Recently i received lot of queries from my readers regarding Home Loan Protection Plan (HLPP). At the time of availaing Home Loan, almost all Home Loan Lenders insist the Borrower to buy Home Loan Protection Plan & pitch it as compulsory buy for availing Home Loan. Let me clarify, it is not mandatory & compulsory to buy Home Loan Protection Plan while availing Home Loan. It is at the discretion of Borrower, whether he would like to avail HLPP cover or not. Home Loan lender cannot force Borrower to buy this cover. It is especially pushed by Home Loan lenders, whose sister concerns ... Read More
RBI Cuts SLR – Cheers for New & Tears for Existing Home Loan Customers
RBI's 1st quarter review of monetary policy on July 31, 2012 bring cheers for New Home Loan Customers and Tears for existing customers. RBI kept Key policy rates unchanged but RBI cuts SLR (Statutory Liquidity Ratio) by 1% from existing 24% to 23%. SLR is % of bank deposits to be compulsorily invested in Govt Bonds or other approved Treasury Bills. Cut in SLR implies that now banks have to keep 1% less amount in Govt Bonds / Treasury Bills thus increasing the cash in hand for lending (Increased Liquidity in the Market). As per rough estimate, it will release approx 64,000 Crore in the system ... Read More
Home Loan Closure – 5 Important Points
A Home is a Biggest Asset, Where as Home Loan is Biggest Liability. According to one of research agency, Closure of Home Loan is considered to be one of the 3 Biggest Happiness in Human Life i.e. 1st Job, 1st Love and Home Loan Closure. This happiness can convert into sadness, if we don't follow some important procedures or steps while closing the Home Loan. As we know while taking Home Loan, we mortgage our property with lender and at the same all the original documents are with lender..It is important that at the time of closing Home Loan, we should take care of following points 1. No ... Read More
Why Higher Interest Rate for Existing Home Loan Customers?
Recently i was going through the balance sheet of one of Home Loan Provider/Lender & was quite amazed to know that this particular lender's Net Profit during last Financial Year was few thousand Crores & they have reserves of approx 4.5 times the annual net profit then Why Higher Interest Rate for Existing Home Loan Customers? In April'12 when RBI cut Repo Rate by 50 basis point then ideally Home Loan Providers should have reduced their Base Rate or BPLR or RPLR to follow the movement of policy rates but it never happened. Though i have highlighted the issue of higher interest rate ... Read More
11 Facts You Don’t Know About Your Home Loan
Yesterday i was watching Movie "Fashion". In the movie, Priyanka Chopra signed agreement with her agency "Panache" without reading the same but when she was in trouble, Agency quoted clause from agreement which put her in spot. She regretted signing the agreement without going through it. Immediately, i recalled that even i have also signed my Home Loan Agreement without going through it. Though i read rest all documents but some how i missed most important of all i.e. Home Loan Agreement. I left the movie in between and decided to read my Home Loan Agreement thoroughly. Though my Home Loan ... Read More
Being a Loan Guarantor – Are You Risking Your Future?
Last weekend i was watching the movie "Aarakshan" & was moved by the scene wherein Amitabh Bachchan could not get the possession of his own house during Bad Times becoz during Good Times in order to help the Children of his close friend, he became Loan Guarantor of their Business Loan. Not only he risked his future but also of his family..I think, this topic cannot be explained more simpler then this. Just to add, things in real life cannot be sorted out as easily as shown in the movie. Let us understand this topic in detail, For simplicity purpose i will list down complete details in ... Read More
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