Your Queries – Loans: For LIG PMAY subsidy, co-owner has to be female and co-applicant

The paperwork—proof of possession of land, estimate of the price of development by an authorised architect, each your revenue proofs and skill to repay—must be established.

By Chaitali Dutta

I availed dwelling mortgage and I fall within the Low Revenue Group class. The property is registered in my and my partner’s title however she is a guarantor for the mortgage and never a co-applicant. The financial institution says as my spouse is just not a co-applicant, PMAY can’t be availed. What ought to I do on this case?
—Vamshi Reddy
Sure, within the case of LIG PMAY subsidy, the co-owner or main proprietor must be a feminine. Additionally, she must be a
co-applicant. Converse to the financial institution to see whether or not you possibly can add her as a co-applicant to the mortgage.

I’ve 15 months of EMI left for my dwelling mortgage. For FY22, the principal element will probably be Rs 3.30 lakh and curiosity element will probably be Rs 21,000. Ought to I repay the remaining quantity after just a few months or proceed to pay the EMI for one more 15 months?
—Ashok Sawant
When you have different parts for saving below Part 80C, shut the mortgage account on this FY itself together with your surplus quantity. You could do it over just a few months. When you should not have different eligible 80C compon-ents, proceed with the common EMI cost for full 15 months.

Can I open a PPF account in my minor son’s title? How a lot can I switch to this account? Some other laws/points on this?
—Rajesh B Shah
Sure, you could open a PPF account in your minor little one’s title. When you have a PPF account of your individual, contribution to each PPF accounts shouldn’t exceed Rs 1.5 lakh. If the minor PPF account is the one account you will have, the restrict will probably be Rs 1.5 lakh in every monetary 12 months. The contribution would come out of your revenue and you could avail of the revenue tax profit below 80C. As soon as your minor son turns into a significant, write to the financial institution/ publish workplace alongside along with his start certifi-cate. Your title as pure guardian can be eliminated and on maturity, solely your son will probably be eligible to get the funds.

My brother and I wish to take a joint housing mortgage. Can we get a financial institution mortgage?
—C R Bhanu
Sure, it’s potential. Siblings could collectively apply for such a mortgage. The paperwork—proof of possession of land, estimate of the price of development by an authorised architect, each your revenue proofs and skill to repay—must be established.

The author is founder, AZUKE Private Finance Advisory (www.azukefinance. com). Ship your queries to fepersonalfinance@expressindia.com