Why Home Loan Application get Rejected

 

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Shailendra Kumar, 28, found his dream home in the Mumbai suburbs. He decided to fund the purchase partly through his savings and partly through a home loan. But soon after applying for a home loan, he received an email from the lender. The email informed Shailendra that his application was rejected. This was shocking to Shailendra. After all, he had a well-paying job and a good builder was involved.

Here are eight reasons the lender may have rejected Shailendra's home loan application.

1.       Credit score issues

One of the primary reasons is a poor credit score. Your credit score determines your creditworthiness and your ability to repay the credit. It depends on your past loans, credit card history, repayment track record, and current debt. The higher the score, the higher your chances of getting loan approval.

2.       Unapproved builder

Banks do not approve loans connected with all builders. The builder concerned may be reputed in your city. But the bank where you apply for a loan may not recognize it. Ask the builder to provide the list of banks that have approved them. Different banks have different criteria for approvals.

3.       Unapproved project

Say, a builder has approval from a bank. The bank may not approve all of that builder's projects. A few of those projects may be eligible for home loans. Others may not. In some cases, the bank may not approve some phases. When doing your homework, check for bank approvals project-wise. This will help you avoid loan rejection.

4.       Property valuation

Banks sanction home loans based on the price derived by their own due diligence. The amount finalized between you and the seller does not matter. There is no problem if the valuation is higher than the price decided by both parties. But if the valuation is lower, the loan amount sanctioned may be less. The bank may even reject the loan.

5.       Frequent job hopping

Job stability gets high priority when reviewing home loan applications. Some banks even require you to be a permanent employee with a company. You need to have served a specific number of years with the employer to show stability. Job hopping shows instability. This may affect your repayment ability.

6.       Income and its treatment

A salaried person has a fixed source of income. But this is not true for a businessperson. Unless your business has been performing well for a considerable time, the bank could reject your loan. This may happen even if you have an income from non-genuine sources. Keeping proofs of income and investments would help.

7.       Borrower's age

A regular flow of income also depends on your age. Say, you have started working recently and have a long working life ahead. Your chances of getting a loan are good. But suppose you are nearing retirement. The bank might worry about the loan repayment. Hence, it may reject your loan application.

8.       Liabilities

Any existing liabilities increase the chances of rejection. For example, you may have a car loan or a loan on another property. Banks do not want you to default on repayment due to excessive liabilities and limited income.

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Tata Mutual Fund Dividend

Tata Mutual Fund has announced dividend under the following schemes:

Tata Mutual Fund Scheme	Dividend (Rs /unit)
Tata Balanced Reg-D	0.47
Tata Regular Saving Equity Reg-DM	0.1

 

The record date has been fixed as February 07, 2017.

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1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund

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How to Get a consolidated statement for your Mutual Funds

 Consolidated Statement for your Mutual Funds

 

You can get the details of all your investments across fund houses and then upload them to our Portfolio Manager for in-depth analysis

 A consolidated mutual fund (MF) account statement means that you can see all your MF holdings across fund houses in one statement. You may have an old MF investment through a distributor, whose details you may have forgotten. Or, you may have invested directly across schemes of various fund houses and are finding it cumbersome to get their details. You can get a consolidated account statement of all your MF investments at one place from specific websites. Computer Age Management Services (CAMS) Pvt. Ltd had, in fact, initiated such a consolidated statement in 2008 for funds serviced by it. Subsequently, various registrar and transfer (R&T) agents have come together to offer a consolidated statement across all fund houses serviced by them. This service has been around since 2012. It can be very useful for investors investing directly, whether online or offline.

 

What is it?

If you want to invest directly, you will find you have to invest in each scheme separately, either online through the fund house's website or by submitting a paper application. Most investors, typically, diversify MF investments across 4-5 asset managers; but investing yourself means that you will then have to go to the source for an updated account statement whenever you need one.

