BAD SERVICE

I took a house loan last year. The property price are declining, will the bank recover the difference in price?

The loan amount is based on the borrower’s ability to repay, or the worth of the property, or both. Most loans are based on the borrower’s income. Fall in the value of property will be a loss to the borrower, not the bank. If the loan amount is linked to the property value, the bank will seek a revision of the terms. In either case, the bank will act on possible default from fall in prices. You should use your own funds to the extent of expected decline in value, and take the loan only for the rest.

ACCIDENT POLICY FOR ABROAD TREATMENT COVER

I lost my left leg in a car accident when I was 20 years old and took a health policy at the age of 26. I plan to get an artificial leg made for me from the US. Will my health policy cover the cost of this artificial limb and the cost of any repairs? Is there a rule that the cost of artificial limbs will be covered only if they are made in India?
As a general rule, all health insurance policies exclude the pre-existing diseases or any sort of physical handicap from the scope of coverage of the policy. Since you lost your leg six years before the commencement of your health insurance policy, unfortunately, the policy will neither cover the cost of the artificial limb nor the cost of any repairs. Mediclaim insurance policies, which are issued in India, are operative within the geographical territory of India. Therefore, in order to qualify for the claim (if coverage is established under the policy), the treatment must be taken in India itself.

I purchased a car recently. Should I take a motor insurance policy now, or wait for detariffing to get implemented fully? I have heard that premiums will come down after detariffing.
It is true that after the detariffing of motor premiums has taken place, the premium has started coming down because of competition in the market. But, in our opinion, once you have purchased the car, you must get it insured immediately. You may get a slight advantage in pricing by delaying buying of the insurance policy for your car, but at the same time you are running a very heavy risk by not insuring your vehicle, especially for third-party losses. In any case, third-party insurance is compulsory by law. Therefore, you must have at least that part of the cover if you are bringing the car on the road.