5 Top Mistakes Every Home Loan Applicant Must Avoid

A home loan is an affordable way to buy your dream house. Getting a home loan is a simple process. Compared to other types of loans, a home loan has longer-term and includes a larger amount. That’s why you should research the loan terms and conditions before settling the deal. Then, you must use the online home loan calculator to find the best deals on housing loans.

In the meantime, let’s check out the common mistakes homebuyers should avoid when applying for a home loan.

1.   Not Comparing Offers

Banks have different offers on home loans. Every bank has varied:

  • Interest rates
  • Repayment term
  • Eligibility criteria
  • Processing fees

Just because you are in a hurry doesn’t mean you should get a home loan from any random lender. Instead, research well and get a loan from a bank that offers the best interest and a flexible repayment plan. Use a home loan interest calculator to compare interest rates. You can also call the banks to ask about the processing fees and tenure.

2.   Not Checking the EMI (Equated Monthly Instalments)

EMI is the monthly instalments paid to the bank. The EMI varies depending on the term of your home loan. If the loan has a longer term, you will pay a smaller EMI. Short-term loans (the ones that are to be paid within 5-10 years) have a large EMI. You should check the EMI and compare it with your repayment capacity. Get a loan only if you can afford the monthly loan payments.

3.   Not Checking Your Credit Score

It is a 3-digit numerical value that shows your creditworthiness. Banks check your credit or CIBIL score to understand your credibility. It is calculated based on your past debt repayment records. The score can be anywhere between 300 and 900. You need a good credit score for a quick home loan application approval.

Always check your credit score before applying for a housing loan. It is available for free at

4.   Not Having Enough Money for the Down Payment

Bank asks you to pay a down payment – 10% to 20% of the total cost of the property. After that, banks pay up to 90% of the cost of your property while you pay the rest. Your home loan application is accepted only when you have enough funds for the down payment. So, check if you can arrange the down payment before applying for a home loan.

You only repay the amount you borrowed from the bank. For example, the 10% of the amount you paid from your pocket as the down payment is not included in the loan balance. You only repay the 90% borrowed amount.

5.   Getting Home Loan at Higher Interest

Always use a housing loan interest calculator when applying for home loans. Banks offer home loans with fixed-rate and floating-rate interest. The fixed-rate interest is a good option for borrowers who want a stable interest rate throughout the term. The interest does not remain the same in the fluctuating-interest loans.

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Top Reasons to add savings account in your financial portfolio

When it comes to money, being cautious means saving it for occasions when you might need it the most. It could mean getting repairs done in your home or covering sudden medical expenses. With these goals in mind, you always try to save more money than you did last year.

Regardless of how you save and how much you save, it is crucial to decide where you are going to put this money. Many often think about putting it into investment options. But that is a risky option if you simply wish to have more money on your hands. In such a situation, your best option is to have a savings bank account. Here are few reasons that make savings account the best option to store your money:

Safe option to store money

Savings accounts give you a great deal of safety when it comes to storing your money. The biggest sign of safety is that you can deposit or withdraw money from your savings account with ease. This way, you do not have to find a place to store cash. Moreover, you don’t have to carry cash with you all the time.

Digital banking services

The government has been making a lot of efforts to promote digital payment options. With newer payment options and more opportunities to make digital payments, these efforts made by the government only need to be complemented by people willing to adopt a new way of making transactions. For people with a savings account, making the transition to digital payments is much easier. This is because online savings accounts offer digital banking facilities like net banking, NEFT, RTGS, IMPS, UPI, etc. This way, you do not need to go to your bank branch to make any transactions.

Government scheme benefits

The government has taken a lot of initiatives to improve personal finance practices in the country. One of those efforts is to promote savings accounts for everybody. To do so, they have paired a lot of their schemes to saving accounts. For example, the benefits and subsidies that you may receive from various government schemes will be deposited into your savings account. In such a case, not having a savings account could cause trouble in receiving those benefits. Moreover, having a savings account also helps you in getting these benefits directly. There are no middlemen to be concerned about and much less processing.

Income through interest

The main reason you save money is to spend it on something later. But until that time comes, leaving it lying around does not do you any good either. Hence, you need to make sure that your money works for you. You can use your savings account for this as well.

