It is that time of the year when festivities bring a smile on everyone’s face. Pst October is usually a high spend time frame, where people indulge a bit having worked hard all year. From now until new year its time for loosening the purse strings. Retail markets well aware of this put up great… Read More »
Banks feel the need to educate the consumer on financial literacy and in a move to stress this Reserve Bank came out with a concept paper on the subject and Financial Literacy and Credit Counselling (FLCC) centres in April 2008. These centres could be a great resource for loan applicants as a final step in… Read More »
This interest range for the bank to choose from is termed a spread. This spread is left to the discretion of the bank and depends on the other factors involved in loan eligibility like the credit profile of the loan consumer for instance. According to RBI regulations, banks are required to make changes in existing… Read More »
Banks feed in borrower data and personal information, which the CIBIL systems pool together. A control number is generated when banks pull out your credit report on a requirement basis. The control number is a unique number, which is generated every time any bank or credit institution pulls out a credit report on you. CIBIL… Read More »
Now, you might assume that the equal parts of the principal and interest is repaid to the financial institution every month, however this not the case. During the initial years the interest component repaid is higher and during the latter years of repayment the principal component is higher. So, if you think you have paid… Read More »
Often people opt for loans due to its ready availability without giving thought to their other financial commitments. Also, they fail to account for an emergency fund and a savings plan. This could fall into perspective once a summary of a person’s credit repayment is available in a single log.
The loan amount you can avail for this loan depends on the value of the property, which you place as your collateral for the loan. This can range anywhere between 1 lakh and 3 crores. This comes with the risk of giving up your home if you are unable to repay the amount in full.… Read More »
The current evidence of industry reports suggesting home loan interest rates are likely to fall as low as around 8%, like how they were in the year 2004 is fantastic news for aspiring home buyers, who can now have an EMI and loan tenure that allows them to accommodate other priorities in their budget.
Time and again RBI has urged banks to rethink their BPLR to encourage lending and allow the train of money rotation to chug along at a peaceful pace. Benchmark Prime Lending Rates (BPLR) is a reference interest rate used by Banks as a benchmark to determine the interest rate passed on to the customer. The… Read More »
There have been several instances noticed where compromise has been made on the square feet area of the house. For example, balconies have disappeared from floor plan, 1000 sq. ft homes are being converted to 850 or 900 sq. ft. in a bid to make space for more apartments in a block, 544 square feet,… Read More »