YOUR QUERIES: LOANS- Taken gold loan? You have to give more collateral as prices have fallen

by Jeremy

The loan amount depends on the value of the collateral you provide to the bank. The collateral value has indeed dipped in the last year. It is suggested to either offer more collateral by way of gold to the bank or repays a part of the loan from money from other sources. If neither of the steps is taken, the bank may classify your loan as an NPA, negatively affecting your credit score.

My housing loan was approved six months ago, but I did not take the disbursement due to the lockdown. Now the bank wants me to give the latest salary slip for the assignment. I have left my job and am helping my father in his business. What should I do?
—Ajit Kumar
For loan approval, the lending institution looks at the repaying capacity to arrive at a decision. If you do not have a job now, one of the critical conditions of the loan approval has changed. The bank is therefore asking for the salary slip. Defer the disbursal till you have a job.

I own residential property with my wife and my mother as co-owners. My mother has passed away intestate. I am the only child of my parents. What papers do I have to submit to society to get my mother’s name deleted from society records and share certificate?
—Rajeev B
Here, you and your father have equal rights to her assets. If your father is alive, he has to relinquish his rights in your favor. When you submit it along with your mother’s death certificate to the CHS, you will become the owner of 66.66% of the property. If your father is no more, then both death certificates need to be furnished to the society for transmission of ownership. I took taken home loan in May 2015. Can I avail of PMAY subsidy on extra construction by home loan top-up?
—Mukund
The PMAY applies to only those who do not own a pucca house or property in India. Since you already have the home loan running, it is implied that you own that property. Hence you will not be eligible for PMAY on a top-up loan.

The writer is the founder, AZUKE Personal Finance Advisory (www. azukefinance. com). Send your queries to [email protected]

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