If you invest in debt mutual funds, the recent developments in late March 2023 would have come as a shock to you, even requiring you to relook at your financial plan. What Has Changed? The taxation of debt mutual funds will change, starting April 1, 2023. For the debt mutual fund investments made until March… Continue Reading
While trying to figure out a good home loan product for a client, I stumbled upon these revised interest rates on SBI home loan website. You can read the SBI campaign offer document here. There are a few points that stand out in this interest rate chart. #1 SBI Has Reduced Home Loan Interest Rate… Continue Reading
With loans, the compounding works in the reverse. If you miss an EMI installment, the overdue amount (which includes the principal) gets added to the principal. And you must pay interest on the overdue interest too. Interest on interest. Sounds like compounding, doesn’t it? Just that it is now working against you. After you default… Continue Reading
The Budget 2023 made multiple announcements that had a direct impact on the middle-class taxpayers. While the most prominent was about the fresh incentives for the New Tax regime, there were quite a few other small yet important takeaways from the budget. One such takeaway was in the form of clarification about disallowing double deduction… Continue Reading
The Finance Minister presented the Union Budget 2023 today. In the past, taxpayers have had big expectations from the Union Budgets but the budget announcement turned out to be a damp squib. Yes, there are always policy changes but not many seem to affect the salaried class directly. The Union Budget 2023 is an exception.… Continue Reading
The Union Budget 2023 is round the corner. Are you ready with your wish list? What do you want from this budget? Lower taxes? Higher tax deductions? Additional tax exemptions? The Budget announcements may not meet all your demands/wishes since the Government must strike the right balance between populism, targeted incentives, and tax collections. Still,… Continue Reading
Swiping a credit card is easy. Repaying credit card debt is not. There will be situations where your cashflows will be stretched and you won’t be able to pay your credit card bill in full. What do you do then? Will that affect your credit score? Well, if you read a card statement carefully, you… Continue Reading
RBI has come out with additional guidelines on digital lending. This is much needed. All of us have read news of unsuspecting borrowers being threatened for loan repayment. All kinds of methods were used to embarrass and harass borrowers. A few borrowers even ended their lives in the face of this continuous intimidation. Access to… Continue Reading
If you use BNPL (Buy Now, Pay Later) service or cards from Slice or Uni Pay, this development will interest you. BNPL has emerged as a competitor to credit cards. Easy onboarding. Seamless and convenient process. Easy repayment terms. Instant credit. Who needs a credit card? However, RBI, in its latest notification to non-bank PPI… Continue Reading
In the monetary policy announcement on June 8, 2022, the Reserve Bank hiked the repo rate by 0.5%. Bad news for borrowers. The interest on floating rate home loans would soon go up. Either the EMI or the loan tenure will go unless you part prepay your loan. Apart from the rate hike, the Reserve… Continue Reading