A home loan is a long-term financial commitment and borrowers need to be in a position to afford it. Banks have customised repayment options to address the individual requirements of their customers.A wise planner can make use from the options available in the market.
Although your education loan, for which you have signed up for seems to fulfill all the criteria of covering your expenses while at home, things may not seem that easy once you are abroad. Countries like US, Canada, UK etc, Under graduate students are required to stay compulsorily on-campus hostels, where as the Post graduate… Read More »
“Patience, my dear friend. The story of the man is the story of the brand. It was, as you pointed out, in the year 1929 that the Scuderia Ferrari, which literally means the Ferrari stable, was founded in Modena. Its main purpose was allowing owner drivers to race. Of course, under Ferrari, it could not… Read More »
When there is an increase in the Prime Lending Rate (PLR), the interest rate on your loan will also go up, and your repayment would be higher. However, in most cases, financial institutions would allow you to pay the fixed amount of monthly repayment (EMI) throughout the loan tenure and would make any adjustment caused… Read More »
Repayment of the loan will begin 12 months after the completion of the course or 6 months after getting job whichever is earlier and it is to be paid in monthly installments which is typically for 60 months. If you are an NRI and want to send your child back to India for studies and… Read More »
Government of India through a notification dated 12th January 2006 amalgamated the four Regional Rural Banks sponsored by the United Bank of India in the state of Assam to form Assam Gramin Vikash Bank (AGVB). The erstwhile RRBs amalgamated were Pragjyotish Gaonlia Bank (Established on 06-07-1976), Lakhimi Gaonlia Bank (Established on 29-07-1980), Cachar Gramin Bank… Read More »
For most middle and upper-middle class families, a house is the most expensive asset owned by them. The asset also has emotional value and therefore families should perform meticulous research before buying the same. The following is a set of must-dos before buying a house.
Studying abroad is expensive and at times the cost can be as high as six times that of the cost in India and hence planning needs to be done to ensure that sufficient funds are at disposal when needed. This is essential because to apply for the student visa, you need to show proof of… Read More »
The Income Tax Act treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other. HRA is dealt with in section 10(13A) Rule 2A while home loans are entitled for tax benefits under section 80C (tax benefit on principal repayment) and Section 24 (tax benefit on interest payment)… Read More »
Prepayment implies closing the loan earlier than planned. Most banks impose a penalty on prepayment. The prepayment can be charged in two cases. One, when you prepay with your own sources. In this case, you issue a cheque from your account. Second, you refinance the loan from another bank.