Your requests – Loans: PMAY can only be applied once

Yes, you will be able to apply for a PMAY grant when you apply for a new loan from another bank at the regular interest rate.

By Chaitali Dutta

While the stock market is on the rise, I want to take out a pre-approved personal loan to invest in the markets. Should I do it?
—SR Mudgal
I strongly suggest not to use leverage to invest in the market. Stock markets are volatile and returns are only good if you invest in them for the long term – five to seven years. The loan you take will need to be repaid in IMEs where there will be a constant flow of your funds. My suggestion would be to invest in equity with the proposed EMI money that you should have paid back to the bank. This monthly accumulation would be a better way to build a portfolio.

I took out a loan from GNP in February 2019 and applied for the PMAY grant in August 2020. I reapplied because it was rejected once. I now have my CLAP ID and it says four steps have been taken. If I transfer my loan to another bank for a lower interest rate, my grant will go to the government. What should I do ?
—Amit
PMAY can only be applied once. Ask PNB to recall your application, if possible. Once the sanction has passed, you must be in the same organization to enjoy the benefits of the PMAY grant. If you want to prepay your loan in the future, you will need to repay the grant for the unexpired term of the loan.

How long is a gold loan for and what happens if I don’t pay back the interest?
– Gautam Banka
There is no fixed period for a gold loan. It depends on your needs and the organization you are taking out the loan from. The loan amount offered on a gold loan is calculated after taking into account the interest for the term of the loan. Therefore, by not paying the interest amount, you overload yourself and the chances of getting the gold back will be reduced.

If I have a CIBIL score of 810, will I get a mortgage at a great rate?
—SK Ahuja
Yes, with a CIBIL score above 800 you can expect a lower interest rate / lower margin requirement on your home loan.

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

Get Live Stock prices of ESB, NSE, American market and last net asset value, portfolio of Mutual fund, Discover the latest IPO News, The best performing IPOs, calculate your tax by Income tax calculator, know the market Best winners, Top losers & Best equity funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.



Source link

Comments are closed.