Showing posts with label Finance. Show all posts
Showing posts with label Finance. Show all posts

Tips To Manage Your Home Loan EMI In India

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I won’t be wrong in saying that a home loan is probably one of the major financial commitments most of the people make. Well, home loan EMIs can stay with you at least for a decade and it easily consumes most of the monthly expenditure. Therefore, borrowers are always on a lookout for some or the other way to bring down the burden of home loan interest. If you are one of those borrowers, then you can make the most of the following tips to manage your home EMIs.


Compare Different Loan Options
If a 20-year fixed-rate loan scheme worked for one of your friends, this doesn’t mean that it will work the same way for you as well. May be a flexible loan term will prove more suitable for you. While some people prefer to have those same fixed-rate loan offers, others favour an adjustable-rate loan having lower initial payments. Every home buyer has a different financial condition, so it is important you have made a choice as per your needs and requirements.

Know Your Credit Score
Remember, your credit score plays a pivotal role in acquiring the best home loan deal, so make sure you have a respectable credit score. While you are in the process of home buying, it really helps to carry your credit report. You can check how your potential lenders will see your credit profile and take steps to make improvements in your credit score accordingly. Are you wondering from where you can get both your credit report and credit score? Well, you can have both of them from CIBIL (Credit Information Bureau India Ltd) by paying a nominal fee. 

Pay Higher EMIs
While paying higher EMIs will mean that you will be spending a considerable amount from your salary, however, this is one of the best methods to pay off your home loan much earlier. You can do this in different ways without facing any financial burden.

In case your bank offers you a home loan having a blend of regular term loan or credit line facility, you can reduce a considerable number of months and even years from your loan term. You just need to pay a slightly higher interest rate. Generally, the banks allow Rs. 10,000 as prepayment amount and they don’t levy a charge for it. 

Go For Home Loan Balance Transfer
As per this option, you have the facility to transfer your pending home loan balance to another lender at a reduced interest rate. Make sure you have opted for this facility only if your lender is against reducing your interest rate. Current borrowers from non-banking finance companies (NBFCs) and housing finance companies (HFCs) can make the most of this option to transfer their home loan balance and take advantage of MCLR-based interest rates.

Manage Your Funds Wisely
If you really want to manage your Home Loan EMIs, it is important you have increased your cash flow. In case you have taken more than one loan, then make sure you take some time out and compare them with your savings and investments.

Making cash down payments is one of the effective ways of managing your loan payment. Entirely depending on your lender and the type of loan, the down payment can vary from 2.25% - 20% of the purchase cost of the home. In order to bring down the burden, it is important to ascertain a monthly budget that will help you to keep a major chunk to make the down payment.

Content Written By - Deepali Sharma

Deepali is a freelance writer. She is an expert in inbound marketing, content marketing, and lead generation.

Unbelievably Easy Tips on How to Improve Your Financial Health

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If you want to make sure that you are financially healthy not just throughout the year but beyond, the right time to start is now. For sure, the year with a great mindset and motivation to set certain goals in any aspect of your life, and paying close attention to your finances is one of those things that would help you grow as a person. By taking a look at these important tips you are well on your way to save more, budget and spend wisely, and put your money in a safe place for the future.


One of the indicators of a good financial health is having an emergency fund. If you don’t have one yet, then you can start one right now, even if you start out on a small amount. As the year moves on, you can increase the amount you save for the fund. Make sure, though, that you allot a savings account that is separate from the account that you use for your daily expenditures; that way, you prevent yourself from getting something out of your funds. Be aware that your emergency fund is untouchable, unless you encounter an unforeseen situation like a medical emergency.

Always check your credit standing. You can always go the Internet to browse for commercial websites that provide information about your credit score. That way, you know when it is fine time to deal with debts—if you have any—or plan to make an investment on something. Also, make sure that you have settled all your loans on time, ensuring you of a healthy financial standing. Moreover, it is important to learn new things about finance. Not all people today are adept with even the basic concepts of understanding their own finances, from technical methods such as calculating interest to practical ones such as the need to earn more than what you spend. If you don’t know anything about tax breaks and depreciation schedule, now is the best time to learn about it. Improving the way how you approach your money by educating yourself would definitely pay off in the near future. Indeed, you can learn how mutual funds work or how to invest on stocks.


