BankerBhai.com launches Money Meter

BankerBhai.com has been launched with a sole motive to address financial well being of an individual or small business. The portal allows the user to see how the money is performing by using proprietary tool Money Meter. The portal also allows inter-bank comparison of home loans, car loans, personal loans, credit cards including the rates offered by public sector banks also.

Indraprastha Advisors P Ltd announced the launch of its website, BankerBhai.com. The website is positioned to help small businesses and salaried individuals make the best of their money. They have introduced India's first online financial planning tool, called Money Meter. It helps salaried individuals get a financial health score along with sectional reports on their personal finances advising them on next course of action. The portal also has a feature to compare home loans, personal loans and car loans for best loan rates comparing even the rates offered by Public Sector Banks.

Manish Verma, Founder, BankerBhai.com commented on this occasion, "Having been in the banking industry for more than 15 years, I could clearly see a need for financial knowledge at retail levels. What best being done by the banks was to advise a client category-wise to sell their product. The loan guys will not know about investments. The investments person cannot talk about transaction banking and likes. BankerBhai was envisaged as a platform where the money matters could be looked in a wholesome manner. We have started with Money Meter (India's first online financial planning tool) and loan comparison across lenders. More exciting features will follow."

The team is working to have CIBIL scores estimation and advice on how to improve CIBIL scores. They already have useful calculators and blogs available on the site to help users. The site proposes to bring helpful features on tax management, financial decisions, and loan management in times to come.

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5 smart moves before availing a Home loan

5 smart moves before availing a Home loan

Investing in a home is the prime investment most people in the world care about. It is a lifetime dream for any individual. A home loan will be the biggest and most important loan an individual will ever go for in their entire life. This is the primary reason that there is a long list of banks and financial institutions which offer all types of home loans in India. People these days are choosing Home Loans for their different needs. Hence, it's important to make the right decisions when you approach a bank for a home loan to buy your dream house. Here are some important things to watch out for says Brijesh Parnami, CEO Destimoney Advisors

1. Do your own research

Home loans are marketed pretty aggressively by most financial institutions, luring investors with attractive interest rates and schemes. It however pays to take decisions wisely before taking the plunge. It is important to understand the terms and conditions of the loan agreement, penalties, charges etc. Do not hesitate to ask the sales person or the bank to explain or clarify even the slightest information.

2. Set your budget

The first step before embarking on a home-loan application is to decide on your budget. A standard home loan will cover upto 80% of your requirement (the overall cost of the property). You will need to raise a minimum of 20% and also separately, take into account stamp duty, registration charges, brokerage etc.

3. Know eligibility for a home loan

Loan eligibility is calculated based on your ability to pay and the cost of the house. There are a number of ways you can increase your loan eligibility. For instance you may choose longer loan tenure in return for higher eligibility. You may request the bank to club the incomes of close relatives like your spouse or parents.

4. Calculate Interest Rates and other Fees

These rates vary from institution to institution and through certain periods of time through the year when special promotional offers and discounts are in place. Beware of such banking terminology as ‘fixed rate’, ‘floating rate’ and ‘reducing balance’. Discuss these factors thoroughly before deciding on an option that suits you best.

5. Documents need to furnish

One should be aware of the requisite documents for a home loan procedure. Some of the basic documents include Photo Identity, Pan Card, Address proof, Bank Statement, Salary Slip, Form 16 etc. that one needs to submit for availing a home loan.

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SBI cuts Home Loan Processing Fee

Business News: The largest bank of India, State Bank of India has cut the loan procession fee on the home loans. The bank cut around half of the processing fees on the home loans. The move will help to attract more and more home loan customers to choose the bank to finance their home loans.

According to media reports, the SBI will charge Rs. 10,000 as the procession fees for home loans above Rs.75 lakh instead of Rs. 20,000 processing fees. Similarly, the bank has reduced the fees on home loans between Rs. 35 to 75 lakh to Rs.6,500 from Rs.10,000. However, the processing fees for the home loans below Rs. 30 lakh to remain at 0.25 per cent.

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National Housing Bank (NHB) bans Penalty on Prepayment of Home Loans

In a significant development, the housing finance regulator, National Housing Bank (NHB) has banned the fine on pre-payment home loans taken from any of the 54 housing finance companies (HFCs) with immediate effect.

NHB has issued notice to the HFCs over the levy of pre-payment penalty. The move is aimed to protect the interest of homeowners those taken home loans from HFCs. According to media report, the regulator has also asked the housing finance companies that borrowers would pay the same interest rate on their home loans. NHB cleared that the housing companies will not levy any fee on floating rate home loans.

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