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Loan: Manju Srivatsa

Business Standard  |  Mumbai 

Can I take home loan partly from a relative and partly from a bank? If yes, how do I go about it? How do I claim deduction in such a scenario?
No, you cannot take a loan from two entities for the same property, unless one of the lending entities is willing to accept a second charge on the property. You can, however, borrow money from your relative without his/her claim/ charge on the property. The deduction can be claimed only on the amount financed by the bank/ housing finance company.

Is it possible to take against equity-linked saving schemes (ELSS)?
Yes, it is possible to take a loan against mutual funds from banks or non-banking finance companies (NBFCs). Each lender has a list of approved mutual funds against which it lends. However, you may specifically enquire about the eligibility of the plan you have.

I am selling my flat. The buyer has applied for a home loan with an NBFC. An executive of the NBFC took my original documents. However, no receipt was issued to me. Around 15 days have passed since I submitted the papers. I am scared the papers could be misused. Do banks issue acknowledgement on receiving property papers? What can I do to prevent misuse of my property documents?

The original loan documents should only be handed over to the buyer at the time of the final sale (sale agreement registry, etc). You should have given only a copy of the title documents and taken a receipt. These are required so that the buyer/NBFC giving loan to your buyer can check the legal and title status of the property. You should now insist on the return of the original documents.

I want to take a loan against shares. I want to know the following: Do banks offer such How much loan will be offered against the current price of the securities? Will I need to transfer my shares in the bank’s name? What are the other charges?
Most banks offer against shares. Each bank has its list of approved shares for lending. An individual can get a maximum of Rs 20 lakh against shares and the percentage of the amount varies from 50 per cent to 60 per cent. The criteria for valuation of shares may vary for each lending institution such as the average of the market price of the last 12 months or the current market price. The shares will not be transferred, but will be pledged in favour of the bank. Processing charges, documentation charges, pledging/ depledging charges, etc, are some of the charges levied by the bank.

Manju Srivatsa is the president of retail banking, Axis-Bank. 
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First Published: Wed, February 17 2010. 00:18 IST