You just got your annual bonus. You want to decide between whether to use the bonus to prepay the home loan. Or put this money away in a bank fixed deposit or any other investment. The approach is simple. If the post-tax cost of your loan is HIGHER than the post-tax return from the supposed… Continue Reading
I got this query from one of the readers. He had taken a home loan from a leading housing finance company. Original Loan Amount Rs 39,12,633 Loan Outstanding Rs 37,94,900 Original Loan Tenure 240 months Remaining Loan Tenure 221 months Current Rate of Interest 9.1% EMI Rs 35,455 The loan interest rates have fallen sharply… 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
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
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
If you are moving to one of the bigger cities such as Mumbai and Bengaluru, finding a cheap accommodation is not easy. Rentals can be quite high too. However, as a tenant, paying high rent is not the only problem. You need to put up a big security deposit with the landlord/owner too. In Mumbai,… Continue Reading
Given the property prices, most of the home buyers take a home loan to fund the purchase. While finalizing a loan product, one of the critical decision factors is the loan interest rate. Clearly, you would prefer the lowest rate of interest. Competition in the home loan segment has ensured that the interest rate for… Continue Reading
We regularly discuss unique and innovative loan products on this website. A few weeks back, we had discussed Step Down Home Loans launched by a prominent financial institution. In this post, we discuss a unique home loan product from Axis Bank. Axis Bank has recently launched a new product “QuikPay Home Loan”. Let’s find out… Continue Reading
You wouldn’t want to find yourself in a situation where you are struggling with debt. As discussed in many of our earlier posts, there are only 4 ways to get out of debt problems. Increase income Reduce expenses Reduce debt Reduce the cost of debt Or a Mix of all the above approaches In this… Continue Reading
If you want to repay your home loan quickly, the only way out is to make some prepayments on the home loan. Many use their annual bonuses to make big prepayments on their home loans. Not surprising that average home loan tenure in India is about 7-8 years. What if you can’t manage very big… Continue Reading