We are four brothers and sisters. My father had a house registered in his name in Delhi. I have sold that house and purchased another one in Mumbai. Does this violate any property law or does it involve any tax implications? - RK Gupta
There cannot be a violation of any property law unless you have sold the inherited property without legal authorisation from the other legal heirs. You need clearance and authorisation from other legal heirs of the said property before you sell it. There will be capital gains tax payable by you and the other heirs on their individual shares in the inherited property. If the cost of your new house is more than the long-term capital gains, then there are no tax implications for you.
I have taken a home loan of ` 15 lakh from State Bank of India. Along with the loan, the bank told me it is mandatory to go for both its life insurance and general insurance schemes. Are these covers mandatory? Additionally, I want to bring down my interest rates as per the latest RBI guidelines. However, my bank is reluctant to do so, saying they are yet to get a circular from the RBI. What is the procedure to bring down my home loan rate? – AP Singh
Banks cannot mandatorily tag their insurance offerings along with loans. This is specifically prohibited by regulation. But banks can make the cover itself mandatory in which case you will need to take these policies independently from the market. In the market, better and cheaper policies are available even from SBI Life Insurance itself. If you want to reduce your rate just shift loan to another lender. That will ensure you get the latest interest rate on your loan.