* I am paying EMIs on a home loan taken 10 years ago. The current interest rate is 10%. Can I shift the loan to another bank?

—Neetesh Tiwari

Yes, it is possible to shift to another lender. Do avail of the repo rate linked loan this time. The cost of the shift should be kept in mind. It is a good idea to do the calculation of the costs vs benefits before signing on the dotted line.

* Can I get a home loan for five years, as I have savings from where I can pay 80% of the price of the flat?

Also read: New Senior Citizen Savings Scheme notification: SCSS deposit limit doubles along with rate hike

—Samir Bhaduri

A shorter-term home loan is possible. The shorter the loan, the higher the EMI. The bank will also evaluate whether you can afford the high EMI in the cash flow that you have currently.

* How can I approach a bank for a loan for a second hand car?

—Dhiraj Kumar

The documentation and paperwork are very similar to the loan for a new car purchase. In addition to the set, you will require proof of ownership of the seller, loan details if a car loan is running, RTO forms signed by the owner and bank, insurance claim history, and running insurance policy.

* How is the spread decided by the bank on a home loan and how can it be negotiated at the time of availing the loan?

—Alok Bisht

The spread is decided by the bank/FI looking at the net interest margin, market interest rate levels, rates offered by rivals and expected inflation rates — which are a few of the factors they look into. The borrower with a good credit score may negotiate the interest rate for a large ticket-size loan.

* I will retire after two years. However, my wife still has 10 years of service left. We want to buy a flat by taking a loan to cover 40% of the cost of the flat. Should my wife be the primary borrower?

Also read: Mahila Samman Savings Certificate (MSSC) 2023 notified. Check eligibility, last date, interest details here

—Gaurav Awasti

You may avail of a home loan with your wife as primary holder. Ensure that in the property too, her name comes first. The loan period would be for a maximum of 10 years. The loan amount may be restricted to only her eligibility though. The lender may factor in your post-retirement income like a pension, to increase loan eligibility.

The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to fepersonalfinance@expressindia.com