Your Queries – Loans: Stood as guarantor? You must repay mortgage if borrower defaults on EMI
The final six months have been troublesome for a lot of because of the pandemic.
By Chaitali Dutta
I used to be a guarantor for a buddy’s housing mortgage. He has defaulted on the EMI for the previous six months. What ought to I do as I worry that the financial institution will harass me now? —Mahesh Padalkar The die has been solid. When you turn into a guarantor; it will likely be troublesome to get out of the duty. Assure needs to be given solely in very choose, particular circumstances the place you might be able to tackle the compensation burden if the unique account holder doesn’t pay. The final six months have been troublesome for a lot of because of the pandemic. Hope that your buddy will pay the excellent EMIs quickly.
My brother and I are joint house owners of our mother and father’ property although we would not have any paperwork to point out our title within the property as my father by no means wrote a will and my mom is not any extra. Can we get a joint mortgage of Rs 70 lakh to redevelop the property? What paperwork are wanted to get the mortgage? —S R Rawat Step one could be to get the property in each the brothers’ title. For this, get a succession certificates from the court docket. As soon as the property is in each your names, you might apply for a mortgage as nicely.
Is there an choice for pregnant ladies to keep away from paying residence mortgage EMI as a result of non- cost of wage by employer while on maternity. —Rahul Lumb As of now there aren’t any guidelines which permit for this advantage of EMI vacation whereas on maternity depart. Please consult with the Maternity Go away Profit Act 1961 and The Maternity Go away (modification) Invoice 2017 which permits for 26 weeks of paid depart which is relevant for all everlasting staff, contract employees or engaged with companies.
I’ve an schooling mortgage sanctioned in 2017. I began paying EMIs from November 2019, with the moratorium interval but to run out. Can I pay a lump sum quantity together with my EMIs? Will it assist me in claiming further tax advantages below Part 80E? —Vinayak Sharma All the curiosity paid within the yr of the schooling mortgage taken for self/ youngster/ partner is eligible for deduction out of your taxable revenue. Ask your financial institution the breakup of principal and curiosity part of excellent mortgage quantity. Then you might plan the extra compensation you want to do on this monetary yr.
The author is founder, AZUKE Private Finance Advisory (www.azukefinance.com). Ship your queries to [email protected]
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