Showing posts with label Home loans. Show all posts
Showing posts with label Home loans. Show all posts

Important things to note when you close your own home loan







Purchasing a home and applying for a home loan are the two most vital decisions of one’s life. You can plan to buy your dream home with a secured home loan, where you have to keep your house as collateral. So, in this case, you are giving the authority to the lender to auction your home to get the money back, if you become a defaulter.

However in that excitement, a lot of people do not take all the required actions and later suffer because of small things they didn’t complete after closing their home loans. In this article, I want to share few things every home owner should complete, when they are closing their loan.

While I am focusing totally on home loan closure in this article, but whatever I am going to share also applies when one closes a car loan, education loan, personal loan or any other kind of loan

So why are you waiting? Avail a home loan and grab your dream home. Let’s find out. Finding difficulty in Finding Your Dream House? We at moneymindz.com will make it easy for you. Just give us a missed call on 022-62116588 to explore our best Free Advisory Service. We don’t sell of any financial products. We only provide FREE financial advice so that you are not mis-guided while buying any kind of financial products.

1) Get back all the original documents

Once you have made all your payments, the Bank or Housing Finance Company will give you all the original documents. You should make certain that all the documents you presented with the bank when taking the loan are returned. Typically it will be the Title Deeds and Mother Deed (if applicable).

Don’t just test out for document alone. Confirm that all the pages are there in good condition as well. I have seen cases where last page of sale deed went missing. In that instance you require to arrange for the misplaced page which is a tiresome process.

Ensure all the pages are intact in front of the bank official prior to signing on the acknowledgement of the bank.

Once you sign, you can’t undo it and banks typically won’t be receptive in this regard. It is typically a good process to get hold of the documents from bank by visiting them than request documents by courier.

2) Obtain No Objection Certificate

NOC or NC is a No Objection certificate which is a consent certificate from the bank or housing finance company. This affirms that the Bank does not have any more interest in the asset and it’s cleared by the bank after removing all hypothecation.

When you get this make certain the NOC unmistakably mentions the Property details (like address etc.,) , name of the borrower, home loan account number, date of loan starting and closure, amount borrowed and repaid (some banks don’t mention) .

Also a section should be plainly mentioned that the borrower has paid all the dues and the property is now debt-free. This will confirm that the home is completely yours now.




3. If Lien of Your Home Is with the Lender, Don’t Forget to Remove It from the Registrar Office

Lien here means “the right to hold possession of property which belongs to another person until he/she has cleared all the debt.”

When you buy a home with housing finance, the lender has the right to sell the property (home bought by you) if you’re unable to pay back the entire loan.

Nowadays, banks carefully check the background of the borrower in advance, so they don’t put a lien on the property. However, they keep the original documents (of property) in their custody.

But if the lenders find anything suspicious in any customer’s background, they might want to put a lien on his/ her property from registrar office.

So make sure you ask your lender about the lien on your property, and if it’s there, ask them about the process to remove it.


4. Is Your CIBIL Report Updated With “Closed” Entry?

A borrower’s creditworthiness is measured through his/ her CIBIL report and it records your every loan entry and payment actions. Lenders check your CIBIL report before giving any type of loan or credit card. So, if you have closed your home loan by making full payment, it’s crucial to check if your CIBIL report is updated with the “Closed” entry or not.

Although banks update it themselves, but many times they delay or even completely ignore it for several months and your CIBIL report isn’t updated on time which might decrease your credit score and mar your chances of getting any loan in future.

So, double check with the lender bank when you close your home loan account, that they update the CIBIL report at the earliest.

Whenever you’re closing your home loan (even if you’re opting for pre-closure), make sure you complete all the things mentioned above to be on the safer side.
at No comments:
Labels: , , , , , , , , , ,

Health insurance options for college students




Each year, college students face a critical test that they probably do not hear about in any classroom: 

Having the right health insurance to cover the costs of ailments and emergencies that may arise while they are in school. Poor health may be the last thing on the minds of young, vibrant college students. 

