20.8 C
Saturday, August 13, 2022
HomeBusinessYour Queries (Loans): Cannot get PMAY subsidy now as scheme closed on...

Your Queries (Loans): Cannot get PMAY subsidy now as scheme closed on March 31, 2021


Related stories

A Beginner’s Guide to Email Automation

Email automation is a great way to save time...

Switch from gas boosts oil demand, but economic headwinds loom — IEA

Speaking to CNBC on Monday, the executive director...

Some Journeys Can Be Only Travelled Alone!

Maybe you and your friends are unable to conclude...

The Impact of Unhealthy Business Practices in the NFL

The NFL has been in the news recently for...

In case the buyer is also taking a loan, then the papers are released to the institution which is giving a loan to the buyer.

By Chaitali Dutta

My housing loan was disbursed last year. I had submitted a PMAY application but the bank has not processed my application. It is now saying that I will not get the subsidy as the scheme is closed. Do I have any options to get the subsidy?
—Rohit Kumar
The CLSS under the PMAY had been extended only up to March 31, 2021. As of now, there is no news of further extension. An alternative to the PMAY subsidy is also not currently available. The central government may come up with another scheme in place of PMAY to address the growing need for housing amongst the EWS/LIG and MIG category.

I lost my job six months ago. Can I ask the bank to reduce my home loan EMI and extend the tenure till I get a job again?
—Pankaj Sahoo
Under normal circumstances banks do not entertain such a request but since 2020 due to Covid many have lost jobs. There have been instances where banks have acceded to such requests. Put in your request giving details of your family finances and the lost job.

My credit card outstanding is Rs 1.2 lakh now. I am paying only the minimum amount due for the past six months as I do not have any income. What I should do?
—Amit Sharma
As soon as you have additional money, even if a small amount, try to pay off over and above the minimum due. Credit card overdue amount attracts a high interest of around 35%. Ask your bank for a personal loan which has 15% interest rate. This amount may be used to pay off the more expensive outstanding. Do not use the personal loan money for other purposes or living expenses.

I am unable to pay the EMI for my flat. I want to sell it. Do I have to first clear the loan amount?
—S P Silva
The property may be sold with the home loan itself. Give the details of the loan to the buyer and simultaneously tell the bank you are selling the property. The buyer will first pay off your loan and the bank will release your papers to the buyer and he has to pay the balance to you to get ownership of the property. In case the buyer is also taking a loan, then the papers are released to the institution which is giving a loan to the buyer.

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

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Source link

Latest stories