As the name suggests, Aspire Home Finance company gives you the opportunity to make your wish come true! As the famous saying says, ‘Home is where the heart is’, this housing finance company helps people get their dream home and their heart together. Having said that, this housing finance company also provides a specialized scheme for female borrowers wherein it give affordable home loan scheme. The name of this scheme is MALA - Mahila Awas Loan from Aspire. Isn’t it beautiful that a woman can get a home loan at an affordable price? It is indeed! Aspire Home Finance Corporation Limited is a Motilal Oswal Group company which aims to provides one of the best home loan deals in the market. Here at Aspire, you get the loan for the ready/under construction, residential property/construction of a residential property of a residential property on own land. In addition to this, the refinance facility is also offered by AHFCL to the customers who have a running loan from another bank. Have a look at the interest rates offered by Aspire Home Finance rate as per the different profession:
After going through all these attractive benefits, don’t you want to apply for a home loan online at AHFCL? Well, to apply for home loan, a person must meet the eligibility criterion set by AHFCL. So, have a look at the eligibility criteria below: Eligibility Criteria- Aspire Home Finance gives home loans to the below-listed applicants only:
1. Application form duly signed by the applicant along with the photograph 2. ID proof & Resident Proof 3. Processing fee cheque 4. Last 6 months bank statement 5. Documentation for salaried applicants:
After you have got everything ready, you would look for the application process, right? But, before applying, you should also check the monthly installments in advance so as to be prepared for the smoother repayment. Home Loan EMI Calculator- Just like any other loan calculator, a home loan calculator or a home loan EMI calculator is the tool that is used to calculate the monthly EMI, the total interest outgo, and the total amount (interest+principal) for your chosen loan amount. This calculator takes into account the loan amount, interest rate and the tenure for your loan. For example, if you have taken the home loan of ₹25 lakhs for 25 years at the annual rate of interest of 12%, the details of your payment are as follows: EMI- ₹2,22,122 Total Interest Outgo-₹1,65,464 Total Amount (Interest+Principal)- ₹26,65,464 You must be thinking why is it important to know the above details before getting the loan? Well, you must know that there are many benefits of a loan calculator and some of them are as follows: Benefits of using Home Loan Calculator or Housing Loan Calculator- Accurate results- One of the main advantages of using an EMI calculator is that it gives you accurate results, unlike manual calculation where the possibility to make mistakes is more. Time-Saving- Since everyone is getting busier each day, a tool like this makes it convenient for people to save time. Flexible Adjustable-You will be surprised to know that you are free to use the calculator n number of times. Easy Comparisons- With the help of the calculator, you can compare all the home loan offers available in the market and then choose the best one for yourself. More than EMI- The calculator gives the information more than the monthly installments like the total interest outgo and the total amount (principal+interest). Suits your Budget- When you check the installments in advance, you can see if you will be able to manage that particular amount without affecting your other financial liabilities. Accounted Processing Fee- The interest rate offered by the banks do not count processing fees, a loan calculator would let you know the payment excluding the other charges. However, there are some calculators that would count the processing fees also. Thus, with all the above information in hand, your home loan journey will definitely be smoother.