However, it pays to think about illness before it happens. Thanks to health care reform, students under the age of 26 can remain on their parents' health insurance. College life can add a few wrinkles to this Obamacare provision, however. 

For example,

If a student is going to school in a different state, it is important to contact the insurance company to make sure there will be in-network providers near campus. Large insurers often do have affiliated networks in other states, but parents need to check with their particular plan. 

Get the best advice on health Insurance and protect your child.Just leave a missed call on Moneymindz.com @ 022-62116588 or download our app Financial Freedom . Moneymindz offers Free, Unbiased and on-call Free Financial Advisory, Financial Investment Services, #Financial_Planning, Certified Financial Planner Assistance, Retirement Planning Advisory, Free Financial Advisors, Online Personal Finance, On-call Investment Management, Best Financial Planner, CFP India, Personal Financial Planning.

Students might also want to schedule routine preventive care visits while they are at home on vacation in order to have access to the network of their parents' plan. 

In addition, parents and students should find out how the insurer will reimburse emergency care claims in the college town. The possible absence of in-network coverage can create extra expenses for students and force them into making difficult choices. 

If something comes up and they have to leave to get care for a longer-term illness, that will essentially take them out of school. Many colleges offer their own health plans to students. 

A college may work with an insurance company, which pays any claims. Alternatively, plans may be self-insured by the school, which makes the pay-outs directly. College health plans have a major advantage over other health insurance options because the premium costs are grouped with other higher education expenses, such as tuition and room and board. 

So, your student loans can assist with that. These plans often appeal to older students no longer eligible to remain on their parents' health insurance. These plans will also cover services that are often needed by young women for their reproductive health. However, school plans may not always be the best option for students.


For more information and queries, contact Moneymindz, the best free online financial advice.



























at No comments:
Labels: , , , , ,

SMART CITIES : CENTRAL GOVT MAY SOON PAY HOUSE RENT OF URBAN POOR.




The Prime Minister Narendra Modi -led Indian Government is planning to help the urban poor pay the house rent. It is going to roll out a scheme in which the Centre will give rent vouchers to the urban poor.


According to Census 2011, about 27.5% of urban residents lived in rented houses in 2011. 


Important points of the new rental housing policy are: 

  • The Rs 2,700-crore welfare scheme will be implemented in 100 smart cities to give rent vouchers to the urban poor
  • The policy has been made with the aim of targeting the urban poor and in helping the migrant population 
  • Under the scheme, urban local bodies would distribute rent vouchers to the identified families 
  • The tenant would give these vouchers to the landowner, who in turn would be able to redeem them at any citizen service bureau 
The implementation of the scheme is expected to cost the exchequer Rs 2,713 crore every year



What if the rent is higher than the amount mentioned in the voucher?

In this case, the tenant will have to pay the difference between actual rent and the amount mentioned in the voucher, in cash to the landlord.

Who will determine the value of the rent voucher?

The urban local body will be entrusted with the task of determining the value of the rent voucher on the basis of class or size of the house and the prevalent rent in the city. 

A senior official of housing and urban poverty alleviation ministry told ET, “The rental voucher scheme is being looked at as a means to complement the Prime Minister Housing for All scheme.”
For Update On financial Product  

at No comments:
Labels: , , , , , , , , ,

Will home loans be the next big worry for banks?



Home loan growth is likely to be lower than the previous years as buyers and investors will defer their home purchase on expected correction in real estate prices. Following demonetization, the growth in home loans in FY 2017 is likely to be lower at 16-18% from earlier expectations of 18-20%, as stated by a rating company. Demand from the self-employed segment is also likely to be subdued, as their business volumes may have affected. Reduction in MCLR by various banks could lead to increased competition and balance transfers, especially in the prime salaried segment, a report said. 

