Being a Joint Owner of a property is a casual affair in India. The potential joint owner of a property doesn't understand the future implications. In my previous post, i highlighted why it is important to mention the type of joint property ownership in agreement. Though the inclusion of Joint Tenants or Tenants in Common is more relevant in case one of the joint owner is deceased. There are certain other clauses that should be included in sale deed to safeguard your interest as a joint owner. Before we proceed, i would like to clarify one of the biggest misconceptions of joint property ... Read More
Why you should mention Type of Joint Property Ownership in Agreement
Joint Property ownership is very common in India, especially with a spouse. Personally, I don't suggest joint property ownership with parents because of inheritance and other hassles/issues. With the increasing marital and family disputes, sometimes joint property ownership becomes a major pain point. During happy times, we don't think of future repercussions. If the potential buyer comes to know about a dispute between joint owners then it might be difficult to dispose of the property. Such sales are distress as i shared in my post, Beware of Heavily Discounted Property. In the case of joint ... Read More
5 Habits That Are Wealth Destroyer In A Long Run
A few years back there was a big debate "How Inflation act as a wealth destroyer?". At that time the average inflation was around 10%. I highlighted it's impact in my post, Impact of Inflation. As the inflation cooled off from 10% to comfortable zone the discussion subside. Now the inflation is no more a wealth destroyer. Thanks to the steps taken by the Govt and RBI. Have you ever wondered besides inflation what else is wealth destroyer? The first thought that comes to the mind is wrong investment decisions. I agree on the same. If you are stock market investor then you must be recalling ... Read More
Is Life Insurance Cover 10 times Your Income Sufficient for Your Family
How much Life Insurance Cover should i avail? This is one of the most common questions creeping on personal finance forums/newspapers. Certified Financial Planners suggest that a cover of 10 times your annual income is sufficient. I find same suggestion for all such queries. Now, this advice is deep rooted in psychic of an individual who does proper research before buying a Life Insurance Cover. Recently i wrote a post, Life Insurance Plan - 5 Possible reasons why you should not buy. In that post, i highlighted 5 general cases under which an individual doesn't need Life Insurance Cover. There ... Read More
Lower Interest Rate Cycle – Are You Ready for these 5 Changes
Lower Interest Rate is an alien concept for India. Typically, India as a country is "high interest rate" country. The reason being we are Savers rather Spenders. Because of this reason, we expect "high" interest rate on Savings and willing to pay "higher" interest rate on Loans. As i shared in my previous posts, the saving rate in India is one of the highest in the world i.e. 30%. In my post, Small Savings Schemes i explained how a cut in interest rates will help consumption cycle. Basically, the objective is to reduce savings and increase spending. The interest rate in growth-oriented ... Read More
Personal Lending to Family or Friends – 10 Tips to Safeguard
Personal Lending and Borrowing is very common and deep-rooted in the Indian Society. We double up as a borrower and lender depending on the situation/circumstances. With economic prosperity and ease of borrowing, personal lending has subdued but still very popular in small cities and towns. The people prefer to borrow from a known person rather than from a bank or financial institution. In many cases, it is compulsion because of low CIBIL Score or under reporting of income in ITR. It means an individual cannot avail credit facility from the bank or financial institution. Though not 100% ... Read More
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