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, frequently there are prepayment restrictions vehicle loans, particularly within the couple that is first of. Nonetheless, the costs differ by loan provider, term expired, loan outstanding along with your creditworthiness. Please browse the information on your vehicle loan sanction page to find out of the fees.

We had taken loan of Rs 23 lakh from HDFC Bank in addition to monthly EMI is Rs 18,500. We have maybe not taken PMAY subsidy. I would like to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh. Am I going to be entitled to PMAY subsidy? —Abhay Singh

You may get it now if you satisfy the conditions of PMAY subsidy. But, component prepayment or complete payment is difficult without reimbursement of PV of future subsidy currently availed during the time of sanction.

My cousin really wants to buy a residence but he doesn’t have regular wage. Can the money is borrowed quick loans online bad credit by me from the bank and present it to him to purchase the house?

—Deepak Kumar Soni

Banks will start thinking about loans to individuals without regular wage when they can substantiate their over-all income that is steady the supporting ITR for 3-5 years. That you are taking the responsibility of EMIs on his behalf if you want to help your brother with the loan, remember. Bank will move process that is recovery you in case there is irregular repayments. This can additionally ruin your creditworthiness. In the event that loan is with in your name that is joint will certainly reduce your eligibility of a mortgage for yourself separately. If you would nevertheless like to proceed with this arrangement, purchase the property in your title and allow your bro to remain there with rentals compensated for you. When he’s got a constant income, you may possibly present him the home once you close the loan account together with your brother’s funds.

Which is better: a silver loan or your own loan for the short-term need? —Narender Gupta

When it comes to rate of interest, there’s no substantial huge difference at the reduced end regarding the interest range. Nonetheless, a loan that is personal be since costly as 20% per year interest. Given the extremely restricted information you have provided, it is far better to go with a loan against gold. This will be less expensive than a unsecured loan as there is certainly the protection of thegold with all the bank.