When you take a loan, you pay a certain percentage of the principal amount borrowed as interest. It serves as the fees for taking the loan in some way. This mechanism is reversed in the case of a savings account. When you open a savings account, you give your money to the bank for safekeeping. Hence, the bank pays you interest for holding that money. This means that you earn more money by simply putting your money into a savings account. Moreover, the interest you get paid is decided by the interest rate. This means that the more money you put into the savings account, the more interest you earn.

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How to redecorate your Home for the Festive Season 2021

As the festive season approaches, it is time to set things in motion and kickstart the celebratory season. What better way to celebrate than by doing so in your own home? The festive season brings with it a number of attractive discounts and offers that can entice you into wanting to make purchases. However, not all of these commodities are affordable and some might only be able to pay them with the aid of equated monthly installments (or EMIs). Home décor and furnishings for instance are expensive. Read on to understand how to redecorate your home for the festive season this year.

Décor 101 – Need vs Price

Redecorating your home during the festive season is strongly encouraged as the new furnishings and wares bring with them new, positive vibes that are much needed during this time. Moreover, they add a fresh look to your home and as we are now spending a lot more time indoors it is important to be comfortable in the space in which we reside.

Now, despite the fact that redecorating your home during the festive season is encouraged, it isn’t always affordable. The price of home furnishings has been on the rise and not everyone can spare the money when they have other expenses to account for each month.

The ability to pay for furniture with EMIs is, therefore, a blessing. The Bajaj EMI card entitles you to the same such that you can shop stress-free!

Furniture Bought via EMIs

The Bajaj EMI Network Card lets you shop for furniture by converting each of your transactions into EMIs. These purchases can be made at its online partner stores of which there are several.

Buying furniture on EMI is easy and you have the option to choose from a wide range of furnishings including but not limited to sofas, storage cabinets, beds, shoe racks, and beds.

The Bajaj Finserv Partners online marketplace has a number of stores under its belt and boasts partnerships with stores like Hometown, Pepperfry, and Nilkamal among others.

As a buyer, all you are required to do is visit the partner stores’ websites or peruse their products on Finserv MARKETS and select the products most viable for your home. Use your EMI card in order to make your payment at checkout such that you can successfully buy furniture online.

No Cost EMIs

No cost EMIs imply you are not required to pay any additional interest on the principal. In layman’s terms, this means that you aren’t charged with any EMI in addition to the cost of the product itself.

You can buy a wide range of furnishings with no-cost EMIs applicable on the same. This means you can buy home decor online with Bajaj EMI card or a sofa, study table, or recliner. The options are endless – all you’ve got to do is explore the offerings and select what you think serves your needs best. 

Benefits of Buying Furniture Online

For those of whom are uncertain about buying furniture online, it brings with it a number of benefits that aren’t available when visiting physical stores. These benefits include the following.

  • Hours of operation – When shopping online for furniture you have the freedom to peruse the product offerings at a time that works best for you. You are no longer dependent on or have to follow store timings.
  • Location – As opposed to having to make a trek to a furniture store, online shopping for furniture can be done in the comfort of your own home or anywhere of your choice for that matter.
  • No pressure – When you shop for furniture online you aren’t pressurized by a sales assistant to make a purchase. Instead, you have the freedom to come back to a product as often as you’d like before making a decision.


Shopping for furniture online has never been easier and ought to be taken advantage of this festive season. Visit the Fiserv MARKETS online to discover more offers today!


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Everything you need to know about Kisan Credit Cards

The Kisan Credit Card Scheme (KCC) was introduced in 1998 by the Ministry of Finance, Government of India, to help the farmers/cultivators with the farming and agriculture-allied activities investments. The loan issued under the KCC scheme has a minimal interest rate of 2% to 4% and is available to cover a host of activities, including post-harvest costs.

What is the scheme?

