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Pre-payment charges on Home Loan
Q: Home Loan interest rate has been increasing every month and if we are planning to switch home loan, there is penalty for prepaying Home. Recently in some news source I came to know RBI will ask banks to stop charging prepayment penalty. Will Banks waive the pre-payment charges on Home Loan?

Latest Answer: Prepayment penalty is not charged by all banks and for some banks or financial institutes offering Home Loan has no prepayment penalty if the loan amount through own revenue sources.

Lease Vs leave and license
Q: What is the difference between long term lease and leave and license basis ?

Latest Answer: A long-term lease is simply a lease in which the agreement term is ten years or longer. A lease is defined in section 105 of the Transfer of Property Act which transfer the leaseholder the right to enjoy a lease property, made for a certain time expressed. But leave and license basis is different from long term lease or lease agreement. A leave and licence does not create any interest in the premises in favour of the licensee but gives the licensee the mere right to use and occupy the premises for a temporary period.

How to make owners to install RWH system?
Q: Though people are aware of the Rainwater Harvesting system, they have not installed this in many Buildings. How to make these property owners to install rainwater harvesting system? Why these people not installing them?

Latest Answer: Chennai Metrowater has started campaigning about the significance of RWH structures. If RWH is done, there would be significant improvement in the water level and quality. The dependence on groundwater is relatively high in the suburbs and need strict law to make these property owners implement the system. According to studies on failure of RWH, only a few had effective RWH structures and rest of apartment or property owners are aware of the system. They hesitate because lack of plumber or RWH contractor, lack of space and very important due to lack of monitoring by the local bodies.

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