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Your Queries (Loans): To avail PMAY, promote current property and purchase new one with residence mortgage

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You may request for an extension of moratorium. Once your son gets a job, he then has to pay back the principal amount.Chances are you’ll request for an extension of moratorium. As soon as your son will get a job, he then has to pay again the principal quantity.

By Chaitali Dutta

I took a housing mortgage in 2018 and I paid all my EMI. Can I take the advantage of the PMAY subsidy?
—Neeraj Kumar Singh
As soon as the house mortgage is absolutely repaid the PMAY subsidy will not be doable to avail. Going ahead if you want to improve to a greater property, it’s possible you’ll promote this current property and purchase one, with a mortgage, and avail of the PMAY then.

I took an schooling mortgage for Rs 10 lakh for my son’s greater schooling. My son was paying the EMI however he has misplaced his job after the beginning of the pandemic. We opted for the six months moratorium. Can I request the financial institution to increase the moratorium for some extra time as a particular case?
—A Okay Srivastava
You’re the joint holder of this mortgage. The financial institution will ask for the standing of your revenue as properly. Pay the curiosity quantity at the least on a month-to-month foundation. Chances are you’ll request for an extension of moratorium. As soon as your son will get a job, he then has to pay again the principal quantity.

I had taken a housing mortgage in 2015 and have paid all my EMIs on time. All these years my CIBIL rating was about 780. I had opted for the six months mortgage moratorium and have began paying my EMIs once more. However now my CIBIL rating is beneath 700. Why is it so?
—Ajay Kumar
As per the RBI notification, the rescheduling of funds, together with curiosity, won’t qualify as a default for the needs of supervisory reporting and reporting to Credit score Info Corporations (CICs) by the lending establishments. So basically, simply availing of the moratorium shouldn’t negatively have an effect on your rating. Do examine in case you had different credit excellent within the final one yr. Bank card overdue quantities are additionally thought-about below CIBIL score.

I took Rs 40 lakh residence mortgage in 2019. My father has gifted me Rs 50 lakh on promoting a property. Can I exploit the cash to repay the mortgage. How do I present the supply of cash to the financial institution?
—Bhushan Pandey
Get a present deed made to indicate on file that the Rs 50 lakh is a present and never a mortgage. This will probably be helpful for each—your in addition to your father’s revenue tax returns. Subsequent, repay the house mortgage solely and declare that the reimbursement is from your individual sources of funds.

The author is founder, AZUKE Private Finance Advisory (www.azukefinance. com). Ship your queries to fepersonalfinance@expressindia.com

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