Your Query: look for any clause that is pre-payment auto loan

That you are taking the responsibility of EMIs on his behalf if you want to help your brother with the loan, remember.

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

Yes, often there are prepayment limitations vehicle loans, particularly in the couple that is first of. But, the costs differ by loan provider, term expired, loan outstanding and your creditworthiness. Please browse the details of your vehicle loan sanction page to find the charges out.

I had taken loan of Rs 23 lakh from HDFC Bank as well as the EMI that is monthly is 18,500. We have perhaps perhaps not taken PMAY subsidy. I do want to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh advance america bank. Can I nevertheless be eligible for PMAY subsidy? —Abhay Singh

In the event that you match the conditions of PMAY subsidy, you could get it now. However, component prepayment or repayment that is full extremely hard without reimbursement of PV of future subsidy already availed at the time of sanction.

My buddy really wants to purchase a home but he doesn’t have salary that is regular. Can we borrow the amount of money through the bank and provide it to him to get the home?

—Deepak Kumar Soni

Banks will think about loans to individuals without regular wage when they can substantiate their over-all constant earnings with the supporting ITR for 3-5 years. If you wish to assist your sibling because of the loan, understand that you’re taking the obligation of EMIs on his behalf. Bank will move healing process against you in case there is irregular repayments. This may additionally ruin your creditworthiness. In the event that loan is in your name that is joint will certainly reduce your eligibility of a mortgage yourself independently. In the event that you would nevertheless ahead want to go using this arrangement, purchase the property in your name and invite your sibling to remain here with rentals compensated to you personally. As soon as he has got a constant earnings, you could present him the home when you close the loan account together with your brother’s funds.

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

With regards to rate of interest, there’s absolutely no difference that is substantial the low end for the interest range. Nevertheless, a loan that is personal be because costly as 20% per year rate of interest. Offered the extremely restricted data you have actually provided, it is best to go with that loan against silver. This will be cheaper than a loan that is personal there was the protection of thegold with the bank.