Invest or Prepay The Home Loan? Which is the wiser alternative for people?
If you are in a dilemma about whether to invest or prepay the home loan using your spare cash, then you are not alone. This dilemma happens to a majority of people. When people climb-up the income ladder, they begin to generate more free cash. If the focus is on improving one’s financial health, wise […]
Become Debt Free: A Plan To Get Out of Debt Quickly [NOW]
When you’ll Google the term “become debt free“, the search result will also display a query: “is it good to be debt free?“ This dichotomy related to debt has remained since ages. Why? For Banks, NBFC’s, government, and employers – loan (debt) strapped, EMI paying people are an asset. Hence they publicise debt as a […]
Home Construction Loan: What is The Process To Get Such Loans [India]
Before this incident I never heard of a home construction loan. One of our colleague was constructing a home for himself. In this age of rapid urbanisation, he decided to construct a home, all by himself. He had set a lavish plan for himself. He was planning to construct a really nice home. We were […]
Debt Trap – What is it? How to identify the trap? Use Debt Burden Calculator.
There was a time in my life where I’d to spend 50% of my ‘take home salary’ on EMI for home loan. Though it was a conscious decision, but I had to live with it for almost 18 months. It was a debt trap for me. In the next phase, I paid back almost 35% […]
What is Reverse Mortgage? How it can generate income for old people?
Reverse mortgage is also a ‘home based’ loan. But it is different from our typical home loan. The main difference is that, reverse mortgage is available only for elderly people, above 60 years of age. In working, the reverse mortgage is just the opposite of home loan. Hence the word “Reverse” is used to name […]
How to Calculate Personal Loan Eligibility? Use A Calculator…
Why to bother and calculate personal loan eligibility? Is it worth spending time on it? Banks anyways does it for us, right? Yes, but bank’s intervention happens often very late. By the time bank’s disclose our loan eligibility, we are almost on the verge of loan disbursement. Where is ‘loan planning‘ here? As an individual, […]
How to improve credit score without debt?
Let me give you the answer straight away. There is no way one can build or improve credit score without debt. Though there is a small compromise possible. But I will disclose it at the end of this article. But before that allow me to share my concept about “credit score” first. I know, you started to […]
Reducing Balance Method of Loan Calculation: Online Calculator & Excel Working
Allow me to tell you a story about ‘reducing balance loan calculation’. Why I’m writing a blog post about it? Because it helped me and my friend to see the reducing balance method in a perspective of cheap vs costly loans. First, I’ll tell you the story. Then we will dig deeper into the reducing […]
Should You Pay Home Loan Early?
Home loan is one debt that is often very high in value. Payment of EMI takes years to complete. Important question is should you pay home loan early? As home loans are big in amount, their monthly EMI is large. Every month EMI digs big hole in ones wallet. Ask a persona who pays regular EMI’s […]
Home Loan Transfer to SBI – How to do it?
SBI provides home loan at most attractive interest rates. Yuvraj wanted his home long transfer to SBI. He did some study and here are his findings. Yuvraj carries home loan of Axis Bank. He was paying interest at rate of 10.75% on his home Loan. He saw that State Bank of India (SBI) is offering […]
Calculator to Reduce Loan EMI: How to use it?
Prepayment of loan can directly lowers the principal amount. If one keeps the tenure unaltered, lowering of principal amount will directly lower the EMI. This is the way one can make a prepayment and save money. In order to understand how much EMI can be reduced by prepayment, I am providing here an excel based […]
Which is better: home loan prepayment to reduce EMI or tenure?
Paying home loan EMI’s month-after-month is a burden. How to reduce home loan EMI? By making loan ‘prepayment‘. What is prepayment? It is an extra payment made to ones home loan account in addition to the EMI. How prepayment helps? It reduces the loan outstanding faster. But while one is making the prepayment, bank will […]