The eligible beneficiaries can apply for the Kisan Credit Card both online and offline, depending on their access and ease of usage of the platforms. Under the scheme, the eligible beneficiaries (list at the bottom of the blog), can apply and get a loan of up to Rs.3 lakh. They can get loans for the marketing of the product. Other benefits of the scheme include:

  • KCC scheme beneficiaries get an insurance cover of Rs.50,000 in the case of permanent disability or death and a cover of Rs. 25,000 considering other associated risks
  • Beneficiaries will get a savings account with a substantial interest rate. They will also receive a smart card and a debit card, along with the Kisan Credit Card
  • The eligible farmers will be granted repayment options for up to 3 years and once the harvest season is complete.
  • Eligible farmers will receive constant help in the purchase of fertilizers, seeds, etc. They will also get help in bargaining and availing monetary discounts from merchants and/or dealers.
  • No collateral is needed for loans up to Rs.1.60 lakh.

How to apply for a KCC loan?

One can apply for a KCC loan by either visiting their bank branch or applying for the KCC card online. For online, the application must go to the website of the bank branch one would want to seek a loan from. For offline, visiting the branch and furnishing all the relevant documents is required.

Following are the Kisan credit cards documents required while application, both online and offline

  • Filled application form
  • Copy of any identity proof documents. It could be Aadhar Card, PAN card, driving license, ration card etc.
  • Documents of land owned
  • Copy of document validating the applicants’ permanent place of residence
  • Passport-size photograph of the applicant
  • Any other document subject to request by the issuing bank as a form of security


As per the Reserve Bank of India circular, the following are the categories of people who would be eligible for loans under the KCC scheme

  • Farmers, this includes both individual and joint borrowers who are own the land and cultivate
  • Tenant farmers, oral lessees & sharecroppers
  • Self Help Groups (SHGs) or Joint Liability Groups (JLGs)

To sum it up:

The Kisan Credit Card Scheme is a great tool for farmers who need investment before the harvesting season begins. The information on how to avail of the facility should be disbursed across, so every potential beneficiary would know where to go for help.


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Understanding what is mutual fund redemption and how to redeem

Mutual fund redemption is when investors want to sell their mutual fund units or holdings. If there is an exit load, investors need to pay it upon redeeming their units. As a result, they receive taxable capital gains when they redeem their units. Capital gains are taxed differently depending on the type of fund and the duration for which the amount was invested. Therefore, investors must evaluate all the costs associated with redeeming their mutual fund investments.

Online mutual fund redemption process

You, as an investor, have the option to either specify the units you want to redeem, the amount you want redeem, or if you want to redeem your entire investment in that mutual fund scheme. One way to redeem mutual funds is through an online process. You can visit the mutual fund’s official website.

  • Select online transactions
  • You will need to log in to the website using your folio number and your Permanent Account Number to access your mutual fund
  • The next step is to choose your plan and the number of units/amount you want to redeem
  • After that, you can confirm your transaction and complete the process

What are the other options to redeem mutual fund units?

You can redeem your mutual fund units using any of the ways listed below if the cause for redemption is clear and finalised.

  • Directly through your AMC: You could redeem your mutual fund using the asset management company’s (AMC) website if you invested directly with the AMC. Units can also be redeemed in person at the AMC office. You will get the amount by NEFT or a cheque delivered to the registered address once your request is processed.
  • Using a trading or depository account: If you purchased mutual funds using a demat account or a trading account, you can redeem your units using the same account. Following the completion of the procedure, an electronic payout (NEFT or IMPS) will be initiated in response to the redemption request. The funds will be sent to the same bank account to which your demat account is linked.
  • Offline via a distributor or an agency: Mutual funds purchased from several AMCs can also be redeemed through central systems. Download a redemption form and return it to the nearest CAMS office, filled out and signed.

When is the right time to opt for mutual fund redemption?

Investing in mutual funds can help you to achieve financial goals; however, there could be certain conditions that might make you exit a scheme before it earns attractive returns for you. A few of these conditions could be personal, wherein selling your mutual funds units is a wise call.

For conditions that solely depend on the market situation and the performance of the fund, it is likely that some professional guidance could go a long way in making your investment work well for you. This is where financial advisors step in with bespoke investment plans and timely alerts to aid your goal of short term or long term wealth creation, while taking into account your risk appetite.

