CIBIL Report is X Ray of one's credit health. It is must that credit health should in good shape. A good credit health in turn is critical for your personal finance / financial health. For example if you have low CIBIL score in CIBIL report then you cannot avail Home Loan. What it implies is that you cannot own your dream home till you save enough to buy house without Home Loan. This scenario seems impossible because of high cost. As we know that any default in payment impacts your CIBIL score negatively. Sometimes through intelligent and timely intervention, we can control the damage to CIBIL ... Read More
11 Tips to Prevent Identity Theft
Identity Theft is one of the by-product of technological evolution. World was more secure when there was no internet, photocopier or scanner. Identity Theft can be disastrous for any individual. Recently one of my client's Home Loan was rejected because of low CIBIL Score. I advised her to pull out CIBIL Report. When i checked her CIBIL Report i found that Rs 200000 outstanding was written off against her credit card. She never applied for this credit card. The credit card was issued at her old Delhi address before she shifted to Mumbai. It was a clear case of Identity Theft. Worst part is ... Read More
Home Loan Prepayment – 5 Important Points
Home Loan Prepayment is financially beneficial for Home Loan Borrowers. It helps to reduce Interest burden thus overall cost of property. Any type of debt including Home Loan is not good for financial health of an individual. Average Home Loan tenure in India is 8 years which means Home Loan Prepayment is preferred by borrowers to clear off Home Loan. Normally Home Loan Prepayment is done when we receive annual bonus or any exiting investment mature. As i mentioned in my other posts also that Home Loan Interest increase the overall cost of property. Assuming, your current Home Loan ROI is 10% ... Read More
Why you should not apply Online Home Loan
Online Home Loan is very fast catching the fancy of many. The key reasons for increase in uptake of Online Home Loan service is convenience and intelligent online marketing. Remember that Convenience comes at a Cost, lets check how. In the month of July'14, i log in to internet banking of ICICI Bank. Welcome screen of internet banking offered me Pre Qualified Home Loan of 90 Lakhs. I decided to give it a try to check Online Home Loan service/process. Here i would like to add that Online Home Loan application software of most the banks is managed & powered by Bank Bazaar which is basically ... Read More