By Chaitali Dutta
We applied for a construction linked loan and got the first tranche last year. The builder has sent the second demand and now the bank refuses to release the next loan amount as the builder does not have all the necessary RERA clearance. What should I do as the builder is insisting on the money or 18% interest per month till the amount is paid?
—Arti Rana
As per Section 3 of the Rera Act “No person shall sell or book the flat, make any purchase in any manner, any plot, apartment or building in any real estate project without registering the project with RERA,” Hence, you may register a complaint against the builder with RERA. This can be done online from the site of RERA for your state. Till the matter is resolved, it is better not to make further payments to the builder.
I have a home loan in my name. Now, I want to buy a plot in my wife’s name who has income from private tuition, gains from stock broking and interest from deposits of Rs 25 lakh. She had filed ITR for three years. Can she apply for a bank loan to buy the plot, and should I be a co-borrower?
—Mihir Somaji
Yes, your wife can apply for the loan. The advantage of adding your name as co-owner, hence co-borrower, will be that you can get a bigger loan amount if required. However, remember that your existing home loan outstanding will be deducted from the total loan eligibility for you. In terms of income tax benefit under Section 24, you can only avail max of Rs 2 lakh per annum as an individual.
I had taken a Rs 20 lakh education loan from a bank for my daughter’s higher education and am paying the EMI. As she is getting married next month, do I have to tell this to the bank? She now wants to clear the loan from the money she will get as gifts. How will I show that money to the bank as they insist on the source of funds for prepayment?
—S R Satyapal
It is not mandatory to convey the fact that she is married now to the bank. Although there is no harm in doing so, the source of funds may be mentioned as ‘self savings’. The education loan may then be closed.
The writer (Chaitali Dutta) is founder, AZUKE Personal Finance Advisory (www.azukefinance. com). Send your queries to fe***************@ex**********.com
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