Home Loan India

Most credit card providers do not allow paying credit cards using a different credit card. You cannot use your SBI credit card directly to pay your Citibank credit card bill. However, you can check if your SBI Bank credit card has a balance transfer option. If you do, you can transfer a certain sum of money to your Citibank credit card. Usually, banks set a limit for balance transfer and you cannot use this to pay huge bills. Get in touch with SBI Bank and check your balance transfer limit before you initiate a balance transfer.

From childhood, people spend most of their days dreaming about driving a car on their own. Driving is much more than a skill in a country like India. We have been told from generations that knowing how to drive will give us a sense of independence. Which means that you do not have to depend on anyone to pick you up from work or drop you are your friend’s place.

To those who didn’t know how to apply for a driving licence in India, you will have to first apply for a Learner’s Licence (LL). Without an LL, you cannot apply for a DL directly. You will have to clear a written test to clear your LL test. However, when you apply for a DL, you will have to take up a practical test. Once you have filled up the form, attached supporting documents, and paid the required fees, you will be allowed to take up a DL test.

In a driving test, a Regional Transport Officer will sit with you in the vehicle to examine the way you drive. If you are well versed in driving and know your basics, clearing this test will not be difficult. Many people get very nervous during the driving test and tend to make errors which leads to rejections. So, if you are about to take up a driving licence test and want to know what you should be doing and what mistakes you should avoid, read on.

Make sure you carry all the required documents: You would need many documents to process your driving licence test. Some of them are a copy of your LL, your Identity proof, and your age proof. Make sure you carry a copy of all the required documents to process your DL application faster. Otherwise, you will have to run from pillar to post to get copies of all the documents and get them checked by an officer.

Reach the venue early: It is always advisable to reach the venue early. Make sure you are a few minutes early for your appointment. This will help you save a lot of time as you will be one among the first few to give the test.

Get your vehicle: Get your own vehicle for the DL test. Whether you are applying for a DL for your two-wheeler or your four-wheeler, it is advisable to get your own vehicle as you will be comfortable riding it. Do not forget to carry your helmet if you have applied for a two-wheeler DL.

Be confident: Confidence is the key. Without confidence, you will most likely fail the DL test. Being confident helps you to drive better. Do not be stressed out as it will only make you make more mistakes.

Do not be stressed: As mentioned earlier, stress can make you nervous and make mistakes during the test. Stay calm before you give your test.

Giving the test when you are not ready: Most people join driving schools to learn how to drive. Upon completion of the course, they take up the DL test. However, that is not mandatory. If you think you need some more practice, go ahead and take a few more classes. Do not give your DL test before you are ready.

Forgetting your basics: Do not forget the basics things like wearing your seatbelt, releasing the handbrake, and checking the mirrors of the vehicle during your DL test. Due to stress, many forget the basic and lose out on the points.

Trying to bribe: This is a big no. You may face imprisonment or be asked to pay a hefty fine if you are caught bribing an officer. We need responsible drivers on our roads, So, take your driving licence test seriously and work towards being a better driver.

Whether it is General Elections, State Body Elections, or Local Body Elections, elections in India is a big deal. One can see social media flooded with political opinions, advice, and comments during elections in this country. You may be wondering why it is so important? To answer that question, it is very important as it is during the election time we choose a representative for ourselves. Someone who will fight for us for what we think is right, someone who is not scared to stand up against authorities, and someone who will work for the betterment of the general public.

But many citizens, especially the from the younger generation are mocked at for not exercising their voting rights. Not having a valid Voter’s ID is one of the main reason why youngsters do not vote these days. So, before the next elections kicks in, here’s what you should know about voter registration card.

What is a voter registration card?

A voter registration card, also known as “Voter’s ID” or an “Election Card” is issued to an Indian citizen by the Election Commission of India which acts as a proof of his/her citizenship and allows them to cast their votes in this country. This photo identity card helps in improving the accuracy of the electoral roll and to help prevent cases of electoral fraud.

How to apply for a voter registration card in India

Visit the Election Commission official website.

Select the state you reside in from the drop-down. Once you have done that, you will be redirected to your state-specific Chief Electoral Officer page.

Login to your account. If you are are a new user, click on the “Register” button.

If you are a new user, you will be asked for your basic details like your first name, last name, email ID, mobile number, and your gender to create an account.

Once you enter these details and click on “Continue”, your login credentials will be sent to your registered email ID.

Once you login with the credentials you received, you will be asked to change your password for security reasons.

Once you have logged in, click on the “Form 6” or “Application for including name in assembly constituency voters list” option.

Fill the form accurately, attach a passport size colour photo, and click on the “Submit” option.

Once you have completed these steps, you will have to walk into the nearest voter’s ID facilitation center with supporting documents like address and identity proof to finish the formality.

Alternatively, you can walk into a voter’s ID facilitation center with supporting documents directly and ask them for a Form 6 and apply for a voter registration card.

Benefits of having a voter registration card

It is a form of identity proof which can be used to avail services in this country.

It allows you to cast your vote in elections.

It proves that you are an Indian citizen.

It helps in reducing electoral fraud.

People with a valid voter’s ID can avail special offers which are rolled out by the Government of India from time to time. For example, you cannot apply for a ration card in India if you do not have a voter’s ID.

The NDA government has decided to slash the GST rates down to 8% for the real estate sector after there were calls from the industry stakeholders to increase the affordability of the houses. The government has been pushing for increased simplicity in the housing affordability sector and has launched numerous schemes such as Real Estate Regulatory Act (RERA), Goods and Services Tax (GST), Real Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (INVITs). These schemes were aimed at resolving issues that have been plaguing the real estate sector for decades like delay in approval of the property, red tapes, lack of transparency and many more.

