You’re looking to buy a car using a bank loan. You already have an existing home loan with your bank that you have been aggressively prepaying over the years. Your bank app tempts you with a customized top-up loan offer with instant approval and 24-hour disbursal. Should you use it to finance your car purchase?… Continue Reading
During this festive season, major banks have slashed their home loan rates to attract the customers. Here are few such offers from major banks. SBI SBI, ‘the most preferred home loan provider’ of the country, offers home loans at 6.7%, for those whose credit score is above 800, irrespective of loan amount. So during this… Continue Reading
We had written about COVID-19 Personal Loan from Public Sector Banks earlier. These loans were not necessarily meant for covid medical expenses. Now, there’s some good news for all SBI customers (including salaried, non-salaried and pensioners). SBI is offering Kavach personal loans to its customers who are facing the cash crunch during this pandemic specifically… Continue Reading
Home loan is a long term financial commitment. At the time of borrowing, your income may not be sufficient to service the bigger EMI or you may have other obligations and debts like car loan or personal loan. But once you are done with all other loans or when your income increases, you may be… Continue Reading
The real estate sector which has gone through the sluggish sales in last couple of years has got some good reasons to cheer now. Increase in deduction on home loan interest, tax pass-through status for REITs, proposal for 100 more cities, proposal for ‘home for all’ programme, easing of FDI norms in real estate –… Continue Reading
Remember ‘0% EMI’ schemes? Banks made money, manufacturers and merchants exhausted their inventory and consumers spent with gay abandon (for electronic goods and household items) until RBI played the party pooper. Although 0% EMI schemes were discontinued after RBI ban, the importance of the potent combination of ‘convenient credit’ coupled with flexible payment options, was… Continue Reading
“Oh my God, take a look at my credit score. Its awful!” cried my cousin showing his credit score along with the credit information report (CIR). “I have a salaried IT job & a healthy bank balance, have always paid the credit card balance in full and have never taken any loans. And this is… Continue Reading
When you purchase an under-construction property, your bank may link the disbursal of home loan to the construction stages of the property. In such cases, you will either be asked to pay pre-EMI OR given an option to choose between pre-EMI and full EMI payments. What is Pre-EMI? As you are probably aware, Equated Monthly… Continue Reading
Most home loan borrowers face the dilemma of whether to use their monthly savings to prepay their loan or set it aside for emergencies. In most cases, the extra money just sits in their savings accounts earning below par (and taxable) interest. A home saver loan lets you have the cake and eat it too.… Continue Reading
I recently met my long-time friend at his home for a tea. This childhood friend of mine is a geek and eventually the conversation drifted to his new purchase, a Mac Mini. He was very enthusiastic about his new purchase and was thrilled about getting it under the zero percent EMI scheme. The conversation went… Continue Reading