Inform lenders before migrating

Jul 08, 2012 - Harsh Roongta

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I am a dentist. I am planning to construct a house, which will be partly funded by a personal loan. I would be shifting to the United Kingdom in three to four years. Please tell me if I will be allowed to leave the country during the tenure of the personal loan?
Abhay Shankar, Chennai

Well there are no lookout notices at the airports for loan defaulters, unless it is a fraud. But it is in your interest to make sure that you settle all your outstanding liabilities before you migrate or at least continue paying the installments from overseas even after you migrate. As long as you pay your installments in time, you should face no problem taking up any kind of loan. Just inform the bank when you migrate because they will have to re-classify your loan and some banks may insist on your full repayment of loan.

I want to take a personal loan. But all I have as address proof is a bank passbook, which shows the address of my office. How can I arrange add-ress proof?
M. Raj Kumar
Visakhapatnam
You will need proper documented proof of residence such as a registered rental agreement, Aadh-aar card, PAN card, election card, etc. Otherwise it will be very difficult for you to get a loan.

What does ‘hospitalisation charges’ cover in a health insurance? Does it include pregnancy?
Suresh Kumar
Hyderabad
Hospitalisation charges include room rent, boarding, nursing, intensive care unit, doctors fee, anesthesia, blood, oxygen, operation theatre charges, surgical treatments, medicines, and consumables, diagnostic procedures. You must read the policy document for better understanding as to what is payable and what is excluded. Normally maternity expenses are not covered un-der a standard policy but a few companies provide maternity benefit cover in individual plans but the same has a minimum waiting period of 4 to 6 years.

Moreover, the premium payable is high on such plans. There are overall limits on expenses like Rs 15,000 to Rs 25,000 for normal delivery and Rs 25,000 to Rs 40,000 for Caesarean Section. For instance, a person aged 30 years will have to pay Rs 4,601 premium for the Rs 3-lakh Apollo Munich Easy Health Exclusive Plan, which covers maternity benefit after a period of six years. The same company’s standard product for the same sum assured without maternity cover would cost around Rs 3,878.

Harsh Roongta is the CEO of Apnapaisa.com. Send in your queries to movingmoney@deccanmail.com

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