Login page direct link for home loan

 HDFC home loan login                 : https://www.hdfc.com/customer-login

Axis bank login                               : click here

SBI bank home loan login                 : https://homeloans.sbi/

ICICI bank home loan login            : click here

LIC housing finance home loan          : https://customer.lichousing.com/login.php

PNB housing finance home loan        : Click here

Financial Planning : How to save money for your financial goals?

Financial planning

 

Financial planning’s major goal is managing your expenses and surplus. Now let me help  you how you can plan and manage your expenses in a organized manner. To manage your expenses, you need to have a expenditure plan in place, which can be achieved by preparing a monthly budget. For most, a budget might sound boring but sticking to it pays rich dividends in the long run. Preparing and following to monthly budget will help you to keep control on your expenses and generate the surplus required to achieve your financial goals. Once you start maintaining the budget regularly, it would not be a cumbersome task but rather would become an enjoyable activity, which you would look forward to perform monthly. You will have a sense of accomplishment once you realize that you can stick to your budget and are in control of your expenses!

 

 

Preparation of a budget involves the following key steps:

 

1. Note down your monthly income from various sources like

salary, profession, business, investments, etc.

2. Note down your monthly expenses under various heads

like Household, Food, Personal, Rent, Taxes, Loan

Instalments, Entertainment, etc.

3. Estimate the future expenses that you may incur under each

expense head based on your experience.

4. Track the actual expenses incurred under each head

5. Analyze the deviation between estimated and actual

expenses and take corrective actions

Monthly Budget   

While preparing your monthly budget, you need to note down, the

estimates of monthly income from various sources and monthly

expenses under various heads of self and family. If your family has

other earning member(s) (E.g., spouse) include income of these

earning members as well while preparing your monthly budget.

Since income and expenses are not constant but dynamic in nature,

basis your experience, you may estimate the amount of monthly

income and expenses for the purpose of preparing the budget. Some

professionals may have variable income levels; in this case, you

need to consider your best estimates of average monthly income

based on your experience for the purpose of preparing your

monthly budget.

Monthly Budget will help you estimate your monthly income and

expenses and track the deviation between the estimated and

actual expenses. With this, you may be able to track excess amount

spent and would be able to take measures to control expenses in

future. You would also be able to review the surplus available

(Surplus = Your Income minus Your Expenses) to invest for

achieving your financial goals.

The truth of life is that we have limited financial resources i.e., income

level but virtually unlimited aspirations. You need to classify your

aspirations into Needs and Wants. Needs signify something which

you and your family cannot do without; these include nondiscretionary

expenses like food, clothing, rent, utility bills, etc.

Wants to consist of discretionary expenses like entertainment, dining

out, etc. which usually are not very pressing.

As you plan for your various financial goals, you may be able to

assess the amount of surplus you may require saving and invest for

achieving your financial goals. If the required surplus is more than

the available surplus, then you may plan to temporarily reduce /

sacrifice some of your discretionary and non-pressing expenses to

elevate the level of surplus which will help you achieve your

important financial goals. In this process, you may have to let go on

some of the short-term gratifications to achieve your long term &

important financial goals. Upon achieve your financial goals, you

would realize the importance of budget and would be glad that you

maintained one!

 

Do’s and Don’ts

• Do set realistic estimates of your expenses. It is important

to keep some extra cushioning for unforeseen expenses

and to stay motivated to track your monthly budget.

• Keep daily record of cash expenses else you would find it

difficult to track the same. You may refer to your Card and

Bank Statements for non-cash expenses.

• Do pay your utility bills, loan instalments, credit card dues

and taxes on time so that you avoid paying penalties.

Do subscribe to mobile, internet and television plans that

match your needs and avoid paying for any extra and value

added services that you may not require.

• Do consider downloading eBooks’ if you like reading as

they may cost lesser than the paperback versions. If you

are an avid reader, you may join a library which will give

you access to thousands of interesting books at a very

economical cost.

• Do invest in your health and stay fit by following a good

diet and exercise routine. Not only would you save a lot on

medical costs but also be able to enjoy a longer and

healthier life!

• Do evaluate periodically if your job is paying you as per the

industry standards. If not, you may negotiate with your

employer for a pay hike or search for a better paying job.

• Do keep your knowledge and work skills updated. If

required take refresher courses. This will help you to not

only secure but also progress in your job / profession.

• Do try to make extra money leveraging your knowledge

and expertise. You may start a part time consultancy

services or even consider freelancing if you have the expertise in

your work domain.

