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
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
Bank Auction Property – Check Out The Recent Changes in SARFAESI Act
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
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
Being a Joint Owner – 5 Clauses You Should Include In Sale Deed
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
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