Ans.

If you're unemployed and struggling to repay your student loans, you're not alone — and you do have options. While complete loan forgiveness is rare in India, there are several legal and financial strategies to help reduce your burden and avoid default.

 1. Request a Moratorium or EMI Deferment

Most banks offer a moratorium period (repayment holiday) after the study period ends. If you're still unemployed:

• You can formally request an extension of the moratorium period.

• Banks may allow interest-only payments or a pause in EMIs for 6–12 months.

 Tip: Submit a written request along with your unemployment proof (job termination letter or lack of income).

 2. Apply for Loan Restructuring

Under RBI’s COVID and hardship-related restructuring schemes, you can:

• Extend the loan tenure

• Reduce the monthly EMI

• Get a temporary interest reduction

 This is not automatic. You must formally apply to the bank, and approval is case-dependent.

 3. Use Government Interest Subsidy Schemes

If you belong to an Economically Weaker Section (EWS):

• You may qualify for the Central Sector Interest Subsidy (CSIS) Scheme.

• It pays your interest during the moratorium (study + 1 year).

• Visit your bank to apply and check eligibility.

 4. Communicate Proactively With Your Lender

Avoid ignoring the bank. Instead:

• Visit your branch and meet the loan officer.

• Explain your situation before you miss any EMIs.

• Ask for available options: restructuring, grace period, or a negotiated settlement.

 5. Legal Protection from Harassment

Banks cannot harass or threaten you for non-payment. If they do:

• File a complaint with the bank's grievance redressal system.

• Escalate to the Banking Ombudsman.

• Contact a legal advisor to protect your rights.

 What Not to Do:

• Don’t ignore repayment letters.

• Don’t wait until your credit score is damaged.

• Don’t let the loan go into default – recovery action can affect your co-borrower (usually your parents).

 Need Legal or Financial Help?

Ans.

Yes, it is possible to settle a student loan for less than the full outstanding amount in India — but only in exceptional circumstances and with bank approval. This is called a loan settlement or one-time settlement (OTS). However, it comes with serious consequences for your credit profile.

 When Is Loan Settlement Possible?

Banks may agree to settle your student loan if:

• You’re unemployed for a long time or facing severe financial hardship.

• You've defaulted on payments for a significant period.

• You’ve exhausted options like restructuring or deferment.

• The bank believes full recovery is unlikely.

In such cases, the bank might offer to close your loan if you pay a lump sum lower than the total outstanding.

 But Read This Before You Agree

Loan settlement is not the same as loan closure.

A "Settled" status can stay on your credit report for up to 7 years.

 What Should You Do?

Before opting for a settlement:

1. Negotiate restructuring (lower EMI or longer term).

2. Request a moratorium if you're unemployed.

3. Apply for interest subsidy schemes (like CSIS).

4. Consult a financial advisor or lawyer before signing any OTS agreement.

 Don't Settle Without Understanding the Impact

Once the loan is marked “settled,” it signals to future lenders that you failed to repay your full dues. This can:

• Drop your credit score by 100+ points

• Lead to rejection of future home or car loans

• Affect your job opportunities, especially in finance and government

 Need Help Negotiating with Banks?

Advocate B.K. Singh and his legal team offer expert help for:

• Student loan restructuring

• Legal defense against harassment

• Settlement impact review

Ans.

If you're planning to buy your first home in India and are considering taking a home loan, there are certain eligibility criteria and documents you must fulfill and submit. Here's a complete breakdown:

 2. Documents Required

 Identity Proof (any one)

• Aadhaar Card

• PAN Card

• Passport

• Voter ID

 Address Proof

• Utility bill

• Aadhaar Card

• Passport

• Rental agreement

 Income Proof

• Salaried: Salary slips (last 3–6 months), Form 16, bank statements

• Self-employed: ITRs (last 2–3 years), business proof, bank statements

 Property Documents

• Agreement to sell

• Allotment letter

• Title deed

• NOC from builder/society

 Other

• PAN Card (mandatory for all applicants)

• Passport-size photographs

• Employment proof (offer letter or ID card for salaried individuals)

 Special Benefits for First-Time Homebuyers

Under PMAY (Pradhan Mantri Awas Yojana), first-time buyers may get:

• Interest subsidy up to ₹2.67 lakh

• Must not own a pucca house in India under your or your family’s name

• Property should be in a statutory town

 Pro Tips to Boost Approval Chances:

• Maintain a good credit score (750+)

• Choose a joint loan with spouse or parent to increase eligibility

• Opt for longer tenure to reduce EMI burden

• Minimize existing debt before applying

 Need Legal Support for Property Documentation?

Talk to Advocate B.K. Singh and his legal team for:

• Title checks

• Property verification

• Loan agreement review

Ans.

The loan amount you’re eligible for mainly depends on your income, credit score, existing debts, and repayment capacity. Lenders assess these factors to ensure you can comfortably repay the loan without financial strain.

Key Factors Determining Your Loan Eligibility:

Rough Loan Eligibility Formula

Lenders often use this formula:

For example, if your monthly income is ₹50,000, and the lender allows 40% for EMI:

• EMI affordability = ₹20,000

• For a 20-year (240 months) loan, approximate loan amount = EMI affordability × (loan factor based on interest rate and tenure)

How to Check Your Loan Eligibility?

• Online Loan Calculators: Most banks provide free loan eligibility calculators on their websites.

• Bank Visit: Submit your income and financial details for a formal eligibility assessment.

• Consult Financial Experts: They can help maximize your loan amount based on your profile.

 Need Help Understanding Your Loan Eligibility?

Contact Advocate B.K. Singh and team for expert guidance on:

• Loan eligibility assessment

• Credit improvement tips

• Legal support for loan agreements