Tag Archives: home purchase
Does it benefit to prepay home loan?
Neeraj, a middle class sales and marketing professional based in Pune, purchased a decent abode in a metropolitan by securing a home loan worth Rs. 24 Lakhs from a leading financier. Divided into easy monthly installments, Neeraj was reducing his liability quite comfortably. Being able to increase his bank balance to Rs.8 Lakh, Neeraj found… Read More »
Banks have opposed the proposal to hike deposit insurance cover five-fold
A recent press report said that banks have opposed the Damodaran Committee’s proposal for a five-fold increase in deposit insurance cover. Banks feel that the increase in deposit insurance cover could have serious cost implications for the banks due to higher premium outgo. Reports said that the RBI’s Committee on Customer Service in Banks chaired… Read More »
Is this the right time to buy your dream home?
If one buys a 500 sq.ft flat in Navi Mumbai at a cost of Rs 3500 per sq ft, the total cost would be Rs 1750, 000. At an 8.5% interest for 15 years, the interest rate would be Rs. 13,51,940. If the prices go up to Rs 5500, the cost jumps by 57% to… Read More »