I have filed for separation from my husband. We had taken a joint housing loan for 20 years around seven years ago. We are working out our financial liabilities. I plan to quit my job and take my daughter to my native place. My husband will continue to stay in the house. Can you tell me what options do I have regarding the housing loan after the split?
First, a decision has to be taken about the ownership of the property. We presume it will be transferred in the sole name of your husband since he will be using the house. Thereafter, he will have to, in the records of the bank, take over the entire liability, provided that he is eligible to do so according to the underwriting norms of the lending institution, and be responsible for payment of all outstanding dues. This shall mean you giving up your title or interest in the property.
I plan to buy a two-wheeler. When I enquired about loan, I was told that I would have to pay one-third of the cost as down-payment. The bike will cost me around Rs 1.45 lakh. One-third payment is too high. Is there some way I can lower the down-payment component. For example, I have around Rs 1.5 lakh in a tax-saving mutual fund. Can I use this for lower initial payment? Also, in case of buying a used bike (costing Rs 30,000), are there options for financing it?
Various lenders offer different schemes with different parameters such as interest rate, tenure, amount of down payment, etc. You may go for the best suited option. You may also look at taking a personal loan instead of a two-wheeler loan. The interest rate may be slightly higher but you will have the flexibility of using the money according to your requirement (down payment or a used bike). Also, most lenders don’t lend against tax-saving mutual funds as these have a lock-in period.
I had applied for a platinum credit card with my bank. In the application form, I ticked the platinum card option. When I received the card, it was a gold card. No one at the bank has a clue as to how that happened. What can I do now?
Gold and platinum cards offered by banks have different eligibility and fee structures. The bank can give you either. In case you fulfill the criteria for a platinum card and had submitted the relevant documents, you should call the bank’s customer service centre and request for a replacement. You may, however, need to submit some additional documents.
Manju Srivatsa is president, (retail banking) of Axis Bank. Send your queries at yourmoney@bsmail.in
