RBI has increased repo rate from 4% p.a. to 6.5% p.a. since May 2023. If your home loan is benchmarked to RBI Repo rate, that means a hike of 2.5% in your home loan interest rate. Impact of Interest Rate Hike on Your Loan Tenure Usually, the default option in case of interest rate hike… Continue Reading
This may sound strange, but this may indeed be true for many taxpayers. Why? Because the Union Budget 2023 has incentivized the New Tax regime in a big way by reducing the tax rates in the various income slabs. And the New Tax regime does NOT give you any tax benefits for tax-saving investments. No… Continue Reading
This sounds a bit strange since we usually associate credit cards with overspending and incurring unnecessary debt, which leads to financial strain and difficulty in managing finances. Then, how do credit cards figure here? Well, credit cards can be quite useful if you use them wisely and responsibly. Let’s first look at a question to… Continue Reading
For many of us, a new year starts with resolutions. And these resolutions can encompass a wide range of areas such as physical health, financial wealth, personal spirituality, and relationships. What are your resolutions for the new year? Well, you don’t have to tell us but make a concerted effort to see them through to… Continue Reading
You spend a big amount on your credit card. You do not have the money to settle the bill in full by the due date. You decide to pay off the debt over the next few months. That means you won’t pay the bill in full right away. You will keep paying whatever you can… Continue Reading
You open Amazon/Flipkart to purchase your favourite gadget. You notice you can get a discount if you pay using a credit card from a particular bank. And you get a higher discount if you purchase on EMIs using the same credit card. Interesting, isn’t it? Why higher discounts on EMI purchases? But first, why discounts… Continue Reading
Every home loan borrower wants to close the home loan quickly. After all, you truly own your house once you have repaid the entire home loan. How Does the Home Loan Amount Go Down? We know how loan mathematics works. Most home loans are reducing balance loans. With reducing balance loans, a portion of EMI… Continue Reading
The keyword here is “plan”. We don’t focus on instances when your big purchases are forced, say your mobile phone or laptop conks off suddenly. Or your bike or car is suddenly showing problems and the cost of repair is too high and not justified. There is not much you can do about such instances.… Continue Reading
Are you ready to buy your first house? Some are never ready. Some think they will never be ready. Some want to buy after working for a few years. And some are eager to act with their first salary. Buying a house is a big life decision. Emotional security, your past, upbringing, peer pressure, social… Continue Reading
EMIs make it easy and convenient to buy online. But even with EMIs, you have multiple options. You can opt for Instant EMIs (also called Merchant EMI) directly on the merchant website. Or you can pay the full amount upfront and later ask your bank to convert the purchase amount to EMIs. Which option is… Continue Reading