Aditi Ahuja

The real estate market in India has witnessed substantial growth in the last decade. The demand for affordable housing has increased multi-fold due to the changing economic structure of the nation. A significant number of people are moving towards the more populated urban and metropolitan areas because of better job options. It has created a considerable demand for affordable, yet good quality real estate in Tier-1 cities like Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, etc. A large number of these prospective homeowners opt for credits to purchase their homes instead of utilising their savings. It has fuelled the need for credits like home loans. Borrowers also have better access to such financial products with the advent of NBFCs and a more competitive lending market. Numerous lenders vie to offer the lowest home loan interest rates as well as additional borrower-friendly beneficial terms. Current RBI Repo rate also plays a vital role in low house interest rates in India. It is vital for borrowers to know how to make the repayment easier for them. Let’s take a look at some of them and understand how to get low house loan interest rate on credit. Selecting a Shorter Tenure A shorter Tenure can be significantly beneficial because a credit with a shorter loan Tenure is less risky compared to one with a longer Tenure. Hence, financial Institutions may offer low-interest rates if you opt for a short Tenure. Making a Larger Down Payment Making a larger down payment lowers the lender’s risk. They are also likely to offer you credit at a lower interest because a high down payment amount also reduces the loan amount, thereby reducing the cost of the loan. Financial institutions determine the risk involved by calculating their loan to value. LTV is the ratio between the loan amount of a borrower and the current market value of property concerned. A larger down payment will necessitate a lower loan amount and compel the lender to offer better term which may include lower rates of interest. Availing Balance Transfer Facility A borrower can take advantage of the home loan balance transfer facility to reduce the existing house loan rate. This feature enables him/her to transfer the outstanding home loan from the current lender to another one who offers a lower loan interest rate for house. Maintaining a High Credit Score A high credit score is an indication that a borrower has a good credit history and has made all the repayments of previous loans in time. Borrowers who usually have a CIBIL score over 750 are likely to get a reasonable home loan interest rate. You can improve their credit rating by – • Clearing outstanding debts • Clearing existing credit card balances • Rectifying their credit report Ensuring Employment Stability Lenders prefer borrowers who have a steady employment history of at least 2 years. Unstable employment history reduces the creditworthiness as the borrower is unlikely to have a stable source of income to repay the EMIs. Lenders might consider him or her as a risky borrower and ask higher interest rates. Moreover, first-time home buyers can also benefit from Government backed schemes like the Pradhan Mantri Awas Yojana. PMAY provides CLSS on home loans to the specific families/individuals. Subsidies on the house loan interest rates that different beneficiaries can avail under this scheme depend on their income-based categories. Viz. – • 3% on credits up to Rs. 12 Lakh for Middle Income Group II. • 4% on credits up to Rs. 9 Lakh for Middle Income Group I. • 6.5% on credits up to Rs. 6 Lakh for Economically Weaker Section (EWS) or Low Income Group. You should be able to avail a low-interest rate on your home loan by implementing the steps mentioned above. You can also benefit from several other Government-aided schemes like the MahaRERA act by abiding some simple guidelines implemented by each state.

A business organisation has to undergo several phases of transition. To successfully operate a firm through different stages, adequate cash flow is necessary. Capital acts as a backbone for a company.  When it comes to looking for a suitable source of funds, the first option that comes to mind is a business loan. Borrowing a business loan in Maharashtra or any other states has become easier. Several financial institutions offer credit to start-ups and small businesses. If you select a reliable entity, then you can enjoy flexible repayment terms and a host of other benefits. They offer business loans, which prove beneficial for enterprises that are facing issues in acquiring credit in the absence of collateral.  Different types of small business loan Here is a list of different kinds of business loan that a small business organisation can avail to meet financial requirements.  1- Business loan: Business loans are the standard for of credit offered by several financial institutions. There is also a special business loan for women entrepreneurs, which make it easier for women to avail credit. Rate of interest may range from 9% to 16%.  2- Equipment loan: Manufacturers who want to lease or purchase any tool for their operations can choose equipment loan. In this case, collaterals are not required because the equipment itself acts as collateral. 3- Working capital loan: Working capital refers to the funds required to run the daily operations of a business. Once you determine how much working capital your business needs, you may approach a lender to secure the necessary funds. Advantages of business loan Acquiring business loan in Maharashtra can be a bit lengthy process and not every business firm is eligible for availing such credits. Have a look at the below-mentioned advantages of business loan for small business firms. 1- Readily available: Myriads of lending organisations allow individuals as well as firms to avail funds without any hassle. With low business loan interest rate and flexible repayment options, loans are readily available to new entrepreneurs. Businesses can instantly check the EMI amount to be paid if they know how to use the business loan EMI calculator.  2- Amplify business growth: An enterprise is dependent on three components, namely technology, capital and labour. Amongst these three elements, the second one holds particular relevance. Be it business expansion or carrying out projects, fund deficit can act as a stumbling block in the business growth. So, development initiatives are possible only with adequate monetary assets.  3- Flexibility is guaranteed: Lot of loan options are available, and an enterprise can find one that suits their requirements. Now, businesses can enjoy a lot of benefits in terms of interest rate, loan amount and a lot more.  4- Affordable interest rates: It is often believed that business loan interest rates vary as per the lender, but it’s not the only criteria. Different factors determine the rate of interest, including the financial state of the company, loan tenor and business loan eligibility criteria.  5- Convenience of repayment: One of the most significant advantages of business loan is its repayment policies. Most investors offer long tenor for repayments. A prolonged tenor can help small businesses who have not yet gathered sufficient funds to repay the principal. Part pre-payment options are also available that decreases the EMI amount of tenor.  Although business loans are providing an excellent scope to budding entrepreneurs, it is essential to review the terms and conditions before applying for the same. Furthermore, the amount should be determined based on the capital flow of the company. Avail a business loan in Maharashtra if you are facing a difficult financial situation in your business.

