Home Loans

A Home Loan  is a secured loan with the property pledged as collateral with the bank/ housing finance company. Most often, a home loan is taken to buy a residential apartment whether ready to move or under construction. Increasingly, people take a new home loan to transfer the balance outstanding on their existing loan because they are getting a better deal. Home Loans are also taken to repair and renovate one's existing house. Occasionally, a home loan is taken to construct a house. A related loan is a plot loan where the proceeds are towards the purchase of a plot.

Credit Card

A Credit Card  allows you to make payments at merchant establishments without using cash. A lot of online purchases require you to make payments by a credit card. The bank issuing the credit card would keep track of all your purchases while ensuring that at all times your outstanding is below the credit limit approved for you. At the end of the month, you would receive a bill to clear your outstanding amount. Unless absolutely necessary, it is best to pay up the entire amount since any outstanding amount after the due date invites extremely high interest rates. These days, most banks work with various merchants to offer special discount deals, give you the flexibility to convert your payment into an EMI, offer cash-backs and help you earn loyalty points that you can redeem for a range of gift vouchers or even air tickets.

Car Loans

A Car Loan  is given to buy a car whether a new car of a used car. In either case, the car is held as collateral and the borrower has the ability to pay back the loan in equated monthly installments over tenure of as long as five years. Almost every bank today offers a whole bunch of freebies such as car accessories and work out subsidized prices with the manufacturer, dealer and the insurer. Be sure to get providers compete for your business and negotiate a good deal for yourself.

Loan Against Property

Loan Against Property / Business Loan is taken to by some consumers towards funding part or full of the business requirements. A business loan seeker is also encouraged to consider an overdraft because in this case the financing charges are incurred only for the duration that money is required meaning that repayments can be made in unequal amounts at any time in the month.Business Loans are often secured with property and these are called Loan against Property. Increasingly Loan against Security (where the security collateral is a financial security such as stocks/ bonds/ etc.) and Gold Loan (where the collateral is Jewellery) are also gaining acceptance. If the loan amount required is low, some banks offer unsecured loans as well. In nearly all cases, the bank will ask for three years financial statements as well as income tax returns. In cases where a security collateral is pledged, the bank will also ask for proof of the collateral to verify the title (e.g. property document/ physical jewelry/ stocks or bonds certificate or demat account statement).

Personal Loans

A Personal Loan  is a multi-purpose loan that a bank provides without any security collateral. You may use the money for whatever personal reason example buy consumer durables, go on a holiday, pay for an unforeseen medical expenditure, pay for wedding expenses of yourself or a dear one, or meet any of your goals.  Obviously, since this is an unsecured loan, the bank will insist on a clean credit history to obtain a personal loan. Paying credit card bills on time, EMIs on existing loans on time, not having cheque bounces all help in creating a clean credit history.

Term Insurance

A term insurance  is the least expensive way of securing everyone who is financially dependent on you. Nobody likes to think of death but there is no greater truth than the possibility of death. Nobody can help overcome the loss of a dear one, but imagine that along with this loss the surviving members of the family are hard-pressed to maintain their lifestyles because they were partially or fully dependent on the income of the deceased. There is an easy way to ensure that your family never goes through such hardship. Get an adequate life cover. There are several ways to determine how much life cover is right for you but if you are short on time, just multiply your monthly household expenditure by 150 and the resulting amount is the amount of cover you must take. Taking a life cover through a term insurance is a lot more affordable then opting for a traditional life insurance plan or even a ULIP.  With the amount of premium you save each year, you can surely invest in a PPF  or a Fixed Deposit  or even a Mutual Fund  and ensure that your investment objectives are more than taken care of.

Health Insurance

Health care costs are spiraling. A health insurance policy  is a contract between yourself and an insurer that will allow you to claim re-imbursements from the insurer if and when you incur medical expenses of a nature defined in the contract and as per terms and conditions of this contract. It is vital that we get a health insurance cover for one's own self as well as for near and dear ones when one is young and in the best possible health. As we grow older, it becomes harder to get an affordable health insurance cover and even if one gets it, often there are exclusions where one becomes ineligible to claim re-imbursements.

Car Insurance

Car Insurance  protects the owner from having to pay for repairs and damages to his own vehicle as well as from any third party liability that may arise from an accident. Getting a cover for third party liability is mandatory by law but most insurance companies also provide comprehensive cover which includes damage to own vehicle as also theft of vehicle. While car insurance policies today are standardized and can easily be compared directly on price alone, the key to remember is the insured declared value (IDV) of the vehicle. To make the comparison a little harder, some companies offer a cheaper policy by getting the owner to commit to a voluntary excess deductible in addition to a compulsory deductible for every claim filed. So long as you keep these factors in mind, it is always advisable to shop around before renewing your car insurance as you can potentially save thousands of rupees just by getting adequate competing offers.

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