Most of us don’t have the luxury to purchase a house without a home loan. So, if you plan to purchase a house, you have to take a home loan at some point during your working years. A question that may cross your mind, “What is the ideal age to take a home loan?” Should… Continue Reading
When is a good time to prepay or part prepay a home loan? When you think about the above question, the next question that comes to mind is how do you define a “good time”. One of the ways to assess this could be the number of EMIs saved due to your prepayment. Let’s understand this with… Continue Reading
Many Indian banks offers loans to NRIs (Non-resident Indians). However, since the rate of interest for loans is higher in India as compared to personal loans abroad, it is tempting to take a personal loan abroad instead of taking a loan in India. In fact, I know borrowers who have taken a personal loan abroad to… Continue Reading
You need an education loan for higher studies. To be on the safer side, you want to apply to multiple banks, but the effort required to make multiple applications scares you. Here is a fine solution for you. The Government of India has launched a portal “Vidya Lakshmi”, where you can search for loans and apply to… Continue Reading
A Reverse Mortgage Loan (RML) can provide a useful income stream for senior citizens during their retirement. You can monetize your residential property and generate income while continuing to retain the ownership so long as you are alive. I have discussed Reverse Mortgage loans in detail in another post. In this post, I will look… Continue Reading
So, you want to close your credit card. The reasons for closing a credit card may be many. You already hold other cards that provide you sufficient credit limit and you do not need another card. Or you are paying an annual fee for the card that you don’t need. Or you are fed up… Continue Reading
When you take a home loan, you want to make sure that the loan is repaid even in your absence. After all, you want your family to inherit your house (and not your liabilities). This is a reason why you purchase life insurance. Many times, even banks try to convince/persuade/force you to purchased insurance plans… Continue Reading
I was recently browsing Amazon.in to purchase an electronic item. When I checked out the payment options, I found many No-Cost EMI offers from various banks. A No-cost EMI means that the sum total of all your EMI payments is equal to the cost of the item. i.e., even though you make payments over many… Continue Reading
You don’t like apartment life. You want to construct your house on a small piece of land and live there peacefully. Another reason for such a choice could be that you are not getting quality apartments in the city where you want to stay. And this can be a problem in smaller cities. The issue… Continue Reading
Salary loans, as the name suggests, must have something to do with your salary. In this post, when we talk about salary loans, we are essentially talking about loans to manage the mismatch between the timing of your expenses and your salary. By the way, there is no standardised nomenclature. For instance, ICICI Bank has… Continue Reading