The expertise of a Chartered Accountant (CA) lies in his/her ability to comprehend the critical aspects of finance and take informed monetary decisions. Hence, when it comes to deciding whether it is a feasible option for a CA to avail personal loan, it is expected that they will understand the significance of securing funds from an external source when in time of need. The same way, as they don the hat of an entrepreneur, it is often assumed that their decisions will take off well. A chartered accountant may also have some personal objectives and urgent requirements to attend to. Personal finance Bajaj Finserv is an option that comes handy in such a situation. It is not wise to go by assumptions only. One must judge all the aspects comprehensively before they consider an option as important as taking a loan. A customised Personal Loan for Chartered Accountants from financial institutions offer loan amounts as high as Rs. 30 Lakh. It is an unsecured loan that belongs to the suite of loans for chartered accountants, all customised to meet your requirements as a CA. Let’s take a look at 6 smart reasons for a CA to avail a personal loan. 1- Finance wedding expenditures Everyone secretly nurtures a dream to have an exotic wedding. A personal loan will be an excellent means to have that dream-come-true wedding. The entire wedding expenditure from buying jewellery, designer outfits, a trousseau to executing wedding ceremonies, everything can be taken care of by availing the loan. If someone dreams of having a destination wedding, then a personal loan for chartered accountants can make it a reality as well. 2- Finance education There is no end to education, and one can always develop an urge to indulge in a new stream of knowledge. A personal loan can be an appropriate means to fulfil the impulse. In case you are a parent or a student, then the finance can be availed for the education of your children. The best part of a personal loan for chartered accountants is that it won’t just cover the tuition fees as an educational loan does but will be an end-to-end solution to cover the entire educational expenditure. 3- Finance emergency medical situations Medical emergencies do not come declared. As a CA, sudden medical situations may force to delve into your savings or worse. In such scenarios, you should opt for financial assistance instead which are customised for you. An instant personal loan for CAs can help you take care of the entire medical expenditure without making any compromise with healthcare. Quick approval and disbursal of such loans make it a great choice to cope with such emergencies. Know the quick ways to get your CA loan approved easily and meet the immediate financial constraints easily. 4- Consolidate existing debt Outstanding debt can easily accumulate over time. They can lead an individual towards stringent financial constraints and bankruptcy. It is wise to consolidate all the existing debts into one loan that will be manageable and viable across a single EMI. Doing so can help you repay your total debt easily and reduce your overall financial burden considerably courtesy lower CA loan interest rates. 5- Finance other important purposes There are no guidelines as such about how you can use a personal loan for CAs. These loans come with zero end-use restrictions. You can utilise the funds as and how you want to, from planning a vacation at an exotic destination, revamping your house, to meet your business requirements, etc. A personal loan for chartered accountants will help you utilise a substantial amount of money to fulfil any obligation on top priority. Favourable tenors, affordable CA loan interest rates and high loan amounts make personal loans for CAs a suitable financial solution for your short-term requirements. Minimum documentation and a hassle-free process to avail them make these unsecured loans a first-choice for chartered accountants like you. Make sure you tick all the boxes in the checklist for a CA loan to avail the funds faster.

