Reduction of GST on health insurance premium from 18% to 0% looks like a straight 18% reduction in what consumers pay. The truth, however, is...
'Revolving credit without full repayment causes interest to outpace repayment capacity, and leads to financial distress.'
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
While most borrowers calculate the gain they stand to make from switching to a lower interest rate, they often fail to take into account all the costs.
'A score of 750 and above is considered to be good, though these cut-offs can vary depending on the type of loan being sanctioned,' points out Arun Ramamurthy.
BoB's offer of a lower home loan rate to customers with credit scores of 760 and above makes it incumbent on everyone to pay heed to this all-important number.
While you can always correct them, the sooner you do it the better it is for you, says Sanjay Kumar Singh
An individual with a score above this level will not only enjoy easy access to credit, but will also benefit from lower cost of loans, points out Arun Ramamurthy, founder and director, Credit Sudhaar.
Documents such as PAN card, Aadhaar card, I-T return papers, which are used for KYC, can get leaked from a number of sources. Other prominent sources are the direct sales agents and photocopy shops, say Sanjay Kumar Singh.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
Banks and insurers are beginning to reward customers who show exemplary conduct with lower prices and penalise those who behave poorly by imposing higher costs.
Before applying for a home loan, make sure you have not been delinquent in the past six months at least.
Also build a contingency fund equal to 9 to 12 months of expenses.
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