Your Query: Check for any pre-payment clause in auto loan

If you’d like to assist your bro with advance amercia all the loan, understand that you’re taking the obligation of EMIs on his behalf.

In an auto loan, will there be any pre-payment clause?–Mayank Bhardwaj

Yes, often there are prepayment limitations vehicle loans, particularly within the very first few years. Nevertheless, the costs vary 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 out of the costs.

We had taken loan of Rs 23 lakh from HDFC Bank therefore the month-to-month EMI is Rs 18,500. We have maybe not taken PMAY subsidy. I do want 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

You may get it now if you satisfy the conditions of PMAY subsidy. Nonetheless, component prepayment or complete payment is difficult without reimbursement of PV of future subsidy currently availed during the time of sanction.

My cousin desires to purchase a residence but he doesn’t have regular wage. Can the money is borrowed by me from the bank and provide it to him to purchase the home?

—Deepak Kumar Soni

Banking institutions will start thinking about loans to individuals without regular salary should they can substantiate their over-all income that is steady 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 also ruin your creditworthiness. In the event that loan is with in your name that is joint wil dramatically reduce your eligibility of a mortgage on your own independently. If you would still ahead want to go with this specific arrangement, purchase the property in your name and permit your bro to keep here with rentals compensated to you personally. As soon as he has got a constant earnings, you could gift him the home after you close the loan account along with your brother’s funds.

Which is much better: a silver loan or your own loan for a need that is short-term? —Narender Gupta

When it comes to interest, there isn’t any significant distinction at the low end associated with the interest range. But, a personal loan may be because costly as 20% per year rate of interest. Provided the extremely data that are limited have actually shared, it is advisable to go after a loan against gold. This would be cheaper than a unsecured loan as you have the safety of thegold with all the bank.