The great Indian festive season (that started in August) just got over with Diwali. Be it a house, vehicle or a gadget, you can get good deals on all the products that you have been planning to buy for a long time during festive seasons. The sellers and the banks/finance companies can provide you relief… Continue Reading
Online shopping is getting increasingly popular these days. There is convenience, variety and yes, discounts. Moreover, these online retailers keep running offers on various credit cards. As a buyer, even if you don’t like to use credit cards, you wouldn’t want to let go of easy discounts or the No-cost EMI option. Despite your dislike,… Continue Reading
All the banks linked the new retail floating rate loans to an external benchmark from October 1, 2019. In my opinion, that makes the comparison between various home loan products easier. Most of the banks have chosen Repo rate for the external benchmark for home loans. Earlier, benchmark MCLR (Marginal cost of funds-based lending rate)… Continue Reading
You must make a purchase or spend some money, but you don’t have the money. If we leave out informal options like hand loans from friends and family, you must fund the expense through credit. Let’s assume the amount is not big enough for you to go through the pain of applying for a secured… Continue Reading
If you are moving to one of the bigger cities such as Mumbai and Bengaluru, finding a cheap accommodation is not easy. Rentals can be quite high too. However, as a tenant, paying high rent is not the only problem. You need to put up a big security deposit with the landlord/owner too. In Mumbai,… Continue Reading
The bank must link all new floating rate loans to retail customers loans from October 1, 2019 to an external benchmark. The Reserve Bank notified the change in its circular dated September 4, 2019. This means MCLR will soon be history, at least for retail borrowers. Starting October 1, no new floating rate loans will… Continue Reading
SBI had introduced home loans linked to RBI Repo rates as the benchmark in July 2019. This was before the RBI mandated all fresh floating rate loans to retail borrowers from October 1, 2019 to be linked to an external benchmark. SBI had used Repo rate linked lending rate (RLLR) as the benchmark. RLLR was… Continue Reading
When we are looking for home loans, we tend to go with the loan product that charges the lowest rate of interest. What if the bank were to charge you a negative interest rate? Essentially, the bank pays you to take a loan from them. Not possible? Well, a Danish Bank has just done that.… Continue Reading
The Reserve Bank of India has cut Repo rate by 110 basis points since the beginning of the year (2019). However, the banks have reduced their weighted average lending rates by 29 bps. If you have a floating rate home loan, then this news is not very comforting. This is a very common grievance for… Continue Reading
Union Budget 2019 announced an exclusive tax benefit of Rs 1.5 lacs for loans taken to purchase electric vehicles. Good news for those who plan to purchase electric bike or car in the next few years. The tax benefit is under Section 80EEB. I briefly touched upon the tax benefit in my post on Union… Continue Reading