Your Query: look for any clause that is pre-payment auto loan
If you’d like to help your cousin aided by the loan, understand that you’re taking the duty of EMIs on his behalf.
In an auto loan, can there be any clause?–Mayank that is pre-payment Bhardwaj
Yes, often there are prepayment restrictions vehicle loans, particularly into the couple that is first of. Nevertheless, the fees differ by loan provider, term expired, loan outstanding along with your creditworthiness. Please browse the information on your vehicle loan sanction https://speedyloan.net/reviews/check-n-go page to find the charges out.
We had taken loan of Rs 23 lakh from HDFC Bank additionally the month-to-month EMI is Rs 18,500. We have perhaps maybe not taken PMAY subsidy. I would like to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh. Am I going to nevertheless be entitled to PMAY subsidy? —Abhay Singh
In the event that you fulfill the conditions of PMAY subsidy, you might get it now. Nevertheless, component prepayment or complete payment is extremely hard without reimbursement of PV of future subsidy currently availed during the time of sanction.
My cousin desires to buy a home but he won’t have regular income. Can the money is borrowed by me through the bank and present it to him to purchase the home?
—Deepak Kumar Soni
Banking institutions will start thinking about loans to individuals without regular wage should they can substantiate their over-all steady income with the supporting ITR for 3-5 years. That you are taking the responsibility of EMIs on his behalf if you want to help your brother with the loan, remember. Bank will move process that is recovery you in case there is irregular repayments. This may additionally ruin your creditworthiness. If the loan is in your name that is joint will certainly reduce your eligibility of a mortgage on your own independently. In the event that you would still desire to go ahead with this particular arrangement, purchase the home in your title and invite your cousin to remain here with rentals compensated to you personally. As soon as he’s got an income that is steady you may possibly present him the property once you close the loan account along with your brother’s funds.
Which is way better: a silver loan or your own loan for the short-term need? —Narender Gupta
With regards to rate of interest, there isn’t any significant huge difference at the low end regarding the interest range. Nonetheless, a unsecured loan may be since costly as 20% per annum rate of interest. Offered the extremely restricted information you have actually shared, it is best to go with a loan against gold. This will be cheaper than a loan that is personal there was the safety of thegold with all the bank.