Photo courtesy: prakhar What is a reverse mortgage? A reverse mortgage, as the name suggests is opposite of normal housing loan (mortgage) and is available only to senior citizens. How does it work? Once you pledge your house for reverse mortgage, the bank after carrying out its due diligence will arrive at the value [...]
Paying your credit card bill is now easy and convenient. You can now pay your bill online from the comfort of your home / office using any bank account of your choice. Just pay in 3 simple steps: 1. Enter details of the Card number and the amount you wish to pay. 2. Choose the [...]
Photo by: kevindooley Tax benefits on home loans have turned out to be an important aspect of home buying . Here is how you can benefit from the same. Tax breaks For self-occupied house property, the annual value of the house property is considered to be nil. Further, an individual could claim a deduction for [...]
Did you apply for a loan but the bank turned it down without giving you sufficient details on why they turned down your application? The Reserve Bank of India has been receiving a number of complaints, including under the Right to Information (RTI) Act, 2005, that customers are unable to get their own credit report [...]
In a few months’ time the taxman will coming knocking on your door. However, he cannot tax you on the following 14 important items of income and receipts, as they are fully exempt from income tax and which a resident individual Indian assessee can use with profit for the purpose of tax planning. Read More
Barely six months since the usage of other bank ATM’s was allowed for free — the rules have now changed. Effective 15th October, 2009 customers will be allowed to withdraw a maximum of Rs. 10,000 per transaction from non Bank ATMs. What this means is, savings Account customers will be allowed 5 free cash withdrawals [...]
Beginning August 1, 2009, the Securities and Exchange Board of India (Sebi) has said, there will be no entry load for any mutual fund scheme and the upfront commission to distributors will be paid directly by the investor. Did you know you could be still paying an entry load even after Aug 1, 2009? Here’s [...]
In their constant pursuit of recovering dues from credit card customers, banks are empowering themselves with a tool that allows them to ask employers to deduct the outstanding amount from the salary. Employees who may have defaulted on payment, however, cannot object to this deduction of dues at source, according to the new clause introduced [...]
