By Chaitali Dutta
I took a house mortgage for Rs 12 lakh and utilized for PMAY. I need to re-pay Rs 3 lakh within the first 12 months aside from the common EMI to cut back the curiosity outgo. Is it attainable to re-pay like this?
—Rahul Hire
Yes, it’s attainable to pre-pay your own home mortgage the place you may have availed PMAY. However, you’ll be required to return part of the subsidy availed by you. This shall be calculated based mostly on the diminished tenure of your mortgage.
My relative, who had a PPF account, died lately. His nominee doesn’t need to withdraw the quantity of PPF account instantly. What are the principles for continuation of accrual of curiosity on deposited quantity, closure of account, and so forth.
—Amar Nath
The financial institution must be notified instantly in regards to the demise of the depositor. All deposits into the PPF account will cease instantly. Till the paperwork for the declare of the stability within the PPF account is accomplished by the nominee, the stability will proceed to earn curiosity. It is suggested to not let the stability proceed within the PPF account for lengthy after the demise of the depositor because the nominee is just the trustee of the quantities and isn’t the rightful proprietor.
While remitting foreign exchange to kids for one of many functions permitted by RBI, can the remitter financial institution ask for the proof of function or is the declaration of function ample?
—Rajiv Kaushik
As per FEMA guidelines and current banking procedures, the declaration by the remitter is ample. However, if the quantity is near the LRS restrict for the individual for that 12 months, the financial institution might ask for extra proof.
I took a gold mortgage from a NBFC however the rate of interest may be very excessive. Can I shift the mortgage to a financial institution?
—Sanjeev Bisht
Transferring a gold mortgage has its challenges because the financial institution might not be capable to sanction you a gold mortgage with out inspecting your collateral. The NBFC won’t launch the ornaments/ gold because the mortgage remains to be excellent. The solely manner you possibly can presumably do that swap could be to take a bridge mortgage by means of a private mortgage. Here too the private mortgage shall be dearer than a collateral-backed gold mortgage.
The author is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to [email protected])
Source: www.financialexpress.com”