Saturday, February 22, 2014
Buying a home is once is a life time decision for majority of the borrowers and it would probably be one of the biggest asset you will create for yourself. Other than just hunting for a right property you also need to know what you should not be doing while arelooking for a Home loan.
Following are the six mistakes you should avoid while considering home loan:
- Not checking credit score: CIBIL is India’s leading credit rating agency. Ensure you pull out your personalized credit score or Cibil data before you start the process of home loan application. In fact we at CreditVidya.com advice people to pull out their personalized score periodically to ensure it if error free and there are no identity thefts. Please click here to find out how to pull your CIBIL Score. If you would like to get an estimate of your Cibil score, you can check out our FREE Score estimator.
- Applying for new credit: When you are planning to buy a new home, concentrate all you efforts on just your home loan at least six months before. Do not go shopping for personal loans and credit cards;If your prospective mortgage lenders find too many enquiries in your Cibil credit report while scrutinizing your mortgage application, your loan application may be rejected.
- Finalizing on bank without checking: While applying for a home loan, talk to your friends who have an ongoing loan. Talk to as many as possible. Check with them why they chose that particular bank. Check what offers each bank is offering and how are their services? Ensure you do a rigorous background check before you apply for a mortgage. This will help you save a lot in terms of money spent on tiny little things like foreclosure charges, legal charges, processing fee and the likes.
- Not considering pre-approval: Pre-approved loan is a benefit offered to you by your bank based on your relationship with your bank. This is usually beneficial in terms of saving time on loan processing. Since you already have a working commercial relationship with the bank, the bank knows your history. So things become a lot easier in processing your loan.
- Loan overleveraged: Just because someone is offering your higher value loan, do not take it. Check if you can afford the corresponding EMI. In fact if you can do with lower home loan, consider it. Increase your EMI and reduce the tenure of loan. That way you save money on interest. At CreditVidya, we work with many customers who are servicing their home loans. Our debt optimizations strategy on an average helps our customers save 2.3 lacs on their home loan debt. Take advantage of our FREE counseling services and call us at 022-4012-4545
- Signing without reading between lines: The loan documents are filled with legalese. Make sure you understand every term and condition mentioned in the document. If you do not understand, check with your friends who can explain it to you.
Shiv-Vani Oil & Gas Exploration Services and Geodesic were, both, locked at 5% lower circuit level on BSE, extending Thursday's slide triggered by a London Court ruling directing the two firms to make payment to bondholders including default interest
Meanwhile, the S&P BSE Sensex was up 124.60 points or 0.61% at 20,661.24.
Shiv-Vani Oil & Gas Exploration Services was locked at 5% lower circuit at Rs 12.40. The stock had tumbled by the maximum permissible level of 5% to settle at Rs 13.05 on Thursday, 20 February 2014 after the company during trading hours on Thursday, 20 February 2014, said that a London Court has given