Ask Us 8211; Banking

RBI has issued new guidelines for NBFCs to regulate the gold loan market. As the new rules require higher capital adequacy for the financing companies and threshold on the value of loan against gold is proposed to be lower

I urgently need loan against gold. However,I am being offered only 60 per cent of the value of gold?

Kartik Roy,Kolkata

RBI has issued new guidelines for NBFCs to regulate the gold loan market. As the new rules require higher capital adequacy for the financing companies and threshold on the value of loan against gold is proposed to be lower, ornaments of same value are expected to result in a lesser loan amount. What this implies is that while earlier NBFCs used to provide up to 80 per cent loan against the gold,now they would not be able to provide loan for more than 60 per cent of the gold value.

I own two houses; do I have to pay tax?

Ram Khanna,Chandigarh

When you own two houses you need to pay tax on the notional or actual rent that you could receive from the second house. In such a scenario,the taxable income from the total rent income notional or actual received by you for that particular financial year will be computed in your tax returns. This will be taxed as per the applicable tax slab.

You will also have to pay wealth tax on the second house as only one residential property is exempt from it.

My salary is R 30,000 per month. I plan to buy a house on home loan. How much loan would I be eligible for?

Prasoon Joshi,Uttarakhand

The average home loan interest rates in the market are in the range of 10.5 per cent -11.5 per cent currently. Based on your salary you would be eligible for only 12-14 lakh of loan at this interest rate as banks usually allow only 40-50 per cent of your income to be put forth as your EMI,post factoring-in your regular monthly expenses,other debts etc. Also,banks will only finance 80 per cent of the property that excludes stamp duty,registration charges etc according to a recent RBI ruling. This will mean you need to shell out more than about Rs 5-7 lakh from your pocket.

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In order to be eligible for the loan amount you are looking at,apply for the loan with an earning parent or spouse as a co-borrower. You can bridge the income-EMI gap this way and be eligible for the full loan amount. You should also try increasing your down payment significantly to bring down the cost of the loan.

The expert is CEO,Bankbazaar.com
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