Your Concerns About Loans: For the LIG PMAY subsidy, the co-owner and co-applicant must be female.

Your Concerns About Loans: For the LIG PMAY subsidy, the co-owner and co-applicant must be female.

To qualify for the LIG PMAY subsidy, the co-owner or primary owner must be a woman. She must also be a co-applicant.

I belong to a Low Income Group category and have availed home loan. While the property is registered under my and my spouse’s names, she is just a guarantor and not a co-applicant for the loan. Bank replied that PMAY cannot be availed as my wife is not a co-applicant. What should I do in these circumstances? – Vamshi Reddy 

In LIG PMAY subsidy, the primary owner or co-owner has to be female. She must be a co-applicant while availing for a Home Loan. Connect with the bank for adding her as a co-applicant of the loan if it is possible. 

I have aHome Loan n outstanding of 15 months Home Loan EMI. The principal component for FY22 will be Rs 3.30 lakh, and the interest component will be Rs 21,000. Do I pay off the remaining balance after a few months or keep paying the EMI for another 15 months? – Ashok Sawant

If you have other components for saving under Section 80C, close the loan account with your surplus sum in this financial year. You could spread it out for a few months. If you do not have any other qualifying 80C components, make the standard EMI payment for the entire 15 months.

Can a PPF account be opened in the name of my minor son? How much amount can I deposit in this account? Are there any certain regulations/issues included? – Rajesh B Shah

Yes, you can open a PPF account in the name of your minor child. Contributions to both PPF accounts should not be made if you have a PPF account of your own. The contributions will be deducted from your payroll, and you will be eligible for the income tax gain under Section 80C not exceeding Rs 1.5 lakh. If your minor PPF account is your only account, the limit is Rs 1.5 lakh per financial year. When your minor son reaches the age of majority, send a letter to the bank/post office along with his birth certificate. Your name as natural guardian will be excluded, and only your son will be eligible to receive the funds upon maturity.

How can I and my brother opt for a joint housing loan? Are we eligible to avail of a bank loan? -C R Bhanu 

 Yes, you can avail of a Home loan as Siblings can collectively apply for a loan. The documents required for verification are Proof of land ownership, estimation of building cost by an authorised architect or engineer, Income proofs of you and your sibling and ability to repay- must be provided.