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The fixed deposit can be classified as a type of investment where you deposit an amount for a fixed period of time and you receive the interest over the fixed amount. This is one of the safest and risk-free investment. As the banks are directly involved in securing the money that has been deposited in it. The Fixed deposit interest rate is one of the main concern of most of the people. You can read the article below to know every detail about it. It is one of the oldest and most trustworthy ways of securing the money and earn the interest over it. The main reason for the popularity is the trust that the scheme has maintained over the period of time. For general people who do not want to take the risk and wants the guaranteed returns, always opt for the scheme of term deposit. You can invest for a short-term, mid-term, or large term as per your convenience. The depositor can put the money for the minimum of 7 days to the maximum of 10 years. You get a lot of benefits in this scheme. You can opt to reinvest the money and gain the interest over the amount. The fixed deposit helps you in tax deduction. If the amount of less than 1.5 lakh is deposited for the tenure of 5 years then no tax is levied on it. Whereas the tax can be leveraged on the interest amount. Here you get the high-interest rate as compared to the interest rate on the savings account. The Points to Remember for Maximum Outcome-
Factors affecting the interest rate for the fixed deposit- There are many internal as well as external factors that affect the rates of the fixed deposit. Some of them are briefly: RBI regulations- The Reserve bank of India is the head regulator for the banks. They often make changes in the policies. Due to this monetary policy and changes in it, the interest rate fluctuates accordingly. Inflation- one of the important factor. When the inflation hit the economy the rates of all the commodities increases and the prices become dearer for all the items. In such a scenario, the rates increase so as to increase the flow of cash in the bank so as to pacify the inflation and bring the economic situation in control. Demand and supply of credit - The demand and supply of credit in the economy plays its own role in the rate change. If the demand for money is more and supply is less from bank’s end then the rates increases. It increases so as to encourage the depositor to invest in the fixed deposit which ultimately increases the bank's credit and they are able to fulfill the requirements. It is exactly opposite if the situation is different where the demand is less and the supply is more. Current economic scenario- The current situation that is prevailing in the economy also decides the rates for fixed deposit. If the bank has enough liquidity then the interest rate is low while it is more when the liquidity is less. Thus if the economy is stable then the rates tend to decrease accordingly. Thus, there are many things which affect the fixed deposit rates. You should consider these factors before investing in any term deposit scheme. It is one of the ways to increase the savings but it might give fewer returns as compared to the other risky investment. While here with the help of Fixed deposit interest calculator you can know the amount you will be receiving at the end of the tenure. You will have exact details about the returns. This can help you to be assured of a certain amount after you have completed the tenure. You should compare the interest rate provided by different banks and NBFCs before depositing the amount. Every bank provides different rates and you can go online to check the offers given by all the banks. Choose and select the one which is more beneficial for you. Also, read the fine prints carefully before agreeing to the clauses. To obtain the maximum benefits you will have to look out for all the details before opening an account with your desired bank which gives you maximum benefits. Article Source: https://wishfin.blogspot.in/2017/03/fixed-deposit-interest-rate-get-all.html There comes a time when you require some funds to meet your personal aspirations or the contingency needs. This is where your old friend personal loan can come to help you. Banks and non-banking finance companies (NBFCs) provide a personal loan for various purposes like the wedding, education, medical emergency, purchasing a durable or car, etc. So, no dream is bigger with a personal loan. Let’s get through the journey of a personal loan online from its basic features to the lender offers. Basic Features-
Top Banks Providing Personal Loan In India- SBI Personal Loan-
SBI Personal Loan Eligibility-
SBI Personal Loan Application- You can apply for a personal loan by visiting the branches of SBI or the website. The latter option could well be the most convenient of the two. Being online allows you to get the receipt of the application form easily instead of asking for the same at the branches of the bank. You can easily fill the details online to submit your application to the bank, which would then process your case further. If all goes well, the bank would disburse the loan within 2 days to a week. HDFC Bank Personal Loan-
HDFC Bank Personal Loan Eligibility-
HDFC Personal Loan Apply- Want to apply for personal loan at HDFC Bank? Visit any of the bank branches. If visiting the branches is not what you like, there is an option of going online to apply for a personal loan. Within 2 days to a week’s time, you would get the disbursal if there is no discrepancy in the documentation. Axis Bank Personal Loan-
Axis Bank Personal Loan Eligibility-