 

With a consolidated statement, you can get details or a summary of all your MF investments across fund houses in one place. This statement gets updated once a month for transactions in funds serviced by the four R&T agents in India—CAMS, Karvy Computershare Pvt. Ltd, FT Asset Management (I) Ltd, and Sundaram BNP Paribas Fund Services. Certain MF websites, such as UTImf.com (which belongs to UTI Mutual Fund), also provide this service.

 

What you get

To get a consolidated report, go to the website of either an R&T agent or fund house, enter your email address and Permanent Account Number (PAN) (this is optional) and select a password. An email will be sent to you and a statement can be retrieved from it. You can choose to get a summary statement with just your account balance, number of units and value, or a detailed statement, which will have individual transactions listed.

 

Statements are based on individual PAN-identified folios. Folios held jointly will not get aggregated with your single holder folios. Through this statement, you can get all financial transaction related details such as systematic investment plans (SIPs), switches and dividends, among other things.

 

You can also get a capital gains statement from CAMSonline.com and karvymf.com across MF investments. These features can make investing and managing your portfolio more efficient. So, make sure you have updated correct details, such as email ID, mobile number, PAN and address, in the know-your-customer (KYC) documentation to avail these facilities.

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Top 10 Tax Saver Mutual Funds to invest in India for 2017

Best 10 ELSS Mutual Funds in india for 2017

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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Why Health Insurance is Mandatory

 

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Let's face facts --- medical treatment is expensive! Not only are medical costs high, inflation is also rising. There is already huge financial pressure on citizens and a trip to the hospital is only going to make their financial problems worse. To save us from extra financial burden we should have health insurance. And just like car insurance, health insurance should be made mandatory by the government.

So let's examine the reasons why people must have health insurance.

The Benefits:

Financial security:

The most important reason for mandatory health insurance is to reduce the pinch in one's pocket should you or a loved one need to be hospitalised. When a person has health insurance, she doesn't have to worry about having enough cash for her treatment. The insurance policy will reimburse her and thus save her from financial turmoil. The cashless facility also gives an added benefit of not needing to gather funds during a medical emergency. The patient and doctors can concentrate on the treatment and not worry about money.

Good Healthcare:

Everyday new breakthroughs and advancements are made in science. The latest equipment makes medical procedures more reliable and safer. Investing in new technology costs the hospital money and it can increase rates. If one has health insurance, you would be protected from these rising costs and can afford the necessary treatment. Therefore, health insurance gives you access to the best healthcare available at any given time.

But before the government makes such a rule, there are many hurdles to cross. Let's take a look at some of them.

Existing Problems:

Poor infrastructure:

For people in villages, the first and biggest burden in a medical emergency is reaching good hospitals in time. If there aren't even roads to take you to a hospital, no amount of health insurance can save you.

Unaffordable Premiums:

With shrinking wages and rising inflation most people cannot afford to buy health insurance. Not just that, once you have made a claim or are diagnosed with some illness your premiums increase. The increasing cost of premiums is only going to add to your financial woes.

Insurance coverage:

With exclusions and restrictions to what illnesses are covered in your health plan, one needs to be extremely careful about what insurance they are getting. You may have health insurance, but it may not cover you for any pre-existing illness and treatments that you may require.

Conclusion:

If the government makes health insurance mandatory, it should be made affordable for everyone. The government should also provide schemes for people who cannot afford insurance. To share the costs in such an enterprise, employers could be given incentives to insure their employees. Insurance companies and hospitals should work together on cutting costs and providing universal healthcare. There should be minimum basic coverage, regardless of any pre-existing conditions so that every citizen is covered. If every person is insured, regardless of their financial condition, they will be given the proper medical treatment they deserve. Health insurance will protect a person from additional financial burden. Health insurance should be mandatory so that the common man can avail medical treatment at good facilities.

