Most salaried employees get their annual bonuses in the first quarter of the financial year. Many of us plan to spend it way before we actually receive the bonus. You have to keep up with the commitments that you made to your kids, your spouse, your siblings or your parents. You may have an eye on… Continue Reading
In our parents’ generation, many had to wait almost till retirement to own a house. Now, with rising salaries and easy availability of home loans, you do not need to wait till your late 40s and 50s to purchase a house. Many want to take it to the other extreme and want to purchase a… Continue Reading
Your close friend has been planning to buy a house for a long time. However, when he approached the bank to apply for a home loan, bank insisted to getting someone to sign as a guarantor for the loan. Lenders can ask for a financial guarantor if the credit history is weak or repayment ability of… Continue Reading
To promote affordable housing, the Government had launched Pradhan Mantri Awaas Yojana (PMAY) in 2015. Under PMAY, among other schemes, Economically Weaker Section (EWS) and Low Income Group (LIG) were to be given interest rate subsidy on their housing loans. The interest subsidy was to be provided under Credit Linked Subsidy Scheme (CLSS) under PMAY. EWS… Continue Reading
This year’s Union Budget brought a few positives in form of lower tax slab rate for tax slab Rs 2.5 lacs-Rs 5 lacs and reduction in holding period for long term capital gains for real estate from 3 years to 2 years. But there was a major shock for real estate investors. Set off of… Continue Reading
Almost everyone plans to purchase a house before retirement. Given the inflated real estate prices, buying a house outright is not an option for many of us. Thus, many of us have to resort to home loans to finance purchase of house. Though a home loan repayment schedule can be structured in any way, I will… Continue Reading
Planning to take a home loan? You have shortlisted the bank with the lowest interest rate and the best feedback about the service. Well, have you given thought to the home loan tenure? Along with your loan amount and the interest rate, the home loan tenure is an important variable in determining your monthly EMI.… Continue Reading
This year’s Union Budget is a mixed bag for salaried class and the real estate investors. Here is a look at key budget announcements. Reduction in tax rate from 10% to 5% for income tax slab of Rs 2.5 lacs to Rs 5 lacs (Positive) Introduction of Surcharge of 10% for taxable income between Rs… Continue Reading
You know that your credit score plays an important role in getting a loan. A lower credit score can simply ruin your chances of getting a loan. What you perhaps didn’t know was that a good credit score could get you better interest rates. Although it may already be happening internally, nothing was out in… Continue Reading
I have been getting many queries from home loan borrowers pertaining to shift from base rate to MCLR? I have discussed this aspect in an earlier post. Even though the option of switching from base rate to MCLR is worth exploring, there is another option that many borrowers can exercise when it comes to Home loans:… Continue Reading