Please read our updated article explaining tax benefits on home loan. The hardest thing to understand in the world is the income tax – Albert Einstein Most people would tend to agree with Einstein, as tax related calculations & rules are complex, intimidating and difficult to understand. At the same time, it is imperative to… Continue Reading
Personal loan, as the name itself suggests, is the loan taken to fulfill any personal financial requirement. It can be used to meet the unexpected medical expenses or to purchase home appliances or even it can be used to purchase apparels of your favorite brand! Personal loans are easy and convenient way to borrow money… Continue Reading
Do you know the story of Bhasmasura? In Hindu mythology Bhasmasura was a demon who got a boon from Lord Shiva that anyone he touches with his right hand should turn into ashes. Once he got this boon, Bhasmasura wanted to try it on Lord Shiva himself. On seeing the plight of Shiva, Lord Vishnu… Continue Reading
While the last few years have seen real estate prices only going up north, there’s no assurance they won’t turn around and go south. While property value decrease is good news to prospective buyers, it can have a “unsettling effect” to borrowers with a home loan…especially if the house value goes down below the outstanding… Continue Reading
Deciding how much home loan you should avail depends on how much EMI you can afford to pay for the next few years. So how much EMI can you really afford? There are certain financial as well as personal aspects that you have to consider to determine this. Although we are discussing all these points… Continue Reading
Although EMI stands for Equated Monthly Installments, it does not mean that it will never change. When availing the loan, you estimate your EMI by taking into account a fixed loan amount with fixed rate of interest for a fixed loan tenure. However situation can change over time and many factors could alter your EMI… Continue Reading
When calculating EMI, another significant factor to consider, apart from the type of interest (i.e., fixed vs. floating rate), is the length of home loan tenure. Loan tenure means the length of time that will be taken by the borrower to repay the loan along with the interest. Generally, a home loan tenure may be… Continue Reading
When availing a home loan (mortgage), among the many decisions to make, the hardest is probably deciding the type of interest rate that you should choose. First let us learn about the different types of interest rates offered by the financial institutions: Fixed rate of interest: In this case the rate of interest payable remains… Continue Reading