Home Loan Rejection is a nightmare for a buyer. A proper homework is required to avoid Home Loan Rejection. As i keep highlighting that you should plan at least 18-24 months in advance. Thanks to rising NPA's of Banks, the home loan approval process is becoming more and more stringent. To counter this, more awareness is required to support the potential borrowers. The home loan staff of Banks and Housing Finance Companies are ill equipped to answer the queries of a potential borrower. Some of my readers shared with me how the helpline no's are ill prepared to handle basic queries. An ... Read More
26QB Challan Correction – 7 Imp Points
26QB Challan Correction is one of the most frequently asked queries on my blog. There is a lot of confusion related to 26QB Challan Correction process. In fact, the readers who called helpline of Income Tax department could not get a proper response in this regard. A property buyer is left in a lurch. Before you go through this post, i suggest you to check my post How to deduct TDS u/s 194IA?. Reason being, it will help to understand the background. Also, it is always advisable to file the correct details in challan. You can collect the information beforehand. The form 26QB challan is not that ... Read More
Marginal Cost of Funds based Lending Rate – MCLR
The final guidelines on Marginal Cost of Funds based Lending Rate is released by the RBI on Dec 17, 2015. The Marginal Cost of Funds based Lending Rate will be implemented w.e.f April 01, 2016. There was strong opposition from banks to implement Marginal Cost of Funds based Lending Rate. The objective of RBI is to pass the benefit of REPO Rate cut to borrowers. As i mentioned in my other posts that in last one year, RBI has cut REPO Rate by 125 basis point. On the other hand, an average base rate cut by banks is only 70 basis point. Technically, the Repo rate cut is not fully transmitted to ... Read More
Renting a Property – 5 Points to Check
Renting a Property is sometimes painful for landlords. Finding a good tenant is tough. An owner trusts the real estate agents and brokers to find a good tenant. I hardly found direct renting between landlord and the tenant. The only exception is both are known to each other. Some landlords are skeptical in renting a property to people from specific professions as a lawyer, police, etc. A landlord has their concerns in this regard. Another common complaint is that tenant is not vacating the premises. It is especially true for commercial properties. Though these units are on long-term lease ... Read More
Rental Income – How to save tax on it?
Rental Income is one of the most favorite retirement planning tools in India. As i keep highlighting that Property and Gold are two most popular investment avenues for Indians. With the grace of God, i am currently staying in my house, but my previous landlord has seven properties in Mumbai. An average rental income of Rs 30,000 means monthly rental income of Rs 2,10,000. A good enough amount to live a peaceful and luxurious life. The best part is to leave an asset to legal heirs. Besides, retirement planning i keep getting queries from my readers on taxability of rental income. Many readers ... Read More
CIBIL Score is not Affected by these 5 Factors
CIBIL Score is the most important score of your life. It is more imp than your graduation score :). There are a lot of misconceptions around CIBIL Score. The banks and financial institutions have created psychological fear among borrowers. Let me clarify that through this post, i am not advocating to default on payments. The objective of this post to clarify some misconceptions around CIBIL Score. As a good citizen, you should make all your payments on time. At the same time, you should not lose your sleep over misconceptions around CIBIL Score. As i keep mentioning that there is no proper ... Read More
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