Credit cards and debit cards provide a lot of convenience. You no longer have to carry currency notes to make any purchase. With so many online shopping portals around, you may not even have to leave confines of your home to make a purchase. However, credit and debit cards come with a lot of responsibility… Continue Reading
This year’s Union Budget is a mixed bag for salaried class and the real estate investors. Here is a look at key budget announcements. Reduction in tax rate from 10% to 5% for income tax slab of Rs 2.5 lacs to Rs 5 lacs (Positive) Introduction of Surcharge of 10% for taxable income between Rs… Continue Reading
You have decided to purchase an online term life insurance plan. When you went to website of the life insurance company, you found that you have multiple premium payment options. You could go for a single premium option or limited premium payment or regular premium payment option. [pullquote] PREMIUM PAYMENT PLANS Single Premium Pay once… Continue Reading
You know that your credit score plays an important role in getting a loan. A lower credit score can simply ruin your chances of getting a loan. What you perhaps didn’t know was that a good credit score could get you better interest rates. Although it may already be happening internally, nothing was out in… Continue Reading
I have been getting many queries from home loan borrowers pertaining to shift from base rate to MCLR? I have discussed this aspect in an earlier post. Even though the option of switching from base rate to MCLR is worth exploring, there is another option that many borrowers can exercise when it comes to Home loans:… Continue Reading
You get your salary at the end of the month. You use the amount to pay your bills and EMIs, make investments and take care of other regular expenses. You do this month after month. It is well-oiled machinery. Your expenses fit in your budget. Everything is hunky-dory. What will you do if this machinery were… Continue Reading
Recently, State Bank of India cut its MCLR (Marginal Cost of Funds based lending rate) by 0.9% p.a. from 8.9% p.a. to 8.0% p.a. This is bonanza for those who are planning to take a home loan this new year. Many other banks have followed suit and cut the MCLR rates sharply. However, this rate cut… Continue Reading
Should I switch my home loan from base rate to MCLR? Many readers of EMICalculator have have asked me this question by e-mail or in a comment on the website. A typical query goes like this: I have an outstanding loan of, say, 20 lacs at, say, 9.8% per annum. It is a base rate linked loan. My… Continue Reading
In this post, let’s look at some of the common pitfalls about investing in mutual funds. 1. Mutual Fund Means Equity Mutual Funds. Many of us get attracted to mutual funds during periods of bull run in the equity markets. We are attracted to high returns of equity funds. Therefore, for many of us, mutual fund… Continue Reading
Many times, we focus on things to do to improve our long term financial health. In this post, let’s discuss some of the financial habits that are likely to affect your long term financial health adversely. These habits can affect you in many ways. You may not be able to invest enough. You may not… Continue Reading