In the Union Budget, the government has given 39% higher allocations under the Pradhan Mantri Awas Yojana along with infrastructure status accorded to affordable housing projects will stimulate wider investor community and improve the access to funding avenues. While growth in the prime home loan segment could witness moderation, affordable housing segment is likely to grow at a faster pace than industry with efforts, made to address the supply, demand and affordability issues. Asset quality indicators continue to remain resilient with the Gross NPAs of 0.8% as on September 30, 2016. Post demonetization, the delinquencies in the affordable housing and self-employed segments would increase given the borrowers’ reliance on cash transactions. Given the expected correction in property prices liquidity of properties may hamper, affecting the loss given default. Despite rising portfolio vulnerability owing to increasing share of non-housing loans, higher share of self-employed and low-income borrowers within housing loan segment and high competitive intensity leading to dilution in lending norms (like relaxation of LTVs/FOIRs), a gross NPAs for HFCs to remain range bound between 0.9% - 1.3% over the medium term. Incremental funding costs for HFCs have come down considerably in the second half of FY2017 with many HFCs raising funds at median rates of 7.5-8%. Therefore, cost of funds is likely to moderate further for HFCs. The reported capital adequacy for HFCs remained comfortable, due to the benefit from relatively lower risk.

For more information, contact Moneymindz, the best free financial advisory service.

at No comments:
Labels: , , , , , ,
Location: India

Get Finance To Fuel Your Business - Business Loan




Money is the fundamental part of business life. Some people in India love to work in companies and earn money. However, some of them believe in establishing own business and earn profits. Loan taken in order to set up/enhance/improve the business of the company is known as the commercial loans. It is also known as the business loans. 

Type of People Availing Commercial/Business Loans:

Many small and big business houses are being set up in India. Setting up of small/big business houses is not an easy task. It requires lot of financial assistance and lot of challenges comes along with it. Getting funds is the major task for the establishment of the company. It is taken up by set of people given below as follows like:

  • Small time entrepreneur
  • Service Provider
  • Manufacturer
  • Big time entrepreneurs
  • Self Employed Professional
  • Small time businessmen
  • Big time businessmen

Eligibility Criterion For Taking Business/Commercial Loans In India

  • Banks and financial institutions in India are offering commercial/business loans. Some of the eligibility criterions available for taking up the business/commercial loans in India are given below as follows:
  • You must be in the line of business for at-least 2/3 years with valid certificates.
  • Ownership document of property used for business purposes.
  • Residence Proof document.
  • Passport Size Photos
  • Identify Proof like Pan Card, Passport, Aadhar Card and Driving Licence.

How Can One Apply For Business/Commercial Loans?

It is very simple. One needs to follow certain steps like:

  • You must have good repayment capacity.
  •  Vital documents must be available as per requirements.
  • You must have database showing company’s performance.
  • Statement of Profit/Loss is mandatory showing the loss and profit of the company.
  • Income and expenditure statement showing the expense and income of the company.
  • Robust business plan must be in place like equipment, employees, assets, marketing strategy as well.
  • Good credit score must be present.
  • If you start a new company, concentrate on vision, mission, core ideas and presentations.
  • Proper collateral must be there to avail business/commercial loans. 
So, please have all the above mentioned documents in place to get a good commercial/business loans in India.

For more information on business loans take unbiased advice from moneymindz,India’s best financial advisor

Give Us a Missed Call On 022 – 62116588
at No comments:
Labels: , , , , , , ,
Location: India

Functions of stock market



Markets go crawling up, fortunes are built, and fortunes are lost. Just name it as people have seen it all.

As everybody might expect to stay profitable over the years, traders have studied the markets and followed trends very carefully to devise the right methods and strategies to make consistent profits through trading.

Whenever a company wants to raise funds for further expansion or setting up a new business venture, they have to take a loan from a financial organization or they have to issue shares through the stock market. In fact, the stock market is the primary source for any company to raise funds for business expansions. If a company wants to raise some, capital for the business it can issue shares of the company that is part ownership of the company. To issue shares for the investors to invest in the stocks a company needs to be listed to a stocks exchange and through the primary market of the stock exchange they can issue the shares and get the funds for business requirements. There are certain rules and regulations for being listed at a stock exchange and they need to fulfil some criteria to issue stocks and go public. The stock market is primarily the place where these companies are listed to issue the shares and raise the fund. In case of an already listed public company, they issue more shares to the market for collecting more funds for business expansion. For the companies, which are going public for the first time, they need to start with the Initial Public Offering or the IPO. In both the cases, these companies have to go through the stock market.

