Your requests (loans): Cannot get the PMAY grant now because the program closed on March 31, 2021

In the event that the buyer also takes out a loan, the documents are then handed over to the institution that grants the loan to the buyer.

By Chaitali Dutta

My mortgage was disbursed last year. I had submitted a PMAY request but the bank did not process my request. He now says that I will not get the grant because the program is closed. Do I have options for obtaining the grant?
—Rohit Kumar
The CLSS under PMAY had only been extended until March 31, 2021. As of yet, there is no news of a further extension. An alternative to the PMAY subsidy is also not currently available. The central government could offer another program in place of PMAY to meet the growing need for housing in the EWS / LIG and MIG categories.

I lost my job six months ago. Can I ask the bank to reduce the EMI of my mortgage and extend the tenure until I find a job?
—Pankaj Sahoo
Under normal circumstances, banks do not receive such a request, but since 2020 due to Covid many have lost their jobs. There have been instances where banks have acceded to such requests. Apply with details of your family finances and lost jobs.

My current credit card is Rs 1.2 lakh now. I only pay the minimum amount owed in the last six months because I have no income. What should I do?
—Amit Sharma
As soon as you have extra money, even if it is a small amount, try to repay more than the minimum due. The overdue amount on the credit card attracts a high interest rate of around 35%. Ask your bank for a personal loan with an interest rate of 15%. This amount can be used to pay off the most expensive outstanding debt. Do not use the personal loan money for other purposes or living expenses.

I cannot pay the IME for my apartment. I want to sell it. Do I have to clear the loan amount first?
—SP Silva
The property can be sold with the mortgage itself. Give the loan details to the buyer and simultaneously notify the bank that you are selling the property. The buyer will pay off your loan first and the bank will give your papers to the buyer and they will have to pay you the balance to become the owner of the property. In the event that the buyer also takes out a loan, the documents are then handed over to the institution that grants the loan to the buyer.

The author is the founder of AZUKE Personal Finance Advisory ( Send your questions to [email protected]

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