Bank Auction Property is a good news for people who would like to buy a property at a cheaper rate. Govt and RBI have put a huge amount of pressure on banks to clean their books. Therefore, you must have observed mega auction of properties conducted by almost all the banks. At the same time, let me be honest that bank auction property is high risk investment. You have to be extra cautious and vigilant while participating in such auctions. You may check my post, Complete Guide to Bank Auction Process for more details. Recently, the Govt of India passed The Enforcement of Security Interest and ... Read More
Credit Report – 5 Important Factors That Decides Your Credit Score
Credit Report is one of the biggest mysteries for borrowers or loan seekers. There is a common misconception that Credit Report is based on some mathematical calculations. The answer is No, It is not correct that credit report is only based on mathematical calculations. The credit score in a credit report is based on the calculations. But no one knows the formula of these mathematical calculations. Your credit report reflects the credit behavior and credit score is one of the criteria. The loan/credit approval is decided by the mix of credit score + credit behavior. Sometimes high credit ... Read More
Under-Construction Property – How To Calculate and SAVE Capital Gain
One of the million dollar questions is today's topic i.e. How to calculate capital gain for Under-Construction Property :). Lack of clarity in income tax act is responsible for numerous interpretations available online. The seller gets confused and left high & dry. In my post, Register under-construction property for a home loan, i shared my opinion as a buyer. In other words, i shared negatives of registering under-construction property. If i consider myself as a seller, the biggest advantage is that i can save on capital gain if i register under-construction property. The seller can ... Read More
How Credit Card Companies Make Money or Earn Profit
Recently one of the new age private banks forays into the credit card business. One of my clients asked me why we have so many credit card companies. The reason being, it becomes more difficult to select the right credit card. In India, only banks can offer a credit card. Here by credit card companies i mean banks including their partners, marketing agencies, sales agents etc. From bird's eye view, it is a charitable business. A bank issues a credit card to the customer. Customer use the card and bank provide temporary credit. Customer pays the bill and that's it. Prima facie the only source ... Read More
Financial Implications of a Divorce – 7 Mistakes to be Avoided
Recently i was reading an article on Life's 15 most stressful events. Quite surprisingly "Divorce" was at no 2 in the list after "Death of a Spouse". Almost 10% queries posted on my blog are related to financial implications of a Divorce. I will not term it as financial implications/mistakes rather these are financial blunders. Divorce is a personal matter between the couple. Based on my interaction i can conclude that emotions like revenge, anger, and resentment take over financial wisdom. The financial implications of a divorce take a backseat. As a result, both husband and wife incur a ... Read More
Who Is Responsible To Clear The Loan Liabilities Of A Deceased Borrower
As a borrower, loan or debt is the biggest financial liability especially high-value loan. Human life is like a financial balance sheet of the company. We have assets on one side like Gold, Property, Investments etc. On the other side, we have liabilities like loan, debt, responsibilities etc. There are two types of liabilities i.e. one in the form of responsibilities like kid's education, marriage etc. The 2nd type is more tangible i.e. financial liability e.g. debt or loan as a borrower. The balance sheet is dynamic in nature. It keeps changing. If i avail a high-value loan then suddenly ... Read More
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