Home Loan EMI is perhaps the biggest monthly expense item for a number of people. EMIs typically comprise 35-40% of take home salaries of individuals. With such high EMIs, very little is left to invest for other financial goals. To purchase their dream house and to keep their EMIs affordable, people go for long tenor… Continue Reading
Those, who have been on the wrong side of loan agreements, would easily understand a small clause or even a word can create a lot of difference. When I say wrong side of the loan agreements, I mean the exact terms and conditions of the loan were different from what you thought when you took… Continue Reading
For most young professionals, buying a house tops the list of priorities. Even those who do not believe real estate makes for a good investment, do not have second thoughts about purchasing a house to stay in. Not only does it give you the comfort of living in own house, it also provides financial security… Continue Reading
What has to happen before you think you are in a debt trap? Does default of your EMI payments or credit card payments count as a debt trap? Or is there a less critical situation which can also be termed a debt trap? What about when you do not make your credit card payments in… Continue Reading
You have always been regular with your credit card payments. However, due to a financial emergency, you have not been able to make full payments for the last two months. With partial payments, you do not even enjoy interest free credit period. High interest rates, late payment and different types of financial charges are compounding… Continue Reading
You can check the impact of prepayments on your home loan using our Home Loan EMI Calculator. You recently landed up a hefty bonus. You have the financial wisdom of not splurging the entire bonus amount on expensive gadgets or a long vacation. You have earmarked a significant amount to prepay existing debt. But, there… Continue Reading
In our previous article on the Rent Vs Buy, we had discussed about the financial factors that impact the home buying decision. In this article we will cover some of the non-financial factors that influence this decision. Once you’ve done your calculations and arrived at the conclusion that financially you are in a position to… Continue Reading
One of my friends had made up her mind to buy a house. She went about the whole thing in a systematic way. Since she was working with an MNC and earning well, getting a pre-approved home loan sanctioned from her bank was fairly simple. After the pre-approval she identified a house, the purchase price… Continue Reading
When I relocated to Pune in 2003 due to professional commitments, I decided to rent a flat close to my work place. The idea of buying a flat instead of renting never occurred to me until my boss broached the topic. We did some simple calculations taking into consideration my gross/disposable income, age, finances and… Continue Reading
I have heard many a householder lament that by end of the month they do not know where their money has gone, and they are left with no savings and worse, waiting for the next salary credit. Do you fall in this category? This can happen if you do not keep household accounts. But while… Continue Reading