IF BANK DOESN'T ACT, GO TO OMBUDSMAN

Harsh Roongta CEO, ApnaPaisa.com

I have a loan against a credit card. Due to the bank's fault, my electronic clearing service (ECS) was rejected. Now, the bank has pre-closed the loan and added it to my credit card dues and is charging interest on both. How do I resolve this issue?
--Chetan Nanda

First file an official complaint on the grievance section of the bank's website. If you do not get an answer in three-four weeks, then you should take your complaint to the banking ombudsman.

My brother and I want to take a joint home loan in a 60:40 ratio.

Will both of us get tax benefit? We would like to pay the equated monthly instalment (EMI) individually in the same ratio. Will both of us get tax benefits and in what proportion?
--Sandeep Mishra

Tax deduction benefits will be available on the home loan if both
the brothers are co-owners to the said property and co-borrowers.
The mode of payment discussed by you is an arrangement that the banks may not agree to. Normally, there is a single cheque for EMI repayments. However, there is an easy way around that. You can open a joint account into which you contribute the amounts in the ratio mentioned by you and a single payment is then made from the joint account. Tax deduction benefits will be divided between the two brothers to the extent of their respective shares in the property. Tax deduction benefits on the principal are available under Section 80C to each co-owner to the extent of Rs1 lakh and on the interest paid under Section 24 to the extent of Rs1.5 lakh to each co-owner, assuming that the property is self-occupied.

I am planning to buy a property under construction, which will be delivered three years later. I need to make full payment upfront. I am getting an overdraft facility against my father's fixed deposit (FD). Will an overdraft product be considered a loan for claiming interest exemption?
--Manoj Mehta

Yes, the overdraft product will be considered as loan for claiming deduction on the interest part of the loan as the utilization of the same is clearly for acquisition or construction of a property. Incidentally, it is not very prudent to make full payment in advance for a property that will be delivered to you only after three years.

I want to make an FD. Do I need to open a saving account with the same bank before doing so?
--Saira

It is not compulsory to open a savings account in a bank if you want to make a fixed deposit with it. But it is administratively convenient to have a savings account in the same bank.

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