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?
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?
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?
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 email@example.com