YOUR REQUESTS: LOANS: An unsecured education loan up to Rs 7.5 lakh is available

repayment capacity.” width=”620″ height=”413″/>Housing finance institutions would look at the last three years of RTI filing to assess your mortgage repayment capacity.

By Chaitali Dutta

I want to apply for a student loan for my daughter. Do I have to give a guarantee for a loan of Rs 15 lakh?
—Anuradha Biswal
Unsecured student loans are usually limited to Rs 4-7.5 lakh. Any loan greater than these amounts will attract security which may take the form of a pledge of financial or real estate assets.

I had applied for a mortgage from a private bank. After six months, he rejected my request, citing insufficient income. I have a lot of cash income. Now how should I process the request with another bank?
—Advit Gupta
With cash income, the problem is that your RTI return does not reflect actual income. Housing finance institutions would look at the last three years of RTI filing to assess your mortgage repayment capacity. If your situation requires you to take out a home loan, the only way is to start transferring your cash income to income channeled through your bank. Start paying income taxes in cash and report it on your ITR return.

I had taken out an additional renovation loan six months ago. Now I have received money from my brother. Can I cancel the renovation loan now and continue with the existing home loan that I have to pay for a year now?
—BK Parab
Yes, you can repay the initial loan or the complementary loan. Check the interest rate you are paying on both. Then reimburse the most expensive.

I took out a home loan of Rs 14.5 lakh from Repco Housing Finance in 2018. I transferred my loan from Repco to PNB. My current bank applied for the PMAY grant in 2020 but later said I was not eligible. Then I personally applied for PMAY and my application is stuck at the application investigation stage for over four months. Am I eligible for a PMAY loan?
—P Saxena
It is difficult to comment on your eligibility here as the details of the request are not with us. However, ask your current bank why your request was rejected. Each case rejected at PMAY remains in their database and several subsequent requests would also be faced with the
same result.

The author is the founder of AZUKE Personal Finance Advisory (www.azukefinance.com).
Send your questions to [email protected]

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