This is the primary function of the stock exchange and thus they play the most important role of supporting the growth of the industry and commerce in the country. That is the reason that a rising stock market is the sign of a developing industrial sector and a growing economy of the country.

Of course, this is just the primary function of the stock market and just an half of the role that the stock market plays. The secondary function of the stock market is that the market plays the role of a common platform for the buyers and sellers of these stocks that have a listed at the stock market. The secondary market of the stock exchange constitutes of retail investors and institutional investors buy and sell the stocks. In fact, these stock market traders raise the fund for the businesses by investing in the stocks.


For further information and enquiries, contact Moneymindz, the best free financial advisory service.


(Or) Download Our MoneyMindz -Expert Seller


at No comments:
Labels: , , , , , , ,
Location: India

Life Insurance vs Vehicle Insurance


                 
Interestingly, insuring one's life costs is half of what it costs to insure a car. Yet, under-insurance in life coverage exists. Get high-cover term insurance at low-cost to be properly insured. For most of us, owning a car has been a dream that we all have developed since our childhood. However once it is a way we protect ourselves financially in case of any damages caused by accidents or theft. While people insure a car for Rs 10 lakhs at an annual premium of Rs 35,000, many are still insured for as low as Rs 1-5 lakh, when it comes to our life cover. This need to be addressed and getting adequate life coverage should become a priority.

Why adequate coverage is important?

As a sole earner of the family, one has financial responsibilities to take care of. In case of any unforeseen crisis, one has to not only provide enough financial support to the family to enable it but to maintain the same standard of living as before and also ensure that the long-term goals of dependants are not jeopardised. Life insurance acts as an income replacement tool. Without it, one's investments or assets will have liquidated to meet the financial obligations. However, buying insurance without properly estimating the amount required is of no use. One must adequately cover their family to provide a sizeable amount to the surviving members.

Start with an example –

How much does it cost to insure one's car and one's own life? Car insurance has a cap and cannot be more than its ex-showroom price. In reality, Insured Declared Value (IDV) denotes the amount of car insurance. The premium calculated on IDV keeps reducing each year. On the other hand, there is no insurance cap put on human life value and the actual amount of coverage would largely depend on one's income.

Assuming an IDV of Rs 10 lakh for a car, the annual premium in the first year comes to about Rs 35,000. For the same amount of annual premium, a 40-year-old can get life insurance cover for 30 years through a pure term insurance plan for a sum assured of about Rs 1.75 crores. Else, by paying half of what one pays for car cover, i.e. Rs 14,000, the same individual can get a life cover of Rs 70 lakhs.


For more information contact Moneymindz, the best free financial advisory service.

(Or) Download Our MoneyMindz -Expert Seller












at No comments:
Labels: , , , , , , ,
Location: India

How to invest in Mutual Funds




It is never too early or too late to review the basics of investing with mutual funds.

1. How to Start Investing With Mutual Funds
Before a person start investing in a mutual fund, they may want to try beginning with a balanced fund. People will also want to ask questions: How are trying to fulfilling their wish with the savings they have? Do they have specific goals? Are they saving for retirement, or do they have some broadly defined set-up, such as the accumulation of wealth for the general purpose of strengthening their financial security? What is their probable time horizon or speculation? It must be either a year, five years or ten years which we call as short-term, medium-term and long-term.


2. Know Your Risk Tolerance


Before choosing funds, the said person needs to have an uncluttering idea of how much risk they can tolerate. Their risk tolerance is a measure of how much fluctuation i.e. Volatility - Vicissitudes or market risk they are able to handle. For example, if A, an investor gets highly anxious when his Rupees 50,000 account value falls by 15% (to Rupees 42,500) in a span of one-year, their risk tolerance is relatively low or in simpler words, they cannot tolerate high-risk investments.