Axis Bank Personal Loan Apply Online- Bring home the needed funds by applying for a personal loan at Axis Bank. You can either visit the branch or opt for the online option. The second option will add to your convenience as you can apply via your mobile or computer with the help of an Internet connection. Calculator Personal Loan- You can use the calculator to find out the loan servicing cost. The eligibility calculator will determine the amount of loan you are expected to receive based on your income and savings. The personal loan EMI calculator will show the amount of installment you need to be ready with to pay off the loan each month. The EMI constitutes a portion of both principal and interest amounts. The amortization calculator, on the other hand, gives a schedule of the interest and principal and interest repayment each year. It also shows the outstanding balance of the loan amount every year. Now I guess, the path for a journey full of happiness is clear with the comprehensive know-how of a personal loan. Use this as a guide to steer yourself comfortably amid all the challenges that the life presents from time to time. Credit Card is a plastic money that can be used to make payments. It is an instrument that allows the user to make credit- based purchases. The card issuing bank/ company pays on behalf of the customers temporarily. And the customer can pay back the amount later within the credit period. It is considered the best mode of payment for making purchases that involve huge amount. The amount is directly credited to the seller’s account and the cards holder can make an easy purchase. He doesn’t have to worry about cash and can purchase good and services anywhere and anytime. Moreover, it is easy to handle and carry the card in comparison to the cash. Apart from this, there are various benefits of using a credit card. The customer gets several privileges and additional services. Yes, it’s true. Axis Bank Credit Card make payments simple and provide a host of benefits. The bank has designed multiple types to suit the usage and spending pattern of every individual. The different categories of cc provided by the bank are: Types of Axis Bank Credit Cards: The Bank offers a wide variety of cards under the category of: Premium Cards- The customer gets the travel benefits on the usage of premium cards. They can earn good reward points and win travel vouchers. The holder can even avail the discounts on dining and movie tickets. The cards offered under this category are:
MY Cards- The customers have the option to design their own CC with the image of their choice. The customer has the opportunity to win the flight tickets and holiday vouchers worth ₹ 10,000. The MY Cards collection comprises of:
New Launches- These cards are designed to complement the user’s lifestyle. The applicant gets the free air tickets on joining and can reap many other advantages on the card purchase. The collection of cards include:
Co Branded Cards- Get a card at zero percent joining fee and earn unlimited miles. The miles earned can be redeemed for exciting rewards. The card provided under Co-Branded Card category is:
Other Cards- This category lets the user avail multiple benefits. Each card in the collection offers exciting rewards. The user can avail the benefits such as fuel surcharge waiver and luxury lifestyle vouchers. The names are mentioned below:
How to Apply- It is convenient and easy to get the CC. The customer can apply for Axis Bank Credit Card apply online and get it delivered at the residence. Special Features- What demarcates the product from other banks are its unique features. The salient features are:
Benefits- The Axis Bank Cards offers the following benefits:
With so many benefits and customized services offered by the bank to turn the customer’s experience into a delightful one, it becomes easy to select the one that can win you the best. The credit cards are small rectangular cards that are made out of plastic. The credit card is one of the important inclusion that is important in the digitalised world. It is the card that is used to make payment anywhere and everywhere. You can purchase all the items which are sale in this world with the small card. It is a type of loan that you take from the credit card company for a brief period of time. You make the credit card bill payment to repay the company. It is one of the important things that is necessary for you to remember. The bill contains all the details about the uses and payments made through it. The credit cards is one of the powerful tools when it comes to the making payments. It is always handy when you are short of cash and during emergencies. The interest rate is high on the late bill payment while if you purchase the items through credit card and submit the bill on time then no charges are levied on it. So, if you are the responsible buyer then it is one of the best modes of payments. The credit cards can be used to make payments online as well as offline. To continue the benefits of the card and get the best out of it, making the bill payment is the necessary step. What are included in the Bill? You should have the knowledge about what is included in the bill of the credit card: Credit card number : The number of your credit card that is engraved in your card. Summary of the account : All the purchases made by the card, a summary of it is mentioned with the address of the store or place of purchase, and amount of purchase made. Payment due: The amount of payment due for the month. Minimum amount due: Minimum amount payable in order to avoid the blockage or discontinuation of service. Available credit limit: The credit limit available to the card holder. Applicable interest rate: The interest rate that will be applicable in the case of late payment or minimal amount due for payment. Payment due date: The due date up to which you can pay the bill. How to make bill payments? The bill can be paid through both online as well as offline method. For the offline method, you can visit the branch of the credit card company and make the payment through cash or cheque. For the online mode of payment, there are several options like through net banking, debit card, other portals, directly through the credit card portal, mobile applications etc. In the digitalised world there are many options available to us through which we can make the payments at any point in time and from everywhere. You can save your time and energy by paying the bill online. The time to reach the branch can be saved. Also, the money that is required to physically travel to the branch is saved. You can sit in the comfort of your home and make payment. Also, the mobiles have been such powerful tool that if you suddenly have to pay your bill you can do it practically anywhere and everywhere because of it. ICICI bill payment of credit card- Through net banking- you have to follow 4 simple steps:
Thus, the online payment is the best way to do pay the credit card bills. Since now you have all the information about the credit card bill payment you will be able to pay it easily and quickly. As a cardholder, you should be responsible and smart about the uses of the credit card. It is important to handle it with care and pay the bills regularly to avoid any interest rate that can be levied in the case of late payments. So we can extract the best benefits if we are responsible enough to handle the card and make smart and careful purchases through it. EMIs are preferably one of the most consequential outflows from your monthly income and it is always a better idea to try and minimize your burden! But let's find out what exactly is your home loan EMI? EMI stands for Equated Monthly Installment which refers to a predefined amount you have to pay to your bank/lender on a fixed date, every month, for the full tenure of your loan period, until you have completely repaid the loan with the interest due. Each Home loan EMI involves payment towards the principal amount and the interest for the entire duration of the loan. During initial years, a higher proportion of the EMI is generated by the interest payment on the principal amount. As the loan matures, the interest component tends to decrease and the principal amount creates a higher percentage of the monthly payment. Higher down payment : Once a loan is sanctioned, choose to make a large down payment so that the principal amount is reduced. The calculation of interest payment is done on the principal, so smaller the principal, the lower would be the interest payment and EMIs would be smaller. It might appear difficult to arrive at a large down payment, but it will be useful in the long run and result in considerable savings in EMI payments. This is applicable in the case with long-tenure loans like a home loan which includes EMI payments over decades. Choose a longer tenure : In the case of a long tenure loans, the EMI tends to reduce proportionately as your principal and interest are divided over a maximum number of months. However, your actual monthly outflow will be smaller, you will be paying out your EMIs for a longer period of time along with payment of interest for a longer period. So while your monthly burden tends to be smaller, you might be paying extra throughout the tenure of the loan. Making an early prepayment : While making early pre-payment, you will considerably reduce your EMI for the majority of your tenure. It is better to consider prepaying part of your loan during early months/years of the tenure so that your principal decreases, hence you save interest on further payments. Negotiating with the bank : If you have a good reputation with your lender and have been disciplinary making your repayments on time, then you may seek permission from your lender for a reduction in the interest rate. If you have exhibited good repayment behavior, there might be chances for a reduction in the interest rate by your lender, therefore, reducing your EMI burden. Shifting your loan to another lender : If you find a lender who's providing you better terms and conditions on your loan, it might be a good alternative to change your lender. However, it is necessary to calculate the costs involved in prepayment of your loan with your current lender and to ensure that the costs do not exceed your savings you will benefit from your new lender. Home Loan EMI Calculator Formula- EMI Calculator uses the following formula to calculate your EMIs applicable on a home loan : EMI = [P x R x (1+R)^N]/[(1+R)^N-1] where, EMI= Equated Monthly Installment P= Principal Loan Amount R= Monthly Interest Rate N= Number of Monthly Installments For example : To calculate EMI for a principal value of ₹ 1 lakh, 10% interest rate and 12 months tenure; following will be the calculations: Principal amount : ₹ 1,00,000 Rate of Interest : 10% Tenure : 12 months Calculated EMI : ₹ 8792 It is to be observed from the above example, there are three underlying factors behind EMI payments: principal amount, interest rate, and tenure. The EMI payment is directly proportional to the amount of loan and interest rates, and are inversely proportionate to the tenure of the loan. The higher the loan amount or interest rate, the EMI payments tend to become higher and vice versa. In the case of tenure of the loan, the total interest amount payable increases with the increase in tenure, hence, the EMI payments subsequently fall with an increasing tenure. Home Loan EMI Calculator Excel- The applicants of home loan can easily calculate their home loan EMIs on MS Excel. They need to use the function PMT in order to calculate EMIs. The following syntax needs to be used while calculating EMI in MS Excel. Syntax : PMT (rate, nper, pv) The variables used in the above formula are : rate – Rate of Interest on the loan nper- Total number of payments for the home loan pv- Present value/principal Article Source: https://goo.gl/7UswEF The demonetization of higher currency notes, as expected, brought about a massive rise in the bank deposits, making it easy for the lenders to lower their home loan rates. While Bank of Baroda (BoB) has slashed its 1-year MCLR to 8.35%, State Bank of India (SBI) cut the same by 90 basis points to 8%. Whereas, the private lender ICICI Bank cuts its 1-year MCLR to 8.20%. So, do you know how does MCLR influence the home loan rates? If not, then this article could tell you the same. So stay tuned as we crack the mystery of MCLR below.