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Personal Loan for the Unemployed in Singapore: Useful Tips

If you look at most loan deals in Singapore, they are targeted at employed persons, but what about the unemployed? Well, it does not mean that since you are not employed, it is impossible to get a loan. In this post, we take a closer look at personal loans for the unemployed to help you answer the main question, “How do you secure a loan?”

A Brief about Personal Loans

A personal loan is a type of credit given by a lender to a borrower in a lump sum and repaid in installments. It is a form of unsecured loan, implying that you will not be required to put forward collateral to get the loan approved. In Singapore, personal loans are offered by a wide range of lenders, from banks to licensed moneylenders and online lenders.

Therefore, whether you want cash to fund a major purchase or to further your education, do not hesitate to apply for a personal loan. The best way to do it is through Lendela, a licensed lenders comparison site.

Tips to Help You Secure a Personal Loan as an Unemployed Singaporean

Now that you know what a personal loan in Singapore is, here are some useful tips to help you secure it as an unemployed person:

#1: Make Sure to Have a Good Credit Score

As we mentioned earlier, personal loans in Singapore are unsecured. Therefore, lenders put a lot of focus on credit score to determine the creditworthiness of applicants. As an unemployed person, lenders will give the credit score more weight and are likely to approve your loan if your credit score is high. Therefore, you might want to start by improving your score using these methods:

  • Get your credit report and have errors, if any, fixed.
  • Clear outstanding debts.
  • Get a good credit mix.

#2: Demonstrate You Have a Reliable Income

In addition to a good credit score, lenders also put a lot of weight on your ability to repay. Like an employed person who can attach copies of payslips from the employer, you also need to provide proof of income. For example, if you run a business and get monthly income or you rely on rental income, it is what the lender wants to know. So, provide the necessary documentation so that the lender can make the decision about your application.

#3: Use an Employed Person to Serve as Your Guarantor

If lenders are still not convinced to give you a personal loan, consider using an employed person with a good credit score to help you secure a loan. This implies that although it is you who will get the money from the personal loan in Singapore, the guarantor commits to shoulder the burden if you default or become unable to pay. Therefore, you better stick to the agreed loan payment plan to avoid getting the guarantor into trouble.

#4: Apply Through Lendela

Different lenders in Singapore have varying conditions, and it will be a good idea to try several. For example, many online moneylenders might be willing to approve a personal loan, where conventional banks are likely to decline. Instead of working on tens or twenties of applications, you should consider working with Lendela.

With Lendela, you only make a short application, and they will forward it to different lenders. This means you are likely to get many lenders willing to work with you. Within a short time, you will be notified of the offers, have a look at them, and select the best personal loan for your situation.  Finally, start repaying the personal loan until it is completed.

If you are unemployed, you can get a personal loan in Singapore just like other employed persons. Just make sure that you have a reliable source of income, and the credit history is excellent.

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Best FD to invest in during 2021

A fixed deposit (FD) is a popular method of saving money used by risk-averse investors. FDs give assured returns after a predetermined period of time and the investor can calculate beforehand the total maturity amount that will be received by them. The interest rates offered by each bank, NBFC and post office are varied and determined by factors such as prevailing FD interest rates. The interest earned on the fixed deposit compounds over time. This compounding effect ensures attractive rates of interest on fixed deposits.

Best FD interest rates

A good rate of interest on a fixed deposit of three years is offered. Three-year fixed deposits yield much higher interest rates than one or two-year tenures. Here are the most attractive interest rates offered by various banks in 2021 for a three-year tenure-

Bank Regular interest Senior citizen interest
Bajaj Finance 6.50% 6.75%
Shriram City 8.84% 9.24%
Yes Bank (special rates) 6.50% 7.00%
Fincare Small Finance Bank 6.30% 6.80%
Mahindra Finance 6.30% 6.55%
Sundaram Finance 6.25% 6.75%
KTDFC 6.00% 6.25%
ICICI Home Finance 5.55% 5.80%
ICICI Bank 5.15% 5.65%

The total amount that you will receive upon the maturity of your FD depends on the interest payout selected by you. If you choose the monthly, quarterly or annual payout options, the FD amount will be credited to your savings account. In the case of the reinvestment option, your interest will be compounded with them and credited to your bank account along with the principal invested when the FD matures.


