That you are taking the responsibility of EMIs on his behalf if you want to help your brother with the loan, remember.
In car finance, will there be any pre-payment clause?–Mayank Bhardwaj
Yes, frequently there are prepayment restrictions car loans, particularly within the very first few years. But, the fees differ by loan provider, term expired, loan outstanding along with your creditworthiness. Please browse the information on your car or truck loan sanction page to find the charges out.
We had taken loan of Rs 23 lakh from HDFC Bank while the EMI that is monthly is 18,500. We have not taken PMAY subsidy. I do want to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh. Can I still be qualified to receive PMAY subsidy? —Abhay Singh
You may get it now if you satisfy the conditions of PMAY subsidy. But, component prepayment or repayment that is full impossible without reimbursement of PV of future subsidy currently availed during the time of sanction.
My cousin desires to purchase a residence but he won’t have regular income. Can the money is borrowed by me through the bank and present it to him to get the house?
—Deepak Kumar Soni
Banking institutions will give consideration to loans to individuals without regular income when they can substantiate their over-all constant earnings with the supporting ITR for 3-5 years. If you’d like to assist your bro with all the loan, understand that you’re taking the duty of EMIs on his behalf. Bank will move healing up process against you in the event of irregular repayments. This may also spoil your creditworthiness. In the event that loan is in your joint name, you will certainly reduce your eligibility of a mortgage for yourself independently. In the event that you would nevertheless ahead want to go using this arrangement, choose the property in your name and invite your brother to keep here with rentals paid to you personally. Once he’s got an income that is steady you may possibly present him the home once you close the loan account along with your brother’s funds. Continue reading