Gone are the days when borrowers went scot free after defaulting on Bank Loan. In the digital age, it is very easy for banks to locate bank loan defaulter. In particular cases, i have seen banks filing FIR if the defaulter is wilful defaulter with an intention to fraud and amount is huge. I am not scaring the readers but to give a realistic picture. The things will go bad from here on as there is an enormous pressure on banks to recover the dues and bring NPA's under control. The default on a bank loan is not an overnight phenomenon. A borrower receives initial signals of financial distress. ... Read More
5 Golden Rules of Home Loan EMI
Home Loan EMI is an important part of borrower's life till Home Loan is closed. Entire family think, eat, drink and sleep Home Loan EMI. I mean to say, all imp decisions of family revolve around this income "guzzler". As home loan is long term commitment therefore we come across various situations and turning points where we don't know how to handle Home Loan EMI. Any mishandling can have long term financial implications. In this post on "5 Golden Rules of Home Loan EMI", we will discuss 5 such imp rules which should be guiding light to decide. Rules for Home Loan EMI 1. Home Loan EMI as a ... Read More
7 Risks Associated with Subvention Scheme
Last week, 3 Big Hoardings caught my attention "NO EMI For 24 Months", "Book Your Dream Home at Just 8% Interest Rate" and "Book Now Pay Later". It seems to be some divine intervention which is helping / supporting me to fulfill my dream of owning a flat. "HOLD ON" signals my mind to my heart. Remember the Golden Rule of Finance "There are No Free Lunches in this World". This divine intervention is named as "Subvention Scheme". Word Subvention is derived from Latin word "Subventus". It means Monetary Help or Support. Subvention Schemes were banned by RBI on 3rd September, 2013. These schemes ... Read More