A fixed deposit is a sought after investment device as it provides assured returns irrespective of the economy. There is a sense of surety that the total amount will be returned to you upon maturity with interest. In fact, the use of compound interest ensures faster growth. For senior citizens, FDs are a safe and attractive option because Senior Citizen FD rates are higher.

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How Does a Strong Economy Boost Financial Markets

Positive Strides in the Economy Boost Markets

When the economy is doing well, everyone is doing well. In a good, prosperous economy, the automotive sector, the finance sector, and the retail sector thrive. This is because there is a lot of money being exchanged and people are well employed. By all means, a strong economy means strong people and healthy lifestyles. This is what we should strive to attain as a society and by partaking in frequent business, we make this possible. Here are four effects of a strong economy.

The Automotive Industry Grows

One of the industries that prospers the most when the economy is booming is the automotive industry. When many people have jobs and very few people are unemployed, there are more people who are able to purchase vehicles. People who have money to spend often spend it on reaching their stock price target. Vehicles are quite an investment and can amount to thousands of dollars worth of commitment.

Therefore, even if someone chooses to do financing, they need to have a steady stream of income to support their purchase. This is why automotive vehicle purchases go up when the economy is doing well. When the economy is doing well, well-employed people are driving around in newer vehicles that they have financed or local dealerships.

This is a sign that there is a good economy in an area when there are fewer people on the buses and more people driving their own cars. The automotive industry appreciates this growth and it is all around good for all people involved.

The Real Estate Industry Booms

When the real estate industry booms, you really know that the economy is doing well. Real estate is worth a lot of money and even the commissions on a strong rental agreement with a company can amount to thousands of dollars. You will know that a region is thriving in an economic boom if many houses are for sale.

This is a sign that new buyers are coming in and the people who own the houses in the area want to sell their homes for more than they bought them. Economic prosperity is often accompanied by real estate success. Signs of real estate success are many houses for sale in an area and new buildings being put up.

Whether these buildings are commercial or residential, it is a sign that the real estate industry is thriving in the area and people are able to afford high-cost rentals, as well as expensive houses. This is a positive indication of a good economy.

Large Scale Marketing

How will you know that the economy is doing well? You will see a lot of large-scale advertisements. When news broadcasting stations are advertising for small companies via commercials, you will know that the economy is doing well. Additionally, if you see a lot of billboards being put up, that is a sign that the economy is booming.

This is because putting up a billboard and advertising on it is a very expensive feat and if the advertising companies have the money to do this, the economy is likely doing very well. Additionally, if companies actually have the money to pay the billboard fees in order to advertise their services or products, the economy is doing even better. When small businesses are able to generate the revenue that allows them to advertise on large media platforms like billboards, the economy is certainly thriving because even the little guy is making money.

Restaurants Opening

A strong economy boosts the fine dining industry. This is because those who have much expendable income will often dine out rather than cook at home. When they choose to dine out, they will frequent restaurants that are reputable for the quality of their food and impeccable service. This amounts to a strong demand for fine dining.

Fine dining is a luxury that is afforded by ample income. When many fine dining establishments are brought up in an area, you know that money is coming into the area. It means that those who have expendable income for the luxury of eating out are moving into the area and bringing with them their spendable money. This is a sign that the economy is boosting and it supports small businesses that specialize in quality dining.

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Why Is Economic News Important and What Is Economic Calendar?

Currencies do not change their exchange rates on their own – they are stimulated by economic news. This data can be used for evaluating possible scenarios in financial markets. See below a general guide on the use of the Economic calendar to reach better results in your Forex trading.

Before you start trading, take a look at the Economic calendar to check important events of the week. The calendar can help you detect the key events in the currency market and make money without fearing for it in aggressive currency movements.

What is the Economic calendar?

The Economic calendar is also known as the Forex calendar. It contains a list of news published by governments and agencies, sorted by date. Here are some examples of such agencies:

* US Bureau of Labor Statistics (publishes economic data from the USA)

* Eurostat (published economic data from the EU)

* Office for National Statistics ( published economic data from Great Britain)

* IHS Markit (published the PMI of most countries).

How to read economic news right?

