What is a CIR? CIR (Credit Information Report) is the report which maintains a track record of your credit history. Your credit history can be information relating to the number of loans you have applied for, number of loans you are currently repaying, the outstanding amount on your account, the amounts you might have defaulted… Read More »
Optional Adjustable Rate Mortgage, is a loan product which, in addition to having a very low down payment (usually 5% of the home value), gave the borrower an introductory period during which he could choose to pay the interest due alone for the month or to pay an even lower repayment termed “minimum payment”. Making… Read More »
Sunila walked out of the debt counselor’s office in a pensive mood. She had accompanied a close friend of hers for moral support. Her friend Divya had actually opted for the services of a debt counselor having run into some financial trouble and some pending loan dues.
Cobranded credit cards work on brand partnership, when two companies form an alliance to work together, creating marketing synergy. For e.g. : Citibank credit card and Shopper’s Stop have an alliance. They are credit cards, which are associated with particular airlines, travel or retail outlet. These cards can be used just like regular credit cards… Read More »
Recently, RBI has also deregulated the savings rate along with increasing the policy rates by 25 basis points, the 13th time in the last 18 months.
“What is with these guys? They need a never ending supply of money. What do they think, money grows on trees? Last week it was for some educational trip from the college and this time it is some friend’s birthday party in some hotel, for which he has to buy new clothes.
Another way to use this rule of thumb is to guess the rate of return that you must get for an investment to double within a particular period. Say, Mr. Ramesh wants to buy a house after six years for a budget of Rs. 30 lakhs. He has Rs. 15 lakhs with him as of… Read More »
Updating the credit report will be an ongoing process – lenders send updated data regarding an account to the agencies. It depends on how may credit accounts and individual has and when there is a change in the credit data. The moment there is a change in the credit data, it will reflect in the… Read More »
Buying a home is unlike buying any other item. First, this is possibly the most expensive purchase for us and secondly, the pricing structure includes many components thus making it complex to understand. Most of the time, home buyers take a loan to purchase a home and pay EMI for the next 10-20 years. Essentially… Read More »
Note that knowledge of current personal net worth is essential to make financial decisions. It is important to reevaluate personal net worth while making any important financial decision as the value of assets and liabilities is likely to change. Also, net worth should not be considered in isolation. It is a good idea to consider… Read More »