In addition to all these schemes to provide affordable housing, the government has launched “Housing for all” and aims to do so by 2022. To accomplish this scheme, the government has granted infrastructure status to the housing affordability segment and has allowed credit linked subsidy with the Pradhan Mantri Awas Yojana (PMAY) to be accessed. There has been a noticeable decrease in the interest rates for home loans with the government transferring the subsidy amount of a loan directly to the applicant’s account. It has also allowed withdrawals up to 90% from the provident fund.

However, even after making so many changes and bringing so many reforms, the high transactional charges have been putting the buyers off. This has caused the government to reduce the GST rate drastically. The tax on real estate was as high as 18-23% along with the additional charges for stamp duty/registration.

With the introduction of GST it was expected that there will be benefits for the buyer community. Before the implementation, a buyer had to pay Value Added Tax (VAT), service tax and entry taxes whereas now he or she has to pay only one tax. The development costs have also reduced after the implementation of GST.

The decrease in GST would also enable the real estate developer to lessen the tax incidence on buyers as they will not have to pay tax on the construction of flats rather the Input Tax Credit (ITC) which will compensate for any extra tax needed to be paid by the consumer. The decrease in the GST rate also created more jobs and consumption at a large scale.

Despite so many measures being introduced by the government, affordable housing still remains a far-fetched probability. High land prices are proving to be a major hurdle. If land prices are to go down, the government should try to increase the supply of Floor Space Index (FSI) in the affordable housing sector and also create Public-Private Partnerships (PPP) with developers.

Obtaining a home loan is relatively easy in the modern age of technology. One can obtain a loan within just weeks of applying for one. This has enabled many individuals to obtain a home loan. However, the flipside to this is the fact that many more people are incapable of repaying the loan, or can repay the loan but has adversely affected their lifestyle. Many of the home loan borrowers are in a financial crunch simply because they did not manage their finances better. If you are in a position where your lifestyle is being burdened by a housing loan, this article is for your. 

Mentioned below are a few tips that will help you effectively pay off your home loan faster:

Increase your EMI payments – EMI (Equated Monthly Instalments) are the monthly amount you have to pay the lender towards your home loan. And since home loans are usually a long term commitment, it is fair to assume that the financial situation of the borrower is going to increase during this period. Therefore, increasing the EMI payments as and when your income increases will reduce the burden of your home loan, helping you effectively pay off your home loan.

If you are confused as to how much of your income should be compromised for your loans, it is generally said that you should put aside 40 – 50% of your monthly income towards credit repayment. This will not only help you pay off your home loan faster, but will also increase your credit score, making you the perfect customer for any future loans. You can check your EMI for Home Loan that you have to pay if your salary got increased.

Another method to increase your EMI payments is by creating the discipline to increase them by 5% every year, irrespective of whether you have had an increment in your salary. This will not only ensure that your home loan is paid off faster, but will also help you save on the total interest paid in the long run. If 5% is a high increment in EMI for you to sacrifice, make sure to increase it to a percentage that you are comfortable with. This will also help you build financial discipline. Use additional income to pay off your loan – Make prepayments on your home loan with any additional income that you may receive like bonuses, gifts, etc. This will help you effectively pay off your home loan faster and also help you save on some interest. Most banks and financial institutions don not charge you for prepaying your home loan, therefore, it makes sense to use any additional income towards paying off your home loan. This will give you stress free home loan repayment experience while simultaneously not having to compromise on your current lifestyle.

Use a EMI calculator – Many online financial platforms provide you with EMI calculators that can be used to gauge the monthly outflow you would have to incur for a particular loan. This will help you assess if the payments that you need to make are going to be stressful. If it is, it is a good idea to not obtain that particular loan, as home loans are a long term commitment. Make use of EMI calculators to make certain that you are capable to pay off the loan without having to compromise on your lifestyle.

Transfer your home loan balance – Also known as refinancing your home loan, home loan balance transfer is an popular and effective method of effectively paying  off your home loan. Refinancing your home loan means that you transfer the home loan account from one bank to another. This can be done for several reasons, but one of the most important reasons of refinancing is to avail a lower interest rate. One must, however, bear in mind that banks do charge a fee to refinance your home loan, and thus, should consider this before doing so. The main motive of refinancing your home loan is to save money, therefore if the fees for refinancing overshadows the savings you may obtain, it may not be a good idea to do opt for this. Nevertheless, if your objective is ti ease yourself from the EMI payments by increasing the tenure of the loan, you will not save any money, thus making is acceptable to refinance your loan without expecting any savings. Sometimes, home loan balances are transferred in order to obtain better customer service. Regardless of the objective, always ensure that doing this will help you reduce the burden on your home loan.

Borrowers who have opted for a home loan from a particular bank and have been with them for a while can request the bank to reduce the rate of interest. This is always the easiest was to reduce the burden on your home loan. There will be no additional fee, applications, etc. In the event that the bank doesn’t oblige, you can choose to refinance your home loan then. While refinancing your home loan can be beneficial, it is important to understand the dynamics of home loan repayment. EMIs consist of two parts; the principal and interest. In the initial stages of the home loan, a larger chunk of the EMI consists of the interest. The interest eventually reduces over the course of the loan, and at one point in the tenure of the loan, the principal is equal to the interest. Post this, you will be paying more principal than interest. It is at this point that it is irrational to refinance your home loan.

Reassess investments – It is definitely a good habit to make investments. However, if your ROI (Return on Investments) is lesser than the interest paid towards your home loan, it may be a good idea to pull out these investments and prepay your home loan.

Nevertheless, it is important pull out all your investments as this provides financial security for your future. In the event that the ROI on your investments are lesser than the interest paid on your home loan, partially prepay the loan with some of the invested money and invest the remaining elsewhere.