YOUR QUERIES: LOANS: Collateral-free education loan up to Rs 7.5 lakh is available

November 02, 2021 1:30 AM

Collateral-free education loans are usually restricted to Rs 4-7.5 lakh. Any loan above these amounts will attract security which could be by way of a pledge of financial assets or real estate.

The housing finance institutions would look at the last three years of ITR filing to gauge your home loan repayment capacity.The housing finance institutions would look at the last three years of ITR filing to gauge your home loan repayment capacity.

By Chaitali Dutta

I want to apply for an education loan for my daughter. Do I have to give collateral for a loan of Rs 15 lakh?
—Anuradha Biswal
Collateral-free education loans are usually restricted to Rs 4-7.5 lakh. Any loan above these amounts will attract security which could be by way of a pledge of financial assets or real estate.

I had applied for a home loan with a private bank. After six months, it has rejected my application mentioning inadequate income. I have a lot of cash income. Now how should I process the application with another bank?
—Advit Gupta
With cash income, the problem is that your ITR filing does not reflect the actual income. The housing finance institutions would look at the last three years of ITR filing to gauge your home loan repayment capacity. In case your situation demands that you have to take a home loan, the only way is to start moving your cash income to income channelised through your bank. Start paying taxes on the cash income and show it in your ITR filing.

I had taken a top-up renovation loan six months ago. Now I have received some money from my brother. Can I clear the renovation loan now and continue with the existing home loan where I have to pay for a year now?
—B K Parab
Yes, you may pay off either the original loan or the top-up loan. Check the interest rate you are paying on both. Then repay the more expensive one.

I took a home loan of Rs 14.5 lakh from Repco Housing Finance in 2018. I transferred my loan from Repco to PNB. My present bank applied for the PMAY subsidy in 2020 but later said I am not eligible for it. Then I personally applied for PMAY and my application is stuck in the demand survey stage for more than four months. Am I eligible for a PMAY loan?
—P Saxena
It is difficult to comment on your eligibility here as the application details are not with us. However, do ask your present bank as to under which ground your application has got rejected. Each rejected case at PMAY remains in their database and multiple subsequent applications would also face the
same outcome.

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

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