company. There are various online insurance plans available in the market which are much cheaper compared to the offline options available through banks. You can buy these plans online over the internet and assign the policy to the bank. may be different for different lending institutions. The maximum age may vary from 58 to 65 years depending on the income of the individual. Age also determines the tenure and EMI of the loan. For eg if an individual is 35 years old and will retire at 60, his/her loan tenure will be 60 minus 35 equals 25 years and the EMI will be calculated accordingly. The longer the tenure the lower will be the EMI. The amount of loan eligibility will be low at roughly 1.30 times the annual income.
So, if your annual declared income is ₹ 20 lakh and you have no other liability, you will be eligible for a loan of ₹ 26 lakh, the EMI for which will be ₹ 84,000 per month for 36 months.
If you are professionally qualified or have a very high declared income, some foreign banks might also consider extending a eight-year loan to you (provided you are in good health and are able to provide a life insurance policy for the loan amount which will be fairly expensive at your age).
A much better alternative will be to include your son or daughter as a co-borrower to get a longer term loan and a higher loan amount. I own a plot in Noida that was allotted to me on a leasehold basis. I wish to transfer it to my unmarried daughter. Do I need prior permission?
—Sangit Shah Yes, you do need prior permission to transfer your plot in Noida as per the appropriate procedure prescribed by Noida Authority.
I am a tenant and had entered into a lease agreement for a flat in Delhi for five years as per which I am paying ₹ 10,000 per month as rent. I am now shifting out of the city and no longer need to occupy the flat. Can I sublet the flat?
—Radhe Gupta As per the Transfer of Property Act, 1882, you may sublet the flat unless the terms and conditions of your lease agreement specifically prohibit you to do so.
I live on the second floor of a residential building located in category B colony in Delhi. There is a pathological lab being operated from the basement, ground
and first floor. This inconveniences me and other residents of our colony. What recourse do we have?
— Badshah Sharma In category A and category B residential colonies, pathological labs located in plots abutting roads which are 18m or more in width, in regular plotted development are generally permitted as per the Master Plan for Delhi 2021, provided it does not involve any kind of obnoxious, hazardous, inflammable, non-compatible and polluting substance or process.
I am keen to construct a house on a one-acre plot in Delhi under the notified policy of low-density residential plots. Are there any specific locations in Delhi where such plots are allowed?
- Smita Singh The ministry of urban development had issued a notification two years ago effecting amendments of provisions relating to low density residential plots in the Master Plan for Delhi 2021. As per this notification, low density resideital plots are permissible only in (i) villages/areas that have been notified as low density residential area in the urban extension of Delhi; and (ii) notified villages/areas situated in the green belt inDelhi.