Tidbits | wealthymatters

Mistakes To Avoid When Looking For Home Loan

November 29, 2014 Leave a comment

Buying a home is one of the biggest decisions we can make in life. It is our single largest commitment in our lifetime. However, for people who are not financially ready, the process of obtaining the right type of home loan from banks is always a challenging task. If you can’t get proper financing, you may end up paying thousands in interest payment alone to the banks. If you will not take time to avoid these mortgage mistakes or if you have not been educated on what you should be doing to take control of your destiny as far as getting a home loan is concerned, you will end up losing your hard-earned money in the process.

If you are planning to invest, structuring a mortgage financing correctly is an even more difficult task because this may mean the difference between profit and loss. Below are the most common home loan mistakes that you need to avoid. Also check this checklist for home buyers by the Department of building and housing NZ. Read more of this post

Filed under Alternative Assets, Tidbits Tagged with buying a home, credit history, credit report, home loan, home loan abroad, home loan checklist, mortgage, mortgage financing, mortgage insurance, postaday

All About Foreign Bank Accounts

October 27, 2014 Leave a comment

wealthymatters In the midst of all the noise and breast-beating about black money, here are the facts:

It is not a crime to hold a bank account outside India.Mere holding of an account outside India does not mean that the amount is tax evaded or black money.The RBI allows Indians to hold foreign accounts in certain cases:

1.Non-residents who have returned to India after 1-year can maintain accounts that have income earned outside.

2.Individuals can open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the liberalized remittances schemes.

Revealing details of all foreign bank accounts would be a breach of privacy .The information could be misused unscrupulous elements.Most countries provide information about foreign bank accounts only if there is evidence of wrong doing. The government can also make accounts public if it is able to establish tax evasion and launch prosecution as it has done here: Link. Read more of this post