• Do start investing the surplus regularly. Keeping the

surplus into your bank account will not yield much returns

and you might tend to spend the same on not so important

things.

• Do not over-use your credit card and do pay the dues on

time. Avoid having multiple and higher limit credit cards.

Instead, you may switch to using Debit Card which will

restrict your spending up to the availability of balance in

your account and thus avoid overspending and additional

loan instalments.

• Do not get carried away by latest electronic gadgets like

mobile, laptop, home appliances, etc. Evaluate if you really

need to get the latest upgrade available. Your existing

product might be enough to satisfy your needs.

Do not buy stuff impulsively just because there is a

discount offers available. Buy things only if you require

those.

• Do things which you can easily do it yourself (DIY) instead

of engaging someone else. Like maintain your garden,

fixing-up a leaking tap or a broken chair, painting a wall,

etc. This will help you save some money to

generate additional surplus.

• Do keep a check on your discretionary expenses like

entertainment, dining out, etc. However, do not completely

eliminate discretionary expenses as these are required to

rejuvenate and stay focused on work. You may reduce the

frequency of such discretionary expenses if required. E.g.

reduce the frequency of attending concerts, events or fine

dining; take more economic mode of transport like bus or

train to travel instead of using your own vehicle; use a car

that is more economical and lower on maintenance.

 

Key Money Drainers

Given below are two key money drainers. These money drainers,

significantly reduce your potential to save money and thus impact

your capacity to invest and achieve important financial goals.

 

I - Loans

Considerable amount of the income is usually spent in paying the

monthly loan instalments. It is prudent to avail loans which help you

build and own assets like that of a housing loan but avoid availing

loans for meeting your expenses like that of credit cards and

personal loans. Typically, credit cards are used for shopping and

subsequently the amount due is converted into loan installments

which attract higher interest rate. The interest charged on loan is

your expense. Our aim is to reduce this expense so as to generate

more surplus for the purpose of investment. Consistent efforts are

required to pay off the loans with higher interest rate like that of

Credit Card and Personal Loans with the help of debt consolidation

& balance transfer processes explained ahead in 'Managing your

Loans' chapter of this book. These loan management processes

shall help you avail loans at lower interest rates and also reduce the

monthly instalment payment by adjusting your tenure so that you

have more surplus for the purpose of investment!

 

II - Discretionary Spending

As explained earlier in this chapter, discretionary expenses are non-pressing expenses like entertainment, dining out, gifting, shopping for lifestyle goods like mobile, watches, jewelry, perfumes, electronics, etc. It is important to evaluate the percentage of your total income being allocated to discretionary expenses. If you have high expenses, then the high percentage of discretionary spending may be one of the root causes for this. We certainly cannot avoid discretionary expenses however, we can allocate a budget for controlling such type of expenses so that it does not impact the required savings and surplus for investing.

Budgeting is the basis of generating the surplus required to fund your financial goals. Think carefully about what you spend your money on –  do you really need it? You may be surprised to know that even if you try out a few Do’s and Don’ts listed above and especially focus of the key money drainers, you could easily save and fund for a few of your important financial goals!

           

Two wheeler insurance. how to find the best one??

 Our two-wheeler holds a special place in our life; it is convenient to use, affordable, and easy to maintain. For many of us, our two-wheeler is the easiest way to commute on a regular basis. It is only natural that we want to ensure the safety of our vehicle, given its importance. One of the best ways to safeguard our two-wheeler is with the help of insurance.

If you own a two-wheeler and have motor insurance, at some point you might have wondered about the factors that impact the cost of insurance premium. So let’s see the main factors that affect our two-wheeler insurance cost.

 The type of two-wheeler insurance

The price of a two-wheeler varies as per the features, specifications, make, and model. Since insurance covers the cost of the two-wheeler, the insurance premium is directly proportional to the cost of the vehicle. So, the premium of a two-wheeler that costs Rs 60,000 will be lesser than the premium of a vehicle that costs Rs 1,00,000. It also depends on the CC of the two-wheeler and lastly the IDV of the vehicle(Insurance Declared Value) so always keep in mind the higher the IDV the better it is in case of a mishap.

Things to remember while renewing two-wheeler insurance

You can always change your insurer every year, no need to stick with the same if you dont like it

You can carry forward the NCB to a different insurer if you didn't have any claims in the current policy year .

Check out for cashless claim possibilities, some dont have a very good network so have to pay for repairs and submit bills for claims.

Always choose the one with higher IDV

 Things to remember before taking a personal loan

A personal loan is a form of credit usually issued to individuals. It is generally unsecured, which means that there is no collateral or asset offered as security for the loan. Lenders will look at your employment status, income, and CIBIL score before approving you of a  personal loan. Remember to make sure you meet the criteria!

