Home Loan conversion fees is one of the mysteries for home loan borrowers. I receive multiple queries wherein borrowers paid Home Loan conversion fees multiple times but still their home loan interest rate is more than the interest rates offered to the new borrowers. I have covered this topic in my post, Why higher interest for existing home loan customers? The problem here is that existing borrowers have NO other benchmark to compare. I also agree that home loan interest rate offered to new borrowers should be the benchmark for existing borrowers. Let me share an interesting case in this ... Read More
5 Types of Advance Payment In A Property Deal A Buyer Should Avoid
Advance Payment in a property deal is very common. Just to clarify that here i am not referring to advance payment or token money to initiate a property deal. It is must pay a token money or advance else there is no financial commitment from buyer's end to close the property deal. The quantum of token money, i discussed in my post on the same topic and may vary from case to case basis. In the idealistic scenario, after the payment of token money, the buyer should make balance payment only at the time of property registration. Unfortunately, we don't live in the idealistic world. Besides the ... Read More
3 Fraudulent Ways To Repair CIBIL Score You Should Avoid
"My CIBIL Score is 523 and one of the agencies is promising me to repair CIBIL Score in just 60 days. Should i go ahead?". This was one of the queries posted by one of the readers of the blog. This individual i.e. Person A dropped a mail to me and mentioned that agency is demanding Rs 30,000 to repair CIBIL Score. His problem was that he bought a flat of Rs 1 Cr in Mumbai and paid booking amount of 20% i.e. 20L to the builder. The builder threatened to forfeit the booking amount if he is unable to arrange a home loan. He informed the builder the at the time of paying booking amount that his ... Read More
Stock Price Manipulation – Pledging of Shares Is The Key Culprit
To begin on a lighter note. Stock Price Manipulation is like an extramarital affair. It exists, everyone talks about it but if you ask someone then no one admits :). Similarly, you may find news reports on Stock Price Manipulation but as such, there is no evidence or proof of the same. Recently, one of the news articles that caught my attention was "Pledging of Shares by promoters in the NSE listed companies is at 7 years high". As a layman stock investor, i read the news but could not find anything alarming. Maybe the newspaper didn't want to create any sort of panic. I re-read it after ... Read More
Why Banks Are Forcing Existing Home Loan Borrowers To Switch to MCLR
In recent past, some of the readers of this blog posted queries on a switch from Base Rate to MCLR (Marginal Cost of Funds based Lending Rate). The queries were similar in nature i.e. credit/loan manager of the bank suggested them to shift from base rate to MCLR. These are the borrowers who availed home loan before 1st April 2016 linked to base rate. The home loans availed on or after 1st April 2016 are by default linked to the MCLR. Therefore, this post is relevant only for borrowers whose home loan is linked to the Base Rate of the bank. It is observed that the loan manager of the banks ... Read More
Car Loan – 7 Reasons Why Should Avoid Hypothecation To Buy A Car
"This festival season welcome a new member to your family" read one of the advertisements in today's newspaper. From the first glance, i thought it to be an ad for some maternity home or matrimonial website. Surprisingly, it was an Advertisement of Car Loan from one of the leading banks in India. During my childhood, the car was luxury/aspirational/premium purchase. For 9 out of 10 households, the first car was Maruti 800. During those days, the car loan interest rate was too high. If i remember correctly, my father took car loan at 18%. The marketing was focused around "upgrade from 2 ... Read More
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