Restructuring home loan

 Restructuring home loan

I am an active activist of the Mumbai Consumer Panchayat. He is a member of the central executive of the organization.  Customers assist for the editing of the mouthpiece. Mahrera works as an honorary harmony on the stage. As a hawas, the story, poems, articles make an autobiography of autobiography. Primarily writes on financial subjects. My articles, interviews, live events are published on newspapers, weekly, monthly, Diwali issues, online portals and social media. Due to the Mumbai Consumer Panchayat, many contact me with various problems. These problems are not just a customer but also private, family. As with my comprehension, I fix it. While doing so, we have to be careful not to mistake the image of the organizations of the organizations that we are associated with it, because their contribution to creating our independent identity in society is valuable.

Ask every Thursday in the daily match for the last four months, the fact that the issue of financial issues continues. The answer to the question on the financial topic asked by the readers is the nature. I answer the questions that will be used by all the questions that come on the mail week. Last Thursday, I answered about 40 questions. The incoming questions were related to various financial issues. I could easily answer most of these questions. Often the question is asked to give such a long and unnecessary detail that rather than answering, it has to think more about how to ask exactly how to ask in words. I found the two questions more challenging the two questions to date. As I know what I know, what I do not know exactly, some references had to be obtained to find the answers to these questions, one of the questions was about LIC's scheme and the other was about home loan. Even though I have a little information in this regard, I am guiding the expert person in my contacts so that I have the right to answer any question properly and exactly. In this regard, I help our consumer panchayat activist Abhay Datar Retired Banker and Sharmila Ranade, head of the complaint guidance center. I am glad that other people in the justification are also guided by immediate guidance. Kiran Marathe, a businessman in Thane, gave valuable guidance to answer the LIC related question, so I helped me to guide the questioner properly.

The question about the second home loan was important to me, so I was trying to give detailed information from this article. The bank is lending 8.4% to the new borrower and due to the increase in the salary of the borrower, the EMI amount is to be increased and the interest rate is reduced. The bank does not support it.

           I find the borrower's demands right. Therefore, I have been advised to complain to the bank and follow the loan in other places. In fact, this smart option should be given to the bank to the borrower but the banks do not do it.

When a person takes any loan, there is also a contract when the loan is paid for some documents, there is also a contract. If you take a loan, please ask for a copy of the agreement that includes the terms of the terms.

In it-

*There will be information about the debt, interest, EMI period, interest charging method.

*Debt is a stable interest rate (fix) that with a changing interest rate (floating)

*How many processes will be charged if you want to change the interest rate?

*Fees required if there is a break in EMI

*Process fee on the method of repaying the debt partly or completely

   

There will be a lot of things to be mentioned as it is a legal agreement with the bank to get a loan.

Changes in interest rates raise many questions. The interest rate was stabilized at one point and came to a very low level after the Covid period. There has been a record increase in the last year. Since the Reserve Bank is not convinced that inflation is stable, it seems less likely to decrease in the near future. How to solve the question arising in such a situation?

         If there is a complaint regarding any subject regarding the bank, each bank has a three -level mechanism for resolution. The customer should complain about it or complain about the mail there. If he is not satisfied, he will go to the banking Lokpal. Many people know that only the Lokpal wants to complain. They strongly advise to go to the Lokpal. All should keep in mind that such direct complaints are not taken into account.

What should be done on the above questions? On this, we should see what the bank says exactly. Since they want to do business, they are expected to cooperate with the borrower. This work can be done less. In such cases, the Reserve Bank has informed all banks through a letter (RBI/DBR/2015-16/20, Date 03/03/2016) and recently reminiscents (RBI/2023-24/53) have sent a letter (RBI/2023-24/53) 18/08/2023. Details of this can be obtained by visiting the Reserve Bank's website.

          The letter contains suggestions for what the banks should do. Because of these suggestions, we cannot force the bank to accept it, but if there is no use by pursuing, then it is not possible to do so much. The final way is to spend a little more in the final way to make the loan to the second financial institution that pays the loan according to your terms.

Those who have the ability to repay their debt as soon as possible or now have it, I have a clear opinion that home loans should not be considered as soon as possible. Which I have expressed from time to time from the previous articles. Home loans are the lowest available debt and there are many discounts on income tax if they have a lot of taxes. Therefore, it is possible to get more refunds without doing much money through a single or SIP. In the future, it can be considered to repay all the loan if the amount is collecting enough or even if the loan amount is very low. Loans taken by higher interest rates, such as credit cards, personal loans, vehicle loans should be paid as soon as possible.