3. Determine Your Asset Allocation


Once they have built the ability to determine their level of risk tolerance, they can assess their asset allocation, which is the mix of investment assets—stocks, bonds and cash, which comprises their portfolio. The asset allocation when properly executed will reflect their level of risk tolerance, which can be described in three categories as 1) aggressive (people having high tolerance for risk), 2) moderate (having medium risk tolerance) and finally 3) conservative (person with low risk tolerance).


Moneymindz, the best free financial advisory service will guide you through the best possible investment where risk tolerance will be mitigated due to hefty investment options.


(Or) Download Our MoneyMindz -Expert Seller
                                                                
at No comments:
Labels: , , , , , , , , ,
Location: India

Life Insurance: Let’s infuse a story to real life


Let us begin our story 

With an aged tiger, lying in its cage, ruminating on its past which begins with its cub hood with parents around, playing with other mates. As time passes, it begins to live wild days in a jungle hunting down herbivorous animals, which is by no means cruelty, but ecological. Things seem to go backwards when a group of men attack and take the animal captive for circus. The rest of the life it stays in a cage, as a circus star. It gets more stardom when a film crew hires it for a scene. Hell breaks loose when the carnivore breaks away and wanders around everyone without a single roar coming out from its mouth. Is it still ruminating on its path or is it sick? People are terrified as they call some random nearby local person to shoot it for safety. However, it is not the fault of that innocent animal? Why it has been kidnapped from its state? When the tiger was about to be shot, an ascetic appears on the scene. The man with a 3 feet beard and almost half-naked, starts chanting mantras as the meat-eater gaze at him. A few minutes later, the tiger strolled towards the ascetic and sat down, waging its tail like a dog and blinking constantly. Murmurs started all around, the obvious question being “How?” ,”Who is the person?”” Is he an alien from distant galaxy?”, “How did he tame the animal?” . He is nothing but a sannyasi that abdicates everything, changes into a new personality, forgets about ancestors, and keeps no marks of past and lead a life of recluse. It is either because of frustration, personal tragedy or some illumination to seek change. 

This was just a story 

Adapted from an old writer’s book. However, the reason to depict is that here – You are the tiger. All your life, you study, work to earn money and then, deceived by some false agents for seeking coverage (usually Insurance). When you try to pull that money back, people will smile, instead of help, which is another form of shooting or pelting stones. This may happen with all #financial products. #Moneymindz, being the sannyasi, is your saviour. Be our companion to get the best free financial services and advises. 

(Or) Download Our MoneyMindz -Expert Seller
at No comments:
Labels: , , , , ,
Location: India

A brief version of the essential meaning of Personal tax to watch out for




1.With the accessibility of home loans-

Investing in house property is a remarkable venture. If the property is self-occupied then the interest on home loan allowed: with a deduction of up to two lakh. In cases, where an individual owns more than one house the interest is fully allowed if the property has been let out. However, in some cases it might result in a loss according to tax laws, under the head “Income from house property”. The loss could be set off fully against income under other heads – such as salary income, during that particular financial year. Now, there is a cap of two lakh for set off such loss from house property, against other heads of income. The unabsorbed loss carried forward and set off over a period of eight years, but such adjustment is possible only against income from house property.

 2. Social service oriented professionals 

Such as doctors or advocates, or even those engaged in occupations, like fitness trainers or beauticians, have the authority now to invest up to 20% of their gross total income in the National Pension Scheme (NPS). This would result in a tax deduction from their taxable income. However, here is the twist, which states that the overall limit of aggregate should be standing in investments worth 1.5 lakh.

3.Taxes attracted just by withdrawals from National Pension Scheme.

Forty per cent of the total amount standing in a persons’ credit in the NPS is not taxable on closure or counting out of the scheme. From April 1, 2017, the employees’ contribution on partial withdrawal is tax- free up to 25%. While investments made by self-employed personalities in NPS provided with a fillip, the benefits on withdrawal are available only to the salaried. 

For more information and suggestions, contact the best financial free advisory service MoneyMindz.

(Or) Download Our MoneyMindz -Expert Seller
at No comments:
Labels: , ,
Location: India
Subscribe to: Posts (Atom)
/*Google analytics Code */