murugan
A vehicle loan is more pricey than a home loan. To preserve your interest price low, invest in the vehicle with complete down payment. Pre-spend Rs 25 lakh of home loan. Ask your banker to minimize your EMI maintaining the loan tenure exact same. This will bring down your home loan EMI and you will most likely be capable to handle your money flows with the reduced EMI and the Rs 30,000 repayment to your in-laws.
The writer is founder,
AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to