After buying a house, we tend to relax and think that we have completed entire process..Unfortunately we are wrong and there is a lot need to be done after buying a house, infact it is as hectic as buying a house..I am listing down 10 Things You Must Do Immediately After Buying a House which are very critical & should be completed as fast as possible. 1. Storage of Property Documents: Immediately after buying a house or land, you should make atleast 2-3 set of photocopy of all documents related to purchase. If you have bought house on Loan then kindly ensure you have taken a photocopy of ... Read More
Step-Motherly Treatment to Existing Home Loan Customers
The Golden rule for any business to flourish is to keep existing customers happy but Home Loan Lenders like SBI, HDFC, AXIS, ICICI etc think otherwise…For any individual, Building own dream house is a major achievement of life but this happiness is short lived if you have built ur dream house by taking Home Loan…Home Loan business is in deep mess right now and all the home loan lenders i.e. both the Banks e.g. SBI, Axis etc and HFC (Housing Finance Companies) e.g. HDFC Ltd, LIC, DHFL etc are taking their existing home loan customers for bumpy ride, reason being existing customers are paying ... Read More
RBI – The King without Kingdom
On April 17, 2012 RBI cut Repo Rate by 50 basis point (1 Basis point = 0.01%) i.e. by 0.50%. The new Repo rate effective Apr 17, 2012 is 8%...In layman term Repo (Repurchase) Rate is the rate at which the RBI lends money to the banks therefore now banks can get fund from RBI @ 8% interest i.e. 0.5% cheaper than before. What it implies is that Banks can now borrow the money for cheap & therefore logically should lend at cheap rates. Let me explain how this cycle work, Banks monetary reserves are build through various deposit channels like deposits in Savings Account, Current Accounts, ... Read More
List of Documents Required for Property Purchase or Home Loan
At the time of purchasing your dream house, one of the major problem faced by almost all buyers is to collate information on List of Documents Required for Property Purchase or Home Loan...I also faced same issue and i did lot of research on internet but could not find reliable List of Documents Required for Property Purchase or Home Loan. Almost all articles mentioned just list of 6-7 documents like Sale deed, Sale agreement etc.which everyone knew but since its life time investment therefore it is necessary to know complete list....Even after compiling list another major challenges were to ... Read More
RBI cuts CRR or Cash Reserve Ratio – Home Loan borrowers Can Cheer
Whenever RBI reviews Monetary Policy, some financial jargon's hijack the headlines of all the business newspapers and TV channels. Recently, the top headline on all Business Channels was that RBI cuts CRR by 25 bps i.e. 0.25%. 1 bps equals to 0.01%. As a layman, many people don’t even understand what it means and what will be its impact on home loan borrower. The newspapers and TV channels don't take the pain to explain the exact impact. A very generic conclusion is that your loan interest rate will come down. It may or may not be true. What is CRR or Cash Reserve Ratio? In layman terms, ... Read More
EMI Calculator or Amortization Schedule Calculator for Loans
When i took Home Loan, one of the problems that i faced was to find a right EMI Calculator. The EMI Calculator available on the web are not compatible with Home Loans. There is no option to change Interest rate, EMI or add pre-payment amount during home loan tenure. With the introduction of Marginal Cost of Funds based Lending Rate, the interest rates will become more dynamic. In short, interest rates will change more frequently. As a borrower, i find it difficult to check the financial impact of any change in Home Loan. One of the most common queries that i receive is on the impact of the ... Read More