Origination of MCLR The Reserve Bank of India developed the concept of Marginal Cost of Lending Rate (MCLR) to reverse the trend of the inadequate response from the banks with respect to the changes made in the repo rate by the central bank. The repo rate signifies the rate at which the commercial banks borrow from the RBI for their short-term needs. All floating rate loans from April 1, 2016, onwards have already come under the MCLR regime. Typically, it’s home loan that is readily available at floating rates by most lenders. And when you think of its tenure that’s as long as 30 years, you can make hay in times of falling MCLR. However, the downside is the escalating lending rates in the wake of increasing MCLR induced by the hike in repo rates. But since the MCLR is on a declining trend and could continue to fall for a fair length of time, the home loan rates are expected to plunge further. So, the time is ripe for home loans as one would speak of. What Does MCLR Include? The bank arrives at MCLR based on the following points. Operating Expenses-The day-to-day operational cost of the bank is referred as operating expenses Cost for Maintaining Cash Reserve Ratio- Cash Reserve Ratio (CRR) determines the amount of cash that the commercial banks have to keep with the RBI. The bank does not receive any interest on the said deposit, thus becoming its cost. Marginal Cost of Funds- The costs borne by the banks in the form of interest offered on savings and fixed deposit accounts, as well as the short-term borrowing rate i.e. repo rate. Tenor Premium-This is an additional interest slab over the base rate based on the loan tenure. Approach of Bank Towards Setting MCLR The bank publishes the MCLR on a monthly basis subsequent to revising it once a quarter. The MCLR for different periods is announced by the bank. The bank publishes MCLR for a fortnight, month, a year, two years and three years. Whatever changes are brought in the 1-year MCLR, the interest rates on a home loan undergo a change. The banks are mandated to specify the rate reset frequency in the loan agreement paper. There is a catch here to unfold. Want to know what is it? Many borrowers carry the false notion that every MCLR change brings a change in the lending rates. Actually, the loan will be serviced at 1-year MCLR as applicable on the date of loan disbursal for 1 year. For example- You got the receipt of the home loan on 31st August, 2016. The 1-year MCLR applicable at that time was 9.05%. The benchmark rate will continue to apply for a year i.e 31st August 2017. After that, the loans will be repriced. The MCLR changes are applicable for new loans only. Differentiate between Benchmark Rate and Lending Rate The lending rates are a sum of 1-year MCLR plus the spread. At the start of the ongoing year 2017, SBI bowled a 'Googly' to stump out many of its competitors by announcing a 90 basis point cut in the benchmark lending rate. At the beginning, everyone thought that the home rates had fallen to 8%. But in reality, the MCLR was brought down to 8% from 8.90% earlier. The lending rate was 8.60%-8.65% per annum, 60-65 basis point above the benchmark rate. Even though the lending rates fell, but the spread over the 1-year MCLR was more than what was earlier. Before the development, the spread over SBI's 1-year MCLR was 20-25 basis points, lower than what it is now. In this way, the bank has reduced the transmission of rate cut benefits even by offering the home loan at lower rates. Home Loan Rates of Few Banks and Housing Finance Companies State Bank of India- 8.60%-8.65% p.a. Bank of Baroda- 8.35%-9.35% p.a. ICICI Bank- 8.65%-8.85% p.a. HDFC Limited- 8.65%-8.75% p.a. Indiabulls Housing Finance- 8.65%-8.85% p.a. So, this was MCLR and its impacts on the floating rate home loans. Hope you have understood the phenomenon well to get your dream home soon. Article Source: https://goo.gl/9KzGo8 |
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