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Answer the following questions regarding Education Loan
1. The minimum age of the student should be ......
a. 14 years
b. 16 years
c. 18 years
d. 21 years
2. The maximum age of the student should be ......
a. 30 years
b. 35 years
c. 40 years
d. 45 years
3. Students pursuing full-time courses need to have a co-applicant who can be ...... (i) Parent/guardian, (ii) Spouse (if married), (iii) Parent-in-law (if married)
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
4. Maximum Education Loan Amount can be Up to ......
a. 80 % of educational expenses
b. 85 % of educational expenses
c. 90 % of educational expenses
d. 100 % of educational expenses
5. What are the following courses in India for which education loans are available? (i) Courses such as SAP, ERP, GNIIT, Air Hostess Training programmes, (ii) Distance learning programs and online certifications, (iii) Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
6. Aside from the fee payable to the school/college, what other expenses can be covered by the loan? (i) Fees paid for Exams, Library, Laboratories, Hostel, (ii) Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills), (iii) Costs incurred in travel, for studies abroad
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
7. What is the Security required for availing Education Loan? (i) Upto Rs. 4 Lacs - No Collateral Security or third party guarantee, (ii) Upto Rs. 4 Lacs - Tangible collateral security, (iii) Above Rs. 7.5 Lacs - Tangible collateral security
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
Answers
1-b, 2-b, 3-d, 4-d, 5-d, 6-d, 7-b
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As we know today private, public and foreign banks issues ATM to his customers. ATM is now 24 hour banking service provider. Customer use ATM not only to withdraw cash from machine but also to make shopping on various sites. Some banks offer additional facilities on ATM card i.e Accidental cover and some give a facility to withdraw money beyond the limit. It has changed the banking scenario globally, today a person who don't have money in a foreign country can withdraw money from ATM.
Answer the following questions on ATM/Debit card
1. Max cash withdrawal limit for POS in Tier I and II centres?
a. Rs.1000/- in one transaction
b. Rs.1000/- can be withdrawn daily
c. Rs.5000/- in one transaction
d. Rs.5000/- can be withdrawn daily
2. Max withdrawal on other bank's ATM in one transaction?
a. Rs 5,000/-
b. Rs 10,000/-
c. Rs 15,000/-
d. Rs 20,000/-
3. Max free allowed limit in a month on other banks ATM Machine?
a. 2
b. 3
c. 5
d. 10
4. Max free allowed limit in a month on other banks ATM Machine located in the six metro centres?
a. 2
b. 3
c. 5
d. 10
5. The bank promote using of ATM because ......
a. to reduce staffs
b. to earn commission
c. to avoid customers at banks
d. to Reduce human cost on small payments
Ans
1-b, 2-b, 3-c, 4-b, 5-d
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"Housing for All by 2022” aimed for urban areas with following components/options to States/Union Territories and cities:-
a. Slum rehabilitation of Slum Dwellers with participation of private developers using land as a resource;
b. Promotion of affordable housing for weaker section through credit linked subsidy;
c. Affordable housing in partnership with Public & Private sectors and
d. Subsidy for beneficiary-led individual house construction or enhancement.
Answer the following questions.
1. Central grant of Rs. ...... per house, on an average, will be available under the slum rehabilitation programme.
a. Rs. 1 lakh
b. Rs. 1.5 lakhs
c. Rs. 2.3 lakhs
d. Rs. 2.7 lakhs
2. Under the Credit Linked Interest Subsidy component, what will be the interest subsidy on housing loans availed upto a tenure of 15 years will be provided to EWS/LIG categories?
a. 5.6 percent
b. 6.5 percent
c. 5.8 percent
d. 8.5 percent
3. Under the Credit Linked Interest Subsidy component, what will be the subsidy pay-out on NPV basis per house for both the categories?
a. Rs. 1 lakh
b. Rs. 1.5 lakhs
c. Rs. 2.3 lakhs
d. Rs. 2.7 lakhs
4. Central assistance at what rate per house for EWS category will be provided under the Affordable Housing in Partnership house construction or enhancement?
a. Rs. 1 lakh
b. Rs. 1.5 lakhs
c. Rs. 2.3 lakhs
d. Rs. 2.7 lakhs
5. Central assistance at what rate per house for EWS category will be provided under the Affordable Housing in Beneficiary-led individual house construction or enhancement
a. Rs. 1 lakh
b. Rs. 1.5 lakhs
c. Rs. 2.3 lakhs
d. Rs. 2.7 lakhs
Answers :
1. a - Rs. 1 lakh
2. b - 6.5 percent
3. c - Rs.2.3 lakhs
4. b - Rs.1.5 lakhs
5. b - Rs.1.5 lakhs
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Mr. X, a senior citizen sold a residential building at Ajmer for Rs. 20,00,000 on November 20, 2010
This building was acquired by his father on 10.02.79 for Rs. 1,00,000
On the death of his father on 12.07.1986, he inherited this building
Fair market value of this property on 01.04.1981 was Rs. 1,40,000
He paid brokerage @ 1% to the real estate agent at the time of sale of building
He purchased a residential building at Bangalore on 10.03.2011 for Rs. 8,00,000 and deposited Rs. 3,00,000 on 15.04.2011 in NABARD Capital Gain Bonds.
His other incomes are Rs. 50,000. He deposited Rs. 10,000 in PPF.
Compute taxable income of Mr. X for the assessment year 2011-12.
