How to ensure timely repayment of loan?
• ECS • Standing instructions to your banker • Post-dated cheques. Ensure that fresh post-dated cheques are given to the lender at least one month before the earlier cheques are exhausted to avoid delay. 16. Do I have to pay penalties for early repayment of loan? Banks may allow early settlement of loan with penalty/ fess. Banks need to inform customers about these charges, upfront. Therefore, before availing the loan ascertain from your bankers fees levied as also penalty, if any for prepayment. Top 17. What is the tax implication of early repayment of housing loan? • Under the Income Tax Act, you are eligible for certain tax benefits on the principal and interest repaid on housing loan during a particular financial year. • Ascertain tax implications of early repayment of loan from your banker or Tax Consultants. REVERSE MORTGAGE LOAN 18. What is reverse mortgage loan? What is my eligibility and how I will get back the title deeds? The scheme of reverse mortgage has been introduced re
