Credit scores are becoming more and more important. Your credit score reflects your credit worthiness. A good credit score can not only improve the odds of approval of your loan application but can also lower your loan interest rate. Not just that, but a good credit score can be helpful in other aspects of life… Continue Reading
I have not found too many people who are not in a rush to close their home loans. For some, the obsession is so high that they put everything else, even long-term investments, on the back burner while they focus on closing their home loans. Do you belong to the same group? Nothing wrong in… Continue Reading
Why do you need a credit card number? I am NOT speaking about the credit card but about the credit card number printed on the card. The merchant clearly does not need it. All the information the merchant needs is encoded in the bar strip which is read by the swipe machine. Don’t need the… Continue Reading
The festive season has begun. It starts with Ganesh festival (at least in some parts of the country), then Navratri, Diwali, and all the way to Christmas and the New year. The retailers also want to cash in on the festive mood and launch sales deals, discounts, and cashback offers during the period. This is… Continue Reading
The fraudsters keep finding new ways of tricking people. A few days back, I came across a post where money was withdrawn from the victim’s account using the Aadhar enabled payment system (AEPS). In this post, let’s find out what is AEPS, how the fraud happened, and how you can prevent such frauds. What Is… Continue Reading
Have repaid your home loan but are struggling to get back the documents from the bank? I have never taken a secured loan but have read that the banks are not so friendly in returning the documents to the borrowers after full repayment of the loan. No matter how much you may want the original… Continue Reading
You have 2 home loans. You got an annual bonus. You want to prepay your home loan. Which home loan would you prepay first? Clearly, the one with a higher rate of interest, right? You save more by paying off the loan with a higher rate of interest. Ready-to-Move-in or under-Construction Property? The choice will… Continue Reading
Home loans are long tenure loans. 15-30 years. And even a difference of a few basis points can make a huge difference to your overall nominal outgo. Assuming the interest rates stay constant, here is the difference between the cash outgo to repay a Rs 50 lacs home loan in 20 years. Interest Rate 7.50%… Continue Reading
The Reserve Bank has come out with two separate circulars in the middle of August 2023. First about levy of penal interest and the second about the reset of interest rate in retail floating rate loans. We discussed both these topics when the RBI broached these topics for the first time. Coming Soon: EMI Defaults… Continue Reading
Home loan interest rates have risen over the 15 months. When interest rates rise, the default response by the banks is usually to increase the tenure while keeping the EMI constant. If the tenure can’t be increased because of the loan tenure breaching the contracted tenure or because you don’t want to pay for a… Continue Reading