Taking an training loan? You should provide name of guarantor

You must furnish call of guarantor for training mortgage
I am taking a joint loan with my wife. Is it mandatory to provide the request of a guarantor for the mortgage?
– Ketan Goptu
Most loans from banks nowadays do now not require guarantors. Only in unique situations, typically in schooling loans, they’ll need a guarantor, whose internet worth is at least appropriate for the credit being given. Usually, for a home loan, automobile loan, etc., there may be no need for a guarantor.

I have a few spare money. Should I pay off a part of my residential loan in place of investing in fixed bank deposits?
—Varun Chug
Look at the interest rate differential. If you may make at the least 2% consistent with annum more than what your financial institution is charging you for your loan, then you definitely must move in advance and make investments. Otherwise, it is recommended to lessen your legal responsibility.

I need to ship my son to London for higher education, and we need a mortgage of `1 crore. Is there any restriction on education loan for studying overseas?
—KR Ravi
Most scheduled banks in India will give you a loan of `20-50 lakh for a look at overseas. Axis Bank does no longer have an upper restriction. Also, there are some NBFCs (Avanse, Credila) which specialize in training loans, who do now not have a maximum restrict, provided different criterions are met.

I plan to purchase a vehicle for `8 lakh. I need a mortgage of `5 lakh. Should I move for a 3-yr or 5-12 months tenure?
—Gautam Rajput
Maximum tenure of a vehicle mortgage is seven years. Ask for prepayment charges, and the duration wherein prepayment is not allowed, earlier than availing the mortgage. Then decide to move for a longer term loan with the ability to pay off more before, as and if you have a higher price range. This way your monthly obligation of EMI might be decreased.

I carried out for PMAY in LIG category, but it was given rejected because of no girls proprietor-deliver. Since there aren’t any women in my circle of relatives, what must I do?
—Pravin Vijayraghavan
Under PMAY LIG, possession of the residence ought to be in the only name of the lady member of the family or joint ownership with the wife. However, underneath the Credit-Linked Subsidy Scheme (CLSS)- MIG, a person earning member, irrespective of marital popularity, can be dealt with as a separate household and can avail subsidy below CLSS independently.

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