Your Requests (Loans): No PMAY subsidy available at this time as the scheme closed on March 31, 2021.

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In the event that the buyer also takes out a loan, the documents are transferred to the institution that provides the loan to the buyer.In the event that the buyer also takes out a loan, the documents are transferred to the institution that provides the loan to the buyer.

By Chaitali Dutta

My home loan was paid off last year. I applied for PMAY, but the bank did not process my application. Now they say that I will not receive the subsidy, since the scheme is closed. Do I have options for receiving a subsidy?
—Rohit Kumar
CLSS under PMAY was only extended until March 31, 2021. At the moment, there is no news of further renewal. There is currently no alternative to the PMAY subsidy either. The central government may propose a different scheme instead of PMAY to meet the growing demand for housing among the EWS / LIG and MIG categories.

I lost my job six months ago. Can I ask the bank to reduce my home loan EMI and extend my stay until I find a job again?
—Punkj Sahu
Under normal circumstances, banks do not satisfy such a request, but since 2020, due to Covid, many have lost their jobs. There were cases when banks satisfied such requests. Submit a request with details of your family’s finances and lost job.

My outstanding credit card is now 1.2 lakh. I only pay the minimum amount due in the last six months as I have no income. What should I do?
– Amit Sharma
As soon as you have extra money, however small, try to pay in excess of the established minimum. The overdue amount on a credit card attracts high interest rates – about 35%. Ask the bank for a loan for individuals at 15% per annum. This amount can be used to pay off more expensive outstanding ones. Do not use your personal loan money for other purposes or living expenses.

I cannot pay EMI for my apartment. I want to sell it. Do I have to repay the loan amount first?
—SP Silva
Real estate can be sold for a mortgage. Provide the buyer with the details of the loan and at the same time inform the bank that you are selling real estate. The buyer will first pay off your loan and the bank will hand your documents over to the buyer and he must pay you the balance in order to obtain title to the property. In the event that the buyer also takes out a loan, the documents are transferred to the institution that provides the loan to the buyer.

The author is the founder of AZUKE Personal Finance Advisory (www.azukefinance.com). Send your inquiries to fepersonalfinance@expressindia.com

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