July 2, 2009
I have started a new blog which covers on various topics like investments, income tax, saving, earning online, insurance and the various investment instruments available in the market.
April 20, 2009
You may opt to apply for home loan either from the bank where you have your salary account or from a different bank altogether. If you have availed of home loan from the bank where you maintain your salary account, you need not bother of paying through cheque or ECS. Once you get the salary, the EMI amount automatically gets deducted from your account.
The difficulty arises when you maintain salary account in one bank and have availed of home loan from another bank. You need to make sure that you pay the appropriate amount on time. Let us look how to achieve this.
Once you get sanctioned for home loan, the bank gives you two options to make EMI payment: cheque or ECS. Let us look which is better.
If you prefer to repay through cheque, you need not fill up any form on getting the home loan. Every month, you need to fill the cheque and submit to the bank. An alternative way is to withdraw cash and deposit it in the bank from where you have availed of loan. So, you need to manually maintain this method for every month. This is a cumbersome process, if followed for a long period. The only advantage is that there is no additional charge levied for making use of the cheque. Hence you are free of additional charges.
To make use of ECS facility, you need to specify the details in the form and submit to the bank. Based on the amount and date specified, the appropriate amount gets automatically transferred to the home loan account. But, the original bank normally charges a small amount for providing such facility. This charge is levied once a year. Different banks charge different amounts. Hence it is good to contact the bank.
What do i do?
I have taken home loan from a bank different from the bank where i maintain my salary. My home loan bank is very near my residence. Hence i usually transfer the amount using cheque during the first week of every month. I feel that this is comfortable. Even, in case of ECS, i think that its our duty to ensure that appropriate amount gets transferred on time.
For those who are a bit lazy and can afford to pay small amount for ECS facility, they can make use of ECS. But for those who have easy accessibility to the bank, i think its good to transfer the amount either physically or through cheque.
Comments are welcome.
April 17, 2009
Before introducing new products in any market, companies normally conduct surveys from a selected sample of population. This not only gives valuable feedback on the product, but also gives a feel of the consumers preferences and tastes. This would add value by improving the quality of products.
Previously, companies used to go to a selected area and do physical surveys. This is a cost-intensive method. But now, with the advent of internet, companies are conducting surveys through internet. But, who would be willing to sit and answers for all questions? To make people answer the surveys, they will be paying a very small amount in the form of rewards / points which we can encash them.
is one such website (of Indian Origin) that conducts surveys and pays the participants. If you are interested in sparing half an hour occassionally and get rewarded a few points in return, read further.
How does this work?
- Sign up for a free account with Indiaspeaks.
- Fill in the detailed profile. This would take sometime (it took half an hour for me). This is necessary to be eligible for participating in surveys.
- This is because, you will not get access to all the surveys that the company offers. THe company offering surveys filters participants based on certain criteria (based on your profile).
- Whenever, a new survey becomes available, you will be intmated through mail. (you need not go everyday to the website and check for any new survey).
- Then, login into your account and answer the questions. This is definitely going to take sometime (approximately 30 min. hence plan accordingly).
- Fill in only genuine answers. Because, your answers will be validated after you submit.
- For participating in the survey, they reward you some points (normally it is about 30 to 50 points). Each point means one rupee.
- The points will get credited to your account 2 days after your participate in the survey.
- Once you have accumulated 200 points, you can redeem them in the form of gift vouchers, etc.
This is one such activity which i found very interesting because:
- I do not track the website for new surveys. I get intimated through mail, whenever a new survey becomes available.
- I spend only very little time (half an hour once in a while).
- The rewards get automatically credited into my account.
Please note that you will not be able to earn rich amounts with this website. You can earn only a few points now and then. I am sure that you will be interested in becoming a member. Hurry up and register here
April 17, 2009
Sundaram home finance has introduced a good fixed deposit scheme for those who are interested in investing in fixed deposit schemes. The interest rate varies from 9.5% to 11.5% for 3 years. This is a good return from fixed deposit scheme, since most of the banks are offering fixed rate of around 8.5%. And there is fear that interest rates may go down further.
Its a good opportunity for those interested in fixed deposit schemes. See below for the details:
Those who are interested in investing in the above scheme, can fill the application form available with the fund house and submit to the nearest broker / fund house. If you need assistance in getting application form /approaching a broker, you can contact me.