Get access to your funds without risking your assets. 

With instant personal loans, you can borrow money without any collateral, just like an unsecured loan. Whether you need to address your current needs or take care of upcoming ones, they can be quite beneficial. These loans offer various amounts for different purposes and repayment periods that suit everyone's needs. 

Get a high-value sanction.
Understanding that costs of higher education, a wedding, or medical treatment can be quite high. To serve your financial need, reputed lenders in India often provide up to Rs. 25 lakh of instant personal loans, so you can get the important things you need to be done without a financial burden on your family, within a short span of time.

Low-interest loan offers
It's smart to know which lenders have the best seasonal offers on personal loans during the festive season or for other purposes and occasions. It can help you save on interest and choose from different demand-driven offers.  Many lenders have dedicated offers for a particular group of customers, based on net take home salary, company category , loan amount opted for and salary account in the same bank.

Pocket-friendly EMIs
Financial institutions usually offer a convenient repayment period on personal loans for salaried employees. Some people choose to get a tenor of up to 60 months, which gives them plenty of time to ensure their monthly installments fit their budget. You can better plan your finances with a personal loan calculator online. Computation is much easier when you use these calculators, and managing your finances can be done in advance. Also lenders provide low processing fee for selected customer verify before opting for one.

Easy access to loans online & by using an approved offer 
People don't always have the time to go out and queue for a loan anymore. Moreover, people hate spending time going to the bank. There's an easy solution with personal loans available digitally from the convenience of your home. Fill out the form and submit them for instant online approval, with or without having to visit a branch. Now doorstep pickup of documents are available. After this covid crisis now lenders have chosen a total digital approach where in some may ask you to upload documents for approval and during the sanction period may require physical copies of the same.

 

Conclusion 
Aside from a wide variety of repayment options, you're also able to get a personal loan with a nominal interest rate and various benefits, such as application & approval is easy. Give your life the boost it needs; apply for an instant personal loan today. Visit https://tradetekniks.business.site/

Home Loan trap??

What is a home loan trap??

Few people buy a house as an asset and a steady income generator, and the majority buy to create an asset by paying EMI more than the present rent.

The majority think they could shell out extra amount every month so they can stay in their own house,so whats wrong with that thinking??

Lets check whether it is wise to buy a house by taking a loan??

Yes & No

lets check why it is unwise to buy a house by taking a loanThe loan amount and tenure is a deciding factor which change your EMI and drastically change your lifestyle.

lets take an Scenario for the same A person earning 1 Lakh.p/m buys a house for 60 lakhs by taking a loan of 50 lakhs @ rate 7% p/a his EMI would be 38765 p/m for a tenure of 20 years. assuming it as an apartment there would be an extra costs of maintenance of 2000 p/m so total 40k p/m is the cost of Monthly expenditure towards owning the house. so for 20 years if we calculate the total amount spent is 96 lakhs, hoping the property value doubles after 20 years we can check the return on investment in the below calculations

1.2Cr - 96 lakhs = 24 lakhs

so total Return on investment is 25% for a total period of 20 years. which equates to compound interest of 1.12% annually which is very less.

the cost of living in the house which is unfurnished

Wood work + modular kitchen + new furniture + miscellaneous expenses = 10 lakhs

Transportation cost to work location(after eventually wfh ends) 3k per month

now the actual cost of the house is 10 lakhs initial payment + 10 lakhs furnishings + 96 lakhs total emi

= 1.16Cr which is almost equal to double the purchase price of the house. Excluding future minor repairs and repainting.

Lastly interest rates change annually can swing from 6% to 11%

Now lets check for a better solution 

90% of people come from different places and leave their hometown , they tend to invest in the current city they live and fall into debt trap.

Never buy a house if you cant afford the Emi ,Buy assets in your hometown which are safe, Major cities have many fraudulent builders and real estate agents who tend to sell unapproved layouts.

never let your Home loan emi cross over 40% of your  total income

never let your total Emis from all debts cross over 60% of your total income

Invest in multiple Financial instruments like Bonds , NPS, Traditional insurance plans, also keep your 20% funds in highly liquid investment plans

always have a plan to save 30% of your income

Get a house for lease in cities which cost less and will always have an option to change the location

There are many investment plans which provide more than 9% returns per annum invest in them 

Focus on buying a commercial property which can provide higher rent than houses, it may be costlier than buying a house but will be worth more than a house with less maintenance