Loans: Festive season offers and should you take them
During festival season, banks come out with various special loan offers. These loan offers are usually in the form of a waiver of processing fees, lower interest rates and so on. However, the question arises should you avail these loan offers?
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Should you balance transfer your home loan or reset it?
Balance transfer will depend on the difference between the interest rates offered by the two banks, the amount of the loan left unpaid and the tenure.
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Almost every type of loan - auto, personal, home, education has a balance transfer facility and almost all banks have this facility.
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Switch to a lower home loan rate or balance transfer?
A rate cut (or a series of cuts if you will) is imminent in the New Year, claim banking experts. And nobody wants it badly than the existing home loan customers.
Do the math before opting for credit card balance transfer schemes
Some private sector banks have been trying to lure customers of other institutions by actively promoting their credit card balance transfer schemes.
Switching to another lender may ease your home-loan burden
There have been several instances where the banks have agreed to re-price the loan when the borrowers expressed their intention to shift to another lender.
Transfer balance on credit cards; repay dues at cheaper rate
You can shift the outstanding amount on your credit card to another card and repay the dues at a cheaper rate
Should you invest your surplus money in mutual funds or use it to prepay home loan?
If you already have enough savings, then given that your home loan interest would be in the 9-10% range and investments in equity funds have given returns of 12-15% in the long term in the past, you can invest the surplus in equity funds.
Why you need 2-3 credit cards
You can derive a lot of benefits and lower your costs by smartly using multiple credit cards.
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