 

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Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund

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Sundaram Banking & PSU Debt Fund Merger with Sundaram Flexible Fund Short Term Plan

Sundaram Mutual Fund has proposed to merge Sundaram Banking & PSU Debt Fund with Sundaram Flexible Fund Short Term Plan on March 17, 2017.

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Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017 - 2018

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund

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Reliance Diversified Power Sector Fund Dividend

Reliance Diversified Power Sector Fund - Dividend Plan has declared a dividend of Rs.3.25 per unit^ on the face value of Rs.10 per unit with the Record Date 17th February 2017.

NAV as on 13th February 2017 is Rs.33.6845

^As reduced by the amount of applicable statutory levy. Pursuant to payment of dividend, the NAV of the Scheme will fall to the extent of payout, and statutory levy, if any.

The dividend payout will be to the extent of above mentioned dividend per unit or to the extent of available distributable surplus, as on the Record Date mentioned above, whichever is lower.

For units in demat form: Dividend will be paid to those Unit holders/Beneficial Owners whose names appear in the statement of beneficial owners maintained by the Depositories under Dividend Plan of the Scheme as on record date. All Unit holders under the Dividend Plan of the above mentioned Scheme, whose names appear on the register of unit holders on the aforesaid record date, will be entitled to receive the dividend.

Product label

Reliance Diversified Power Sector Fund (An open ended Power Sector Scheme) is suitable for Investors who are seeking*: • Long term capital growth • Investment in equity and equity related  securities of companies in power sector. *Investors should consult their financial advisors if in doubt about   whether the product is suitable for them.

Scheme Specific Risk Factors: Trading volumes and settlement periods may restrict liquidity in equity and debt investments. Investment in Debt is subject to price, credit, and interest rate risk. The NAV of the Scheme may be affected, inter alia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The NAV may also be subjected to risk associated with investment in derivatives, foreign securities or script lending as may be permissible by the Scheme Information Document. For further details, please refer SID/KIM of the scheme.

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Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017 - 2018

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund

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Sovereign Gold Bond (SGB) 2016 - 2017

Sovereign Gold Bond (SGB) 2016-17 Series IV has been announced and opened for subscription from 27^th Feb to 03^rd Mar'2017. The issue price of the Sovereign Gold Bond for this tranche has been fixed at by RBI at Rs.2,893/- (Rupees Two Thousand Eight Hundred and Ninety Three only) per gram of gold.

The important points and process to be followed and the documents/information be maintained at our end:

1. The cheque for investment in SGB should be in favour of "Yes Bank Sovereign Gold Bond Account"
2. The sub-brokerage payable to our Business Associates for the business procured through Yes Bank is 0.75% gross on amount allotted (inclusive of service tax).
3. "Know-Your-Customer (KYC) norms will be the same as that for purchase of physical form of gold. Identification documents such as Aadhaar card/PAN or TAN /Passport / Voter ID card will be required. KYC will be done by the issuing banks/Post Offices/agents.". All the Self attested KYC documents collected from the customers should be Originally seen & verified(OSV) by signing the document and also mentioning the name and employee code on the same.
4. Third party cheques will not be accepted. Applicant has to issue cheque from his / her own account.
5. In case of minor a Guardian will sign the application form. Guardian Signature will match with Signature on Minor's application form. A copy of Birth Certificate or Certificate from School self-attested by Guardian is required to be submitted. Guardian can issue the cheque from Minor's account or from his / her own account.
6. Note for customer: If Guardian wants to invest 500 gms under his / her name and another 500 gms in minor's name, then Customer should be advised to fund Minor's application from Saving Bank Account of MINOR only. In such cases pls share different KYC documents.
   

Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 10 Tax Saver Mutual Funds for 2017 - 2018

Best 10 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. ICICI Prudential Long Term Equity Fund

5. Birla Sun Life Tax Relief 96

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Birla Sun Life Tax Plan

Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms

For further information contact SaveTaxGetRich on 94 8300 8300

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