≡ Menu

Documents Required for Home Loan

document Checklist for home loan

Amit: Uncle, till now we discussed about everything about home loan i.e introduction, basics of home loan, floating vs fixed interest rate, tenure of loan, how EMI is calculated, and prepayment of home loan. But uncle, in order to get your home loan approved by banks and other housing finance companies, you have to submit Read More

Budget 2014 and Income Tax

Budget 2014 and tax savings

On 10th July, 2014, Finance Minister has presented budget of new government. The Budget announcements will lead to big savings for income tax payers. Here are a few ways the life of a common man changed so far. 1. Increase in Tax Slabs Personal Income-tax exemption limit raised by Rs 50,000, that is, from Rs 2 Read More

What is Mutual Fund?

How mutual fund works

One of my friends, Amit recently called me. It was a casual conversation about life after college, job, friends and so on. In our conversation, Amit mentioned about financial planning, investments, insurance, Tax Planning etc and he wanted to know more about this. Amit has bagged the job and started working in IT Company. He Read More

Prepayment of Home Loan

Prepayment of Home Loan

Amit: Uncle, many a time, I have heard about a term i.e. “Prepayment of Loan" and as name implies, it means early repayment of a loan by borrower.  But uncle, if someone has surplus money, he or she should prepay his/her home loan or invest that money elsewhere? Uncle: Very good question Amit. Let us Read More

What is EMI and how it is calculated  

EMI Component – Interest & Principal

Uncle: So Amit, now are you clear about home loan basics, Floating/fixed Interest and Tenure of Loan? Amit: Yes Uncle, Absolutely clear. Now I want to know about EMI. What is EMI, how it is calculated and everything related to EMI. Uncle: Ok. Let us start on EMI or Equated Monthly Installment. What does this Read More