I have a three-year old housing loan from a private bank for an under-construction property. But I have lost all the loan account statements for the past three years. Can I apply for a copy of these documents? Will I be charged for it? If yes, how much?
Some private sector banks provide loan account statements online. You can either access this from the bank's website or ask call centre to understand if it provides the loan account statement online. If the bank does not provide this facility, you can apply for a copy. Charges for copies of account statement are bank-specific and are mentioned in the schedule of charges for a housing loan.
I am 59 and will retire in May next year. I have always stayed in an employer-provided house. I will now have to buy one of my own. Will I get a housing loan? My target loan amount is Rs 25 lakh.
Home loan is a long-term credit provided on the basis of the repayment capacity of an individual over the tenure of the loan. You might find it a little tough to avail a loan under the circumstances mentioned, unless you are able to satisfy the bank on your ability to repay your monthly instalment after you retire. If you have any other earning member in your family, the probability of availing the loan increases.
What is the difference between a business loan and a business overdraft?
A business loan is a fixed amount of money, given for a specified time. Utilisation of the money can be for a business requirement (for instance, expansion, buying capital equipment and so on). The repayment of a business loan is in the form of equated monthly instalments (EMI) at a pre-specified rate of interest. Repayment capacity and the utilisation purpose are main parameters which banks look at before extending the loan. Such loans are best suited to meet medium to long-term funds requirements.
A business overdraft is a credit facility extended by the bank (or other institution), up to which the customer can overdraw. The facility is provided on a annual renewal basis. The funds can be utilised for working capital requirements for the business. The interest is levied on the overdrawn amount and for the period the funds were utilised. Business overdrafts are best suited to meet short-term fund requirements.
For both types of funding, the balance sheet assessment is necessary, along with viability of the business and industry scenario.
The views expressed are expert's own. Send your queries to yourmoney@bsmail.in
Today, Prashant Joshi, managing director & head, private & business clients (India), Deutsche Bank, answers your questions