Splurge less. There is nothing wrong in splurging just keep it at bay. If you think a luxury or expensive item is something that is not worth buying just yet, hold off doing so for a while. Otherwise, you may feel what is called buyer’s remorse, or the uneasy feeling of regret after making the purchase on that highly-priced item. Focus on your long-term goal more than your short-term ones. Research has found that impatience when it comes to dealing with finance is unhealthy; not only is it expensive, but it is known to further lower credit scores, which makes it difficult for any individual to apply for loans. Think for the future of yourself and of your loved ones. Additionally, if you own properties, it is a great idea to have it surveyed by a quantity surveyor to know how much you can claim for depreciation schedule. This will help you a lot in saving money from tax breaks.

As much as possible, be thrifty. There is nothing wrong in being frugal; anyway, you promised yourself to improve your financial health, so it would be worth trying to have that mindset. If you have to apply for loans, go for it, just be mindful of how you plan to repay it. You can reduce your weekly or monthly expenses by toning down on your use of electricity, targeting sales and discount dates at your nearest department stores, and cooking your own food instead of going out 2 to 3 times a week. Budgeting should become your habit.

Best Low Interest Credit Cards 2017

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In this day and age, a credit card could easily be considered an essential. Why? Well, with the many expenses floating around, we need to make some purchases through credit. More importantly, in times of emergency, a credit card will prove to be very useful.

However, the problem with having a credit card is the fact that it can be misused any time. With that said, you have to make sure to track your purchases made with the card. In addition to that, do not make the mistake of paying late as paying the interest is exactly what will trouble you.


This should not stop you from getting a credit card, however, as it comes in handy in unexpected situations. In addition to that, most credit cards now come with offers and promotions as a form of reward for using the card - if you can save more by just keeping the cash and swiping the card, then we are all for it.

The golden rule is to always choose a card with a 0% or low interest rate. As mentioned above, a high interest rate could cause a lot of trouble; ultimately, de-motivate you from even using the card in the first place. In addition to that, you must to know what is being offered by the card - the key here is to pick a card that provides the best offers with what you mostly spend on. In this way, you are being rewarded as you are spending.

With the many options available out there, however, how do you know which card is best? Once again, start with picking one that has a low interest rate, and then take it from there. In this article, we will provide you with three (3) of the Best low interest credit card deals for 2017. If you are currently on the hunt for one, you are most definitely reading the right article.

Citi Simplicity Card

This is the best card for you if you are a forgetful one. This card boasts of a "no late fees ever" slogan as it is a card that has no late fees for the longest time - it has a 0% interest on purchases as well as a 0% interest on balance transfers for up to 21 months.

Also, with its long 0% annual percentage rate (APR), it gives you time to offset the balance-transfer fee in interest savings. With this much to offer, though, you must know that this card has no rewards or a sign-up bonus.

Chase Slate Credit Card

This credit card provides you with a little bit of everything as it has quite a sign-up bonus - you receive a 5% cash back when you spend $1,500 per quarter in different lifestyle categories such as supermarkets, restaurants, gas stations, etc. With other spending, you get a 1% cash back.

Also, this card offers a $0 annual fee and a long 0% APR period on purchases and balance transfers for 15 months. With all the deals that this card has to offer, it is just too good to pass up.

Barclaycard Ring Mastercard

To qualify for this card, you will need to have an excellent credit rating as it has an ongoing APR of 13.49%, one of the lowest in comparison to other cards being offered in the industry. In addition to that, there are no balance transfer fees and no foreign transaction fees.

Also, as with the other credit cards mentioned above, this card offers 0% APR on purchases for 15 months as well as a 0% APR on balance transfers made within 45 days of account opening for 15 months.

The best low interest credit card deals are those that offer you a lengthy period of no-interest purchases, as well as a lengthy period of no-interest included balance transfers. More importantly, these cards should boast of a good annual percentage rate (APR). If all are present and can be checked off the box, then you know you have a good credit card in your hands. Find the Best low interest credit card deals that fit your needs. Check out our tips, guides, reviews and more at www.lowestinterestcredit.cards.

Insurance is a Must Thing for Vehicles since They Carry More Risk of Damage and Theft

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Insurance is a form of contract which is entered into between two parties. The first is the insurance company while the second party is known as insured. The insured makes a premium payment on an annual basis to the insurer who in turn caters for all the risks associated with the car and in the event where a damage or loss of any kind is incurred in respect of the vehicle, the insurance company pays the losses. This way the insurance company compensates for the loss incurred by the insured.


