Can we increase tenure of home loan?

Process of Changing the Home Loan Tenure. The tenure can be changed voluntarily anytime during the course of the loan. You can visit the branch of the lender and give a request for the same. The concerned official will go through your loan statement and latest income statements before allowing you to change the tenure.

What happens when PMAY subsidy has been disbursed but due to certain reasons the construction of the house is stalled?

What Happens When The Subsidy Has Been Disbursed But Due To Certain Reasons, The Construction Of The House Is Stalled? In such cases, the subsidy is to be recovered and refunded to the Central Government.

Can we close home loan after getting PMAY subsidy?

Yes, the PMAY subsidy availed is subject to keeping the loan alive for the entire period. In case the loan is prepaid the subsidy amount is reversed and you will lose part of the benefit.

Can we increase the loan tenure?

Most lenders offer maximum tenure till the borrower turns 60 years old. So a borrower at the age of 45 may not be able extend the tenure beyond 15 years. Moreover, you also need to remember that longer the tenure of your loan, higher will be your interest outgo.

Can PMAY subsidy be returned?

Hence you will have to repay not only the loan outstanding but also the unutilised subsidy for the remaining tenure of 18 years. I had taken a loan from HDFC for which I received PMAY subsidy of Rs 2.35 lakh. But HDFC says the subsidy has to be returned to the government if I balance transfer my loan.

How can I extend my EMI tenure?

Synopsis

1. Change your interest pricing regimen.
2. Transfer your loan to a new lender.
3. Move from fixed to floating rate.
4. Make partial prepayment and get the EMI adjusted.
5. Go for tenure extension.
6. Use loan restructuring offered by RBI.

https://www.youtube.com/watch?v=Q9bu0JXB0zg