Secured by a valuable asset, a loan against property offers you ample funding on simple repayment terms. Loan against property interest rates and the resultant EMIs are generally lower than those provided by other borrowing options. However, bundled with interest charges are fees that go towards processing and maintaining your loan. When combined, these reveal the total cost of taking the loan against property. Read more to learn about the loan against property interest rates and various loan against property charges. Use an EMI Calculator to Know your Monthly Cost To know how much you need to set aside for loan EMIs, use a tool like the loan EMI calculator. This will also help you learn how much you will incur at a particular interest rate through the loan tenor. Higher interest rates translate to costlier loans. Consider that you take a loan against property worth Rs.75 lakh for a 180-month tenor at a 9.5% rate of interest. These figures give you EMIs of Rs.78,317 and the total interest as Rs.65,97,025. If the interest rate is dropped by 0.5% to 9%, your EMIs become Rs.76,070 and the total interest you need to pay at the end of the tenor amounts to Rs.61,92,606. This small interest rate deduction reduces the amount of interest you need to pay by 6.1%. Since interest rates are the major contributing factor to how affordable your loan is, make sure to use an EMI calculator to compare different lenders’ offers. Choose between a Fixed or Floating Interest rate Loans When signing up for a loan against property, you have two different interest rate schemes to choose from. With fixed interest rate loans, the rate remains constant throughout the tenor. This means that you can compute the cost of your loan well in advance and plan for repayment accurately. On the other hand, the rate for floating interest rate loans fluctuates with the market. While floating rates mean that you may have to pay larger EMIs than you expected during some seasons, they also help you profit when the market is favourable. Additionally, as per RBI guidelines, you should be able to make prepayments or foreclose the loan at zero extra fees on floating rate loans. However, you should evaluate your risk profile to know which is the better option for you. Know the Additional Charges that are Involved In addition to the interest on a loan for house property there are a variety of fees and charges that come bundled with every loan. Here are some of them: • Processing and Origination Fees: These are initial, one-time and generally non-refundable costs that go towards setting up your loan with your lender. Processing fees tend to range between 1.5% and 2.5%. • Part-prepayment and Foreclosure Fees: Part-prepayment refers to repayments made over and above the regular EMIs and a foreclosure refers to when you want to pay off the entire loan prematurely. Lenders make it easy for you to repay your loan in any of these ways. For example, here foreclosure charges are limited to 4%, prepayments to 2% and in case of floating rate loans taken by individuals, both are slashed to zero. • EMI Bounce and Penal Interest Charge: EMI bounces denote defaults that arise due to reasons such as insufficient funds in your account. Lenders levy a fee when this happens. Similarly, when you default on an EMI you incur a penal interest, sometimes an extra 2% on the outstanding balance. • Incidental, Legal and Miscellaneous Fees: In the course of setting up and maintaining your loan, there are other charges that you will incur. Some will go towards paying stamp duty, others towards legal and repossession procedures. Still others will be termed as incidental, which are unbudgeted charges that your lender incurs on your behalf. Many of these will be charged ‘at actuals’. Since the entire gamut of loan charges is lender-specific, it’s best to get the fees and charges for a loan against property explained to you by your financier’s representative. You must also make a list of documents required for loan against property to make process simple on your behalf. One loan that comes to you at nominal interest rates and no hidden charges whatsoever is the Loan Against Property. Here you get financing up to Rs.3.5 crore over a flexible tenor of 2 to 20 years. The convenient Flexi facility allows you to borrow from your sanction in parts, and pay interest only on the amount you utilise. It also eases you into repayment by giving you the option of paying interest-only EMIs for the first few months of the tenor.