Economic calendars contain the dates of the most important national and international events that can influence the movements of some assets and markets. The date and characteristic of every event on the calendar can be used as a forex calendar indicator for making better trading forecasts.

All events on the Economic calendar forex have different significance and market influence. There are the following levels of significance:

Weak influence

The news or statistics from this category have almost no noticeable influence on the market. However, If there is no more important news on the horizon, certain price fluctuations might happen.

Moderate influence

In certain circumstances, such events can influence currency rates. However, the market might not react at all, if something more important happens at the same time. Still, several publications of moderate significance can give the market certain dynamics.

Strong influence

Such events influence currency rates significantly, especially if they are published one by one. A combination of such events can change the trend in an instrument. This category includes such events as reports of Central banks and their interest rate decisions, speeches of the heads of national Banks, the GDP statistics of major economies, the Non-Farm Payrolls, etc.

The most important news of Forex economic calendar

The Non-Farm Payrolls (NFP)

This indicator tracks the employment of the biggest part of the US solvent population. The US Bureau of Labor Statistics publishes reports on the first Friday of every month. The reports show the number of new workplaces created the month before, the general unemployment rate over the country, and the level of economic activity. Moreover, it shows the number of Americans that search for a job efficiently or have made a profit on it. Each of these three values indicates the general economic situation in the country. These statistics influence both market sentiment and the attitude towards the USD.

Central banks’ decisions on the interest rate

In the USA, the function of a Central bank is carried out by the Federal Reserve system (known as the Fed). Apart from the Fed, there are 7 more influential banks in the world: the Banks of Australia, England, Canada, Japan, the European Central bank, the Reserve bank of New Zealand, and the Swiss National bank. Their decisions on the interest rate most noticeably influence risk evaluation and potential results of Forex traders. Speeches of monetary politicians in the reports of such banks have special influence on Forex and in most cases, increases the volatility of its assets.

Closing thoughts

The Economic calendar is crucial for Forex traders because with it, they can plan their trading in advance. Many economic news can provoke unexpected reactions when the market moves by thousands points in a split second, so try to stick to your money management rules to avoid such shocks.

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What To Look For In A Factoring Company

One of the top challenges for business, especially small businesses is maintaining a consistent cash flow that can allow the business to thrive and expand. It is normally not on small business owners’ ability to control the collection of accounts receivables that create numerous cash flows.

One of the best things business owners can do to maintain cash flow is to factor their accounts receivable and turn them into instant cash that can be used to run the business. But if you don’t want to add more cash flow pressure on your business, then it is crucial to work with the right factoring company such as Miami Factoring. Here are some of the top things you should look for in a factoring company.

  • Industry expertise

One of the crucial things you should look for in a factoring company is industry expertise. Remember that factoring companies come in various sizes and shapes. When looking for a factoring company, you need to find a factoring company that understands your business model and the industry in which you operate.

Working with such a company will ensure that everything runs smoothly. Of course, you wouldn’t want to spend your precious time explaining your daily business procedures to a factoring company that is not familiar with your company’s model.  This is why it is still advisable to hire a factoring company that already knows your industry.

  • Stability

Another essential thing you need to look for in a factoring company is stability. It is important to secure funding from an established factoring company. Just like it is vital to work with an invoice factoring company that understands your business, it is also vital to work with a factoring company with good reputation.

One of the best ways to ascertain this is by working with a factoring company that is allied to the International Factoring Association [IFA]. Factoring companies that are affiliated with the IFA tend to comply with business practices and code of ethics.  You can check on the IFA website for reliable and trustworthy factoring companies.

  • Pricing

This is an important thing that you must look for in a factoring company. Don’t just rush into talking numbers before you understand what you are getting your business into. You need to understand how the company structures its fees. When the company advances money on receivables, it is basically making a legal purchase of your invoices at a discounted price. The rate can be a one-time flat fee. It can also vary depending on how long the factoring company will own the invoice.

The fees can vary depending on factors, such as contractual commitment, the average size of invoices sold, average monthly purchase volumes, etc. The company may also charge extra fees for their additional services, such as running credit and background checks on account debtors. So before you sign any contract with the factoring company, you need to understand their fees and determine if you are comfortable with the fees.

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