By Chaitali Dutta
l My son will go to the US for higher education. Should I opt for a loan in India instead of a loan abroad as the rupee is depreciating?—Yash Sharma
Ans: Yes, education loans in rupee in India are widely available. You may choose the institution that offers low interest rates and a larger loan amount without collateral.
l I wish to take a housing loan to construct a house on the land owned by my mother. Will the bank give me a loan of `50 lakh? If not, then what should I do?—Suhas Kumar
Ans: This can be done if the bank agrees to sanction a joint home loan to you and your mother. Another solution could be part ownership transfer by your mother to you, and then applying for a joining home loan.
Key factors to consider when buying property near highways and expressways
l As rates are likely to fall, is it a good time to look for a balance transfer of my home loan?—Ritesh Agarwal
Ans: If your existing home loan is on a floating rate and pegged to the Repo rate, you will see a reduction in the rate of your current loan itself. Balance transfer would be useful only if you get an offer where the effective rate is lower than what you are paying now. Please look at all the fine print in the new loan and then make the switch.
l I have been selected under NRI sponsored category for MBA course at Manipal. As the fee is `30 lakh for two years, I want to take an education loan. However, the university has put a condition that the fees will have to be paid by NRI sponsor’s bank account only. Can the bank send the money to my sponsor and then the sponsor will forward it to college ?—Arvind Iyer
Ans: When a bank disburses an education loan, the money is remitted directly to the educational institution. The disbursal is never done to a third-party account as the bank needs to ensure the end use of money. The NRI-sponsored category ensures that foreign exchange comes into India. Hence, the sponsor must make the payment entirely from his/her foreign account.
How ultra-HNIs are reshaping luxury real estate in India
l I am planning to take a loan to buy a car.
» Read More