Secured by a valuable asset, a loan against property offers you ample funding on simple repayment terms. Loan against property interest rates and the resultant EMIs are generally lower than those provided by other borrowing options. However, bundled with interest charges are fees that go towards processing and maintaining your loan. When combined, these reveal the total cost of taking the loan against property. Read more to learn about the loan against property interest rates and various loan against property charges. Use an EMI Calculator to Know your Monthly Cost To know how much you need to set aside for loan EMIs, use a tool like the loan EMI calculator. This will also help you learn how much you will incur at a particular interest rate through the loan tenor. Higher interest rates translate to costlier loans. Consider that you take a loan against property worth Rs.75 lakh for a 180-month tenor at a 9.5% rate of interest. These figures give you EMIs of Rs.78,317 and the total interest as Rs.65,97,025. If the interest rate is dropped by 0.5% to 9%, your EMIs become Rs.76,070 and the total interest you need to pay at the end of the tenor amounts to Rs.61,92,606. This small interest rate deduction reduces the amount of interest you need to pay by 6.1%. Since interest rates are the major contributing factor to how affordable your loan is, make sure to use an EMI calculator to compare different lenders’ offers. Choose between a Fixed or Floating Interest rate Loans When signing up for a loan against property, you have two different interest rate schemes to choose from. With fixed interest rate loans, the rate remains constant throughout the tenor. This means that you can compute the cost of your loan well in advance and plan for repayment accurately. On the other hand, the rate for floating interest rate loans fluctuates with the market. While floating rates mean that you may have to pay larger EMIs than you expected during some seasons, they also help you profit when the market is favourable. Additionally, as per RBI guidelines, you should be able to make prepayments or foreclose the loan at zero extra fees on floating rate loans. However, you should evaluate your risk profile to know which is the better option for you. Know the Additional Charges that are Involved In addition to the interest on a loan for house property there are a variety of fees and charges that come bundled with every loan. Here are some of them: • Processing and Origination Fees: These are initial, one-time and generally non-refundable costs that go towards setting up your loan with your lender. Processing fees tend to range between 1.5% and 2.5%. • Part-prepayment and Foreclosure Fees: Part-prepayment refers to repayments made over and above the regular EMIs and a foreclosure refers to when you want to pay off the entire loan prematurely. Lenders make it easy for you to repay your loan in any of these ways. For example, here foreclosure charges are limited to 4%, prepayments to 2% and in case of floating rate loans taken by individuals, both are slashed to zero. • EMI Bounce and Penal Interest Charge: EMI bounces denote defaults that arise due to reasons such as insufficient funds in your account. Lenders levy a fee when this happens. Similarly, when you default on an EMI you incur a penal interest, sometimes an extra 2% on the outstanding balance. • Incidental, Legal and Miscellaneous Fees: In the course of setting up and maintaining your loan, there are other charges that you will incur. Some will go towards paying stamp duty, others towards legal and repossession procedures. Still others will be termed as incidental, which are unbudgeted charges that your lender incurs on your behalf. Many of these will be charged ‘at actuals’. Since the entire gamut of loan charges is lender-specific, it’s best to get the fees and charges for a loan against property explained to you by your financier’s representative. You must also make a list of documents required for loan against property to make process simple on your behalf. One loan that comes to you at nominal interest rates and no hidden charges whatsoever is the Loan Against Property. Here you get financing up to Rs.3.5 crore over a flexible tenor of 2 to 20 years. The convenient Flexi facility allows you to borrow from your sanction in parts, and pay interest only on the amount you utilise. It also eases you into repayment by giving you the option of paying interest-only EMIs for the first few months of the tenor.

It’s that time of the year to file your income tax return, and you might have seen many salaried people thronging the financial department of their companies. You might have also seen many people even getting in touch with a qualified CA to get things done. However, have you ever wondered the countless benefits of paying income tax on time? Yes, right from helping you avoid paying penalties for not paying taxes to much more; there are many benefits of filing the ITR on time. Some people are also unaware of how to calculate tax, and that’s where using the income tax calculator can help. An income tax calculator is an online tool that helps you with an exact amount that you will need to pay each financial year as taxes. If you wish to know the benefits that you will grab while filing the income tax return on time, here is a quick post that will help you out. Visa Processing If you are planning on travelling abroad immediately or in the near future, then the filing of taxes on time is a major criterion. The submission of your income tax return to applicable nation’s embassy/consulate including UK, USA and others is a must. Processing of the Loan Regardless of the loan that you wish to apply for, most banks and other lenders may ask you to submit your tax returns for the past few years. They need it to analyze your financial condition. If you have been able to file your income tax on time, it can help in the speedy processing of the loan and lenders may disburse it earlier to you. Carry Losses Forward As per the clauses of the Income Tax Act, you are entitled to carry forward losses (business loss, capital loss and more) to balance any future income for 8 long years. Hence, even if someone is under the taxable group, you can settle the losses and carry forward against the forthcoming taxable income by filing the ITR in time. Refund When you are working and receiving the salary, your employer will deduct TDS on your income. Nonetheless, if you have made some tax deductibles investments, it can lessen the taxable income. Thus, in that case, if the TDS has been deducted, it can be refunded, but only when you file your taxes. It also is correct for TDS deducted by any other sources. Read Also: 6 Things to Consider Before Filing an Income Tax Return Keep off Penalties Not paying your income tax on time is not a good thing to continue and even if you have not yet received it yet, you may receive a notice from the IT department. The notice could be for not being able to file your taxes on time. If you are eligible to file income taxes and found that you did not do it, then you may have to pay a penalty of up to Rs.10,000 and may face interest payment under the Section 234A. The Bottom Line If you have avoided paying the income tax on time or have not filed it all, count yourself lucky if you have not yet received any notice from the IT department. However, it can’t go for forever, and before you are caught, ensure to pay off the income tax on time. If you don’t know how to calculate tax, you can quickly take the assistance of the income tax calculator and get to know an exact amount. The income tax calculator tool is available for free at many leading financial websites.