Sir, i am trying for a loan against property from several sources. My property is located in yeshwanthpur bangalore city bearing A khatha worth market value Rs one crore. I want a loan of Rs 13 lakh to meet some domestic financial requirements. But, my application is rejected because of the following reasons.
1.My age is 62 years,2. Though I have filed my income tax returns for Rs 9 lakh in 2015-16, I could not get any income after july because I could not concentrate on my business due to my ill health and suffered losses. Now I am back to normal and want to concentrate on my business by making little more investments for which i require loan. My spouse is also a joint owner in the property aged 53 years. My application was rejected because I could not show any income credit to my account since july 16 because of the reasons quoted. I am involved in marketing pharmaceutical products through a distributor on commission basis. Though I don,t have any firm, I operate through a distributor. I have IT returns for 3 years so as my wife. Kindly advice me how to get the required loan.
  Loan
Since you are a senior citizen, you can approach a public sector bank and apply under for Reverse Mortgage scheme for your property. Since you have not mentioned type of the property, we assume that... Read More
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Hi,

I used to have a credit card bearing number xxxx-xxxx-xxxx-xxxx provided by Barclay's Bank.
Due to some issues I could pay the outstanding , Phoenix ARC representatives called up and asked to pay the complete outstanding as Barclays has been taken over by Kotak and Phoenix is Kotak's asset company, to which i agreed to pay the outstanding however when i received the closure letter I became suspicious as it is from some trust where i need to submit the outstanding.

Can you advice weather Phoenix ARC is genuine or not and what all steps i should be taking before handing over money to them and what all documents i should be asking from them for closure of credit card.

Kindly apprise.

Your reply is awaited.
  Credit Card
As for your first query, Phoenix ARC is registered securitisation asset reconstruction company. As for your query regarding safeguard and payment to the trust, kindly seek a copy of assignment... Read More
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