By Chaitali Dutta
My company closed after the April lockdown. How do I pay my remaining home loan of Rs 2 lakh?
—Arjun Kumar
Currently, the loan moratorium is for 6 months only. Beyond that, the EMIs will become due on a monthly basis and there are chances of the loan getting reported as NPA. To show good intent on your part, in September 2020, try and deposit at least a part of the EMI, so that your loan provider will know that you do not intend to defraud the bank/NBFC.
I applied for a Rs 28 lakh home loan from LIC Housing Finance and received it last year in July. I had also applied for PMAY and now I have got Rs 1.21 lakh instead of Rs 2.35 lakh. My annual income is Rs 6 lakh. Am I the only one who received less amount? Will the rest of the amount be credited later on?
—Samrat Dutta
The PMAY subsidy credit depends on the loan disbursed. If your full loan of Rs 28 lakh is disbursed, then ideally you should have got the full benefit of Rs 2.35 lakh under PMAY MIG. There are not many documented cases of less PMAY subsidy receipts. I suggest you speak to LIC Housing Finance to ask for clarifications and register your complaint on State Level Toll-Free Number – 18003456527 or mobile number or WhatsApp number – 7004193202.
I have not availed of RBI morato-rium till now. But my office has reduced my salary by 50% from June. Now I have applied for a moratorium in July. Will the bank agree as the RBI moratorium period ends in August?
—Deepak Sharma
Yes, you will be given the moratorium for July and August. Since the moratorium ends in August 2020, your application for beyond that period will not be considered.
As I have taken a housing loan, what kind of insurance should I take—life or general insurance?
—Pawan Dave
Ideally both. The life cover is required as you do not want the family to be burdened with loan repayment if something happens to you. The amount should be equivalent to the loan amount. The general insurance is for the property to ensure against natural calamities, fire and terrorism. The property being the security to the bank, usually the bank will ask you to get this cover as well.
