Are you planning to buy an NRI property? & if you are a resident Indian buyer then you should go through this post :). Usually buyers don't prefer to buy NRI Property. The reason being rules and regulations are bit complex in nature. Another reason is that the onus of compliance rests on buyers shoulder. It is little unfair as buyers cannot buy NRI Property without professional help. The biggest hassle is of TDS deduction and filing of TDS return. A buyer also needs TAN for TDS deduction. I discussed the same in my post, How to deduct TDS u/s 195?. I do agree that rules should be ... Read More
New Lending Rate – Five Loopholes RBI Should Have Fixed
The new lending rate regime based on Marginal Cost of Funds will be implemented from April 01, 2016. There is a lot of anxiety among both potential and existing borrowers. It is because of uncertainty about the new lending rate. The key concern of a borrower is that we should not miss the bus. The new borrowers are postponing the home loan in anticipation of much lower interest rates. On the other hand existing borrowers are worried that banks may charge hefty conversion fees to shift them from Base Rate to new lending rate i.e. MCLR. This kind of anxiety was last seen when base rate replaced ... Read More
Home Loan Myths – Top 7 Myths Every Borrower Should Know
Home Loan Myths as the name suggests are the misconceptions about Home Loan. I tried to found out who all are responsible for home loan myths. My conclusion is that primarily three factors are responsible. The first one is a lack of knowledge of Bank/HFC (Housing Finance Company) employees. Secondly, the people around us who pass half baked information thus responsible for the viral effect of home loan myths. Till date, i have not come across a single person in my acquaintances who told me "I don't know". You can discuss anything and everything on this planet with people around you. They will ... Read More
Return on Investment – Calculate using XIRR function of Excel
How to calculate return on investment?, Recently one of my blog readers asked me. Return on Investment calculation is the biggest mystery of the personal finance space. Some time back one of my readers told me that his Return on Investment is very low. When i checked the details, i found that he is calculating absolute returns instead of annualized returns. Let me first clarify that all the return figures published by financial institutions are annualized returns. These numbers never match with the calculation of investors. Moreover, these no's are based on lump sum investment. ... Read More
Property Registration Charges – Least Known Ways to SAVE
According to the ruling of Honorable Supreme Court of India, Property Registration is mandatory to transfer the title of the property through conveyance deed/sale deed. When my father bought first property in 1986, he skipped Property Registration. He bought a property through GPA (General Power Attorney). In those days, it was perfectly legal to transfer the property title through GPA and was common practice. There was always a hidden risk of a future dispute. The only reason for this arrangement was to save Property Registration Charges :). It was a revenue loss for the govt and secondly, ... Read More
Long Duration Pack of DTH – A Personal Finance Case Study
Recently one of the DTH provider heavily promoted Long Duration Pack. The key message was that usually husbands forget about month recharge of DTH. Therefore, Long Duration Pack is best suited for busy families. It's like fill it, shut it and forget about it. I was quite impressed with the family Ad of the DTH provider. Tough i always recharge my DTH Connection on time but due to prepaid nature of the service, i thought of giving it a try. A couple of days back, i told my wife why don't we opt for Long Duration Pack of our DTH provider. My wife was not convinced. She said that there is no ... Read More
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