Where an insurance policy is taken in respect of a brand new vehicle, the sum insured is taken as the purchase price. The term sum insured refers to the amount assigned to the asset that is the subject matter of the insurance contract.

The premium is then calculated by applying a certain percentage of this amount. In the event of loss, the insurance company makes good such loss to the extent of the sum insured. This means that the liability on the part of the insurance company is restricted to the sum insured and this amount would be the maximum amount payable to the insured.

Motor insurance facilities are provided by almost every insurance company. The insurance business usually differentiates between two types namely life and non life insurance. In the first category, the insurance is for the purpose of securing a good amount for later payment. The person who obtains life insurance pays premium on monthly or annual basis and ideally this sum is paid to the next of kin in the event of the policy holder’s death.


Car insurance providers work under the principle of trust. The insurance claim is arisen when some event takes place that damages the property which was insured. The policy provider reaches to the customer on a call and takes notice of the event that resulted in the damage to the property.

For example if someone obtains car insurance and then the car is met with an accident, the insurance company reaches out to the car owner with a team of evaluators in order to determine the amount of insurance claim. This amount determined is then processed as per the system of claim processing implemented by the company.

This process starts when an amount is provided by the evaluator. This amount is provided by an evaluation report that contains short particulars of the car, how the event took place, the damage done to the car and an amount of estimate that would be required to spend in order to revamp the car. This evaluation report is submitted to the company.


The company then sees whether all premium amounts have been paid before paying the claim. The payment of claims makes the remainder of the policy period null and void and in order to get a new insurance arrangement, premium is again required to be paid. Usually the company which has paid the claim will be hesitant and reluctant to get the insurance done for the same vehicle in case of an individual.

However, in cases where a company is involved who has done insurance for the whole fleet of vehicles, the insurance period is extended for a further time period. The simple logic is that insurance company gets a huge amount of premium payment from companies and they prefer working with corporate clients than individual clients.

Financial Investment Planning Process to Get Started

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Investing your money is probably the best use of the funds owned. However, if you invest in financial products without proper research, you can lose everything you owe. Therefore, the financial investment process begins with effective planning and research.

But you can start planning for investments in case of not having a specific goal in mind. Therefore, one of the most important requirements is to determine a target. Can be any of the two objectives listed below:

  • Preservation of existing funds
  • Growth of existing funds
  • Or both

What you do with the money held or increased depends on your personal preferences. Unfortunately, many people have no goals in your mind before you invest your money. Therefore, the money to create or preserve often abused. Financial planning investment will have to go through a step-by-step process. Let's have a look at it.

  • Setting goals
  • Analyze the risk bearing capacity
  • Asset allocation and portfolio design
  • Select the investment products that suit your needs
  • Regular monitoring of your investment
  • The redesign of your portfolio when necessary

This is one of the processes of money to go to invest their funds. You can alter this process according to their needs. This is, however, very wide and can be applicable to all people.

Knowing the process is not important. You must know all the investment options available and know what to invest in.

If you will not have much risk, you can invest your money in commercial products or cash equivalent products as currency, bank balances, money orders, currency, GIC, commercial papers, treasury bills, money market accounts, accounts savings, certificate of deposits, and so on. These products are relatively safe investment.

If your risk appetite is a little higher, you can invest in products such as mutual funds, stocks and real estate. It should be noted that there are several ways to invest in each of these products. For example, you can invest in real estate by investing in REIT (Real Estate Investment Trust), Real Estate Funds, Property, Rental Property, and so on.

For people who want to seek high returns and are willing to take greater risks, such as equities and derivatives are probably the best options. Specialized knowledge, however, is bound to gain from these products. File can be divided into aggressive growth stocks, common stocks and American Depository Receipts. Derivatives can also be divided in futures and options.

Financial Investment Planning does not happen just by itself. It requires a lot of planning, correct implementation and effective monitoring and redesign essential. There are, however, a popular myth that investing is for rich people. Rich or poor, everyone wants a secure future. Everyone is vulnerable to financial emergencies, and one must always be prepared to cope. And there is no right age to start planning investments. Even if you're nearing retirement, you should start investing. However, early start, the better for you.