The Reserve Bank has hiked the Repo rate in the first week of May 2022. If your home loan is linked to Repo rate or to any external benchmark, you will soon see one of the following things happen. EMI stays constant and the outstanding loan tenure goes up (that is the usually the default… Continue Reading
The Reserve Bank published Master directions on Credit and debit card issuances in April 2022. In the previous post, we looked at the rules pertaining to the closure of credit card accounts. In this post, I will focus on the changes in the billing rules for the credit cards. #1 No Charge for Disputed Transaction… Continue Reading
Ever tried to close a credit card? If you have, you know it is not easy. Not all banks cooperate when you try to close/cancel a credit card. What if I were to tell you that your bank must pay you a penalty of Rs 500 per day for each day of delay beyond 7… Continue Reading
Have you been reading reports about fake loans (loans taken using forged documents)? You may ask, how can this happen? An impostor uses your PAN in the application and gets a loan, the loan shows up against your name (and not the actual borrower). Again, such fraudulent intent should have been caught during KYC stage,… Continue Reading
You have a home loan from HDFC? In April 2022, it was announced that HDFC will merge into HDFC Bank. You may ask, aren’t these the same? No. HDFC and HDFC Bank are different entities. HDFC is a housing finance company (HFC) and is the promoter of HDFC bank, the bank. If you are still… Continue Reading
Interest does not take holidays. That’s right. When you take a loan, you pay interest for every day you have borrowed. When you make a fixed deposit, the bank pays you interest for each day. For interest, there is no concept of working and non-working days, festivals, and national holidays. However, in the case of… Continue Reading
Amit (name changed) approached HDFC for a home loan. The lender sanctioned the home loan and cross-sold a home insurance policy (HDFC Home Suraksha Plus). The home loan amount is Rs 29 lacs, and the single insurance premium is ~95,000. The premium for the insurance plan is quite high. Amit can’t pay such a high… Continue Reading
It is not easy to get a home loan. You must have the right job/profession, age, income, and creditworthiness to get a home loan. Many times, the lender is willing to offer you the loan but not the quantum you desire. And don’t pin the blame on lenders. The lenders have a reason to adhere… Continue Reading
Do you order frequently on Zomato? If you do, would you want to own a credit card issued by Zomato? Yes, I know Zomato is not a bank and can’t issue credit cards. I am talking about a co-branded credit card. Zomato has launched a co-branded credit card, offered in tie-up with RBL bank. The… Continue Reading
A quick disclaimer to begin. My favourite tax-saving investment does not have to be your favourite tax-saving investment and we can always agree to disagree. We discussed “Things to consider before investing in a tax-saving product” in an earlier post. The post is a good primer on how to think about your tax-saving choices. My… Continue Reading