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
The Reserve Bank published Master directions on Credit and debit card issuances in April 2022. In the previous post, we looked at the rules pertaining to the closure of credit card accounts. In this post, I will focus on the changes in the billing rules for the credit cards. #1 No Charge for Disputed Transaction… Continue Reading
Ever tried to close a credit card? If you have, you know it is not easy. Not all banks cooperate when you try to close/cancel a credit card. What if I were to tell you that your bank must pay you a penalty of Rs 500 per day for each day of delay beyond 7… Continue Reading
The Finance Minister presented the Union Budget 2022 on February 1 2022. I share a few important proposals from the Budget announcements. There were no fireworks on the retail taxation front with no change in income tax slabs or Section 80C investment limit. However, there is a good and bad news for crypto investors. #1… 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
With the second Covid wave impacting lives and livelihoods, the Reserve Bank of India has made an attempt to provide relief to troubled borrowers. While the RBI has not opted for an outright EMI moratorium this time, it has allowed banks to restructure loans under Loan Resolution Framework 2.0. Loan resolution (or loan restructuring) schemes… Continue Reading
Have you received messages from your bank that the standing instructions on your credit card will not be honoured from April 1, 2021? And that you must make payments to the service providers/merchants directly. Thus, if you have automated your payments to streaming service providers (Netflix, Disney Hotstar, Sony Liv etc) or for utility payments… Continue Reading
The Finance Minister presented the Union Budget 2021 on February 1, 2021. Here are the key highlights. Tax Slabs Remain Unchanged No changes have been made to the existing income tax slabs. Interest on EPF Becomes Taxable If you contribute more than Rs 2.5 lacs to your EPF account every year, the interest earned on… Continue Reading
The Government of India recently announced certain tax-relief measures for the home buyers and the real estate developers. With such a move, the Government hopes to give a push to the real estate demand in the country. Stamp Duty, Circle Rate, and the Income Tax Problem The real estate industry is struggling with high unsold… Continue Reading
In an earlier post, we had discussed how the Government is considering waiver of interest on interest (compound interest) for the loan moratorium period of 6 months from March 1, 2020 until August 31, 2020. On October 23, 2020, the Central Government announced the Scheme for grant of ex-gratia payment of difference between compound interest… Continue Reading