Your Query: look for any pre-payment clause in auto loan

Your Query: look for any pre-payment clause in auto loan

If you’d like to assist your cousin using the loan, understand that you’re taking the duty of EMIs on his behalf.

In car finance, will there be any clause?–Mayank that is pre-payment Bhardwaj

Yes, frequently there are prepayment restrictions vehicle loans, particularly within the couple that is first of. Nevertheless, 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 the charges out.

We had taken loan of Rs 23 lakh from HDFC Bank additionally the monthly EMI is Rs 18,500. I’ve perhaps not taken PMAY subsidy. I would like to increase my EMI to Rs 27,000 and do prepayment of Rs 5 lakh. Can I remain qualified to receive PMAY subsidy? —Abhay Singh

You may get it now if you satisfy the conditions of PMAY subsidy. But, component prepayment or repayment that is full extremely hard without reimbursement of PV of future subsidy currently availed during the time of sanction.

My buddy wants to purchase a home but he won’t have salary that is regular. Can the money is borrowed by me through the bank and provide it to him to get the home?

—Deepak Kumar Soni

Banking institutions will give consideration to loans check n go login to people without regular salary should they can substantiate their over-all income that is steady the supporting ITR for 3-5 years. If you wish to help your bro utilizing the loan, understand that you’re taking the obligation of EMIs on his behalf. Bank will move healing process against you in the event of irregular repayments. This may additionally ruin your creditworthiness. In the event that loan is with in your joint title, you wil dramatically reduce your eligibility of a mortgage on your own independently. In the event that you would nevertheless ahead want to go with this specific arrangement, choose the property in your title and invite your sibling to remain there with rentals compensated to you personally. [Read more…]