Your Queries: Loans – Interest rate will not change if you opted for a fixed rate home loan

By Chaitali Dutta

Two years back I took a home loan from SBI. Interest rate then was 14% and now it is 10.7% but my interest rate is not reducing. What should I do?
—Lakshmikanth M P
All branches of SBI are now under a central computerised system. It would be highly unlikely for them to not reduce interest rate if you have availed a floating rate of interest loan. Look for the interest clause in your sanction letter. Interest rate will be constant only if it was at a fixed rate. Ask your bank specifically as to how much the current interest rate is. Sometimes the bank may not communicate the change in interest rate by way of a letter. You may be under the impression that the interest rate is not reduced as you are paying the same EMI.

I have not got possession of flat within 36 months from the date of first disbursement of loan. Due to this, my PMAY subsidy has been returned from my loan account to the government. What should I do?
—Rishi Jha
In this case you and other aggrieved parties may have to send legal notice and subsequently apply for legal action against the builder. The PMAY subsidy once availed cannot be applied for again.

I own an immovable property with my wife, mother, sister and brother-in-law as the other joint owners. The registered purchase agreement is dated December 2014 and my mother passed away in 2017. What papers do we have to submit for deletion of late mother’s name from society record?
—R R Bhatia
The first consideration is whether your mother had a will. In case her will is present and valid, her interest in the property will pass on to the beneficiary as per the will. If she died intestate, a legal heir certificate is required for adding the legal heir’s name in the society share certificate and their books. Also, formally write to the CHS apprising them of her death with a copy of the death certificate.

My bank has rejected my loan because of less income. I earn in cash and can repay. How do I get a loan?
—Arvind
You are not eligible for a bank loan as the requirement is of a steady income with tax filing. Any work done with cash earnings is not recognised. You can check out with NBFCs if they are willing .

The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance. com). Send your queries to [email protected] expressindia.com