[CII are as follows – 1981-82: 100, 1986-87: 140, 2010-11: 711].
a. 20,00,000
b. 12,69,000
c. 5,19,000
d. 5,09,000
Ans - d
Solution:
Assessment year 2011-12
Sale consideration - 20,00,000
Less: Brokerage (1% on 20,00,000) - 20,000
Less: Indexed cost of acquisition (1,40,000/140*711) - 7,11,000
LTCG (before exemption) - 12,69,000
Less: Exemption under section 54 - 8,00,000
LTCG - 4,69,000
Add: Income from other sources - 50,000
Gross total income - 5,19,000
Less: Deduction under section 80C - 10,000
Net taxable income - 5,09,000
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Reverse Mortgage (RML) Numerical Questions to Calculate Quarterly installment:
Value of the property - Rs. 50,00,000
Loan Amount - 80%
Loan Tenor - 15 years
Rate of interest - 10%
a. 24,414
b. 24,914
c. 29,414
d. 29,914
Ans - c
Calculate Quarterly installment
Here,
PV = 5000000
LTVR = 80/100 = 0.8
n = 15 * 4 = 60
I = 10/(4*100) = 10/400 = 0.025
= (5000000*0.8*0.025)/((1+0.025)^60-1)
= Rs. 29,414
So, the Quarterly installment = Rs. 29,414
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A newly constructed building stands on a plot costing Rs. 100000.
The construction cost of building is Rs. 2000000 and the estimated life of building is 66 years.
The investor wants a 5% return on land cost and 6% return on the construction cost.
Calculate the annual rent to be charged if annual repairs cost 0.5% of cost of construction and other outgoings equal 30% of gross rent.
The co-efficient for sinking fund at 3% for 66 years may be taken as 0.005.
a. 17261
b. 15200
c. 15500
d. 15550
Ans - a
Return on land cost = 5% of 100000 = 5000
Return on construction cost = 6% of 2000000 = 120000
Total Income desired = Rs. 125000 (a)
Let gross annual rental be 'r'
Outgoings:
Annual repairs = 0.5% of 2000000 = 10000
Other outgoings = 30% of r or 0.30 r
Amount towards sinking fund = 0.005 x 2000000 = 10000
Hence, net income = r - 0.30 r - 20000 (b)
Equating (a) and (b),
0.70r - 20000 = 125000
0.70r = 125000 + 20000
0.70r = 145000
r = 145000/(0.70*12)
= 17261
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The construction cost = Rs. 120000.
Assuming its salvage value as Rs. 30000 at the end of 6 years, determine the amount of depreciation for each year by Straight Line method at 15% per annum.
a. 10000
b. 15000
c. 20000
d. 25000
Ans - b
Solution :
Straight line method
= (C-S)/n
= (120000-30000)/6
= 90000/6
= 15000
At the end of 6 years, total depreciation is Rs. 90000 and book value is 120000 - 90000 = 30000 (salvage value)
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Find out the encumbrance factor from following particulars of the property :
Land area - 600 Sq Sq m
Total built-up area - 400 Sq m
Permissible FSI - 1
Rate of construction cost - Rs. 10000 per Sq m
Rate of land cost - Rs. 4000 per Sq m
Desired rate of return - 10%
Usable carpet area - 200 Sq m
Monthly Rent on carpet area basis - Rs. 100 per Sq m
Usual outgoings - 1/6 of yield
a. 0.766
b. 0.833
c. 0.866
d. 0.933
Ans - b
Solution :
Cost of construction = 400 x 10000 = 4000000
Cost of FSI used = 400 x 4000 = 1600000
Total cost = 5600000
Desired Yield @ 10% = 5600000 x 0.1 = 560000
Estimated Yield = 100 x 200 x 12 = 240000
Usual outgoings = 1/6 of yield = 240000/6 = 40000
Net annual yield = 200000
Hence, encumbrance factor = 200000/240000 = 0.833
Usable FSI = 600 - 400 = 200 Sq m
Value of usable FSI = 200 x 0.833 x 4000 = 666400
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The construction cost = Rs. 120000.
Assuming its salvage value as Rs. 30000 at the end of 6 years, determine the amount of depreciation for 3rd year by WDV method at 15% per annum.
a. 15000
b. 15600
c. 12000
d. 12380
Ans - b
Solution :
WDV method, the rate of depreciation
R = (1-((S/C)^1/n))*100
= (1-((30000/120000)^1/n))*100
= (1 - 0.7936) * 100
= 0.2064 * 100
= 20.64
The following table shows depreciation chart @ 20.64%
Age Depreciation Accumulated WDV
for the year depreciation
1 24770 24770 95230
2 19650 44420 75580
3 15600 60020 59980
4 12380 72420 47600
5 9820 82220 37780
6 7780 90000 30000
Thus, the WDV at the end of 6 years is Rs. 30000, which is the salvage value of the property.
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If the sanctioned loan amount is Rs. 100000 at 12% interest for 2 years, calculate the EMI.
a. 3077
b. 3707
c. 4077
d. 4707
Ans - d
Solution :
EMI= P x r x (1 + r)^n / ((1+r)^n -1)
Here p = principal amount (loan taken)
r = interest rate per month (ex: if interest rate per annum is 10% then 10/(12*100))
n= tenure in months
EMI = 100000*0.01*(1+0.01)^24 /((1+0.01)^24 -1) = 4707
Where,
p = loan taken = 1,00,000
r = interest rate per month = 1% = 0.01
n = tenure in months = 2 Years = 24 months
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