22-May Update — RBI has extended EMI moratorium on all term loans by another 3 months till 31-August-2020. The Reserve Bank of India had announced a 3-month EMI moratorium as a Covid-19 regulatory package in March 2020. In a previous post, we discussed if you should opt for such a moratorium. The crux was that, if… Continue Reading
It is a new year and it is raining new home loan schemes. LIC Housing Finance has launched 2 new home loan schemes in January 2020, “Pay when you stay” and “6 EMI waiver”. In this post, let’s find out about these schemes in detail. LIC Housing Finance: Pay When You Stay Home Loan Applicable… Continue Reading
You invest Rs 1 lacs per annum for 10 years. You would get Rs 2 lacs for 10 years from the end of the 11th year. Is this a good investment or a bad investment? I advise many investors on their portfolios. Many of them have purchased poor investment products but they are still happy… Continue Reading
I came across an interesting case in a business daily a few weeks back. A consumer forum bench directed ICICI Bank to pay Rs 55,000 to a borrower. Here is how this happened. The borrower signed up for a home loan of Rs 30 lacs for 10 years from ICICI Bank in 2006. The loan… Continue Reading
The great Indian festive season (that started in August) just got over with Diwali. Be it a house, vehicle or a gadget, you can get good deals on all the products that you have been planning to buy for a long time during festive seasons. The sellers and the banks/finance companies can provide you relief… Continue Reading
All the banks linked the new retail floating rate loans to an external benchmark from October 1, 2019. In my opinion, that makes the comparison between various home loan products easier. Most of the banks have chosen Repo rate for the external benchmark for home loans. Earlier, benchmark MCLR (Marginal cost of funds-based lending rate)… Continue Reading
You must make a purchase or spend some money, but you don’t have the money. If we leave out informal options like hand loans from friends and family, you must fund the expense through credit. Let’s assume the amount is not big enough for you to go through the pain of applying for a secured… Continue Reading
Union Budget 2019 announced an exclusive tax benefit of Rs 1.5 lacs for loans taken to purchase electric vehicles. Good news for those who plan to purchase electric bike or car in the next few years. The tax benefit is under Section 80EEB. I briefly touched upon the tax benefit in my post on Union… Continue Reading
You can get loans instantly these days. These instant personal loans are typically of small amounts and for shorter tenure. Every loan has an associated cost. For the long tenure loans, the interest rate is the primary determinant. You prefer to go with the lender that offers you the lowest interest rate. However, the same… Continue Reading
You have applied for a home loan but you are worried that you may not get the requisite amount. In an earlier post, I had discussed aspects that the banks consider while calculating your loan eligibility. In this post, let’s use the findings of the aforesaid post and see how you can increase your loan… Continue Reading