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
Home Loan Rejection – 5 Hidden Reasons You are Unaware
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
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
Bank Loan Default – How to Manage it?
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
Loan Default – How to avoid it?
Loan Default is not good for both the borrower and the bank. The loan default increases Bank NPA's and negatively impact the CIBIL Score of a borrower. The default can be intentional or unintentional. If Loan Default is intentional, then nothing much can be done in this regard. Unfortunately, banks treat both sets of defaulters with the same stick. As i mentioned in my some of the previous posts that concept of credit counseling is not common in India. Your loan manager is all in one who may or may not be in a position to guide you. In the case of Loan Default, a borrower is left in a lurch, ... Read More
Loan – Check its impact on CIBIL Score
A Loan is another name of consumerism. An easy finance or loan is both good and bad for the economy. Recently, you must have read news articles on the Gross NPA's of the banks. Though no one is willing to state the obvious, that it is a direct fall out of easy loans in past. The declining interest rates are good for an economy but to maintain the quality of a mortgage is a big challenge. It is another threat to the economy. It is called Easy Money. Though we can say that without consumption, the economy cannot grow and I do agree. But in this whole debate we miss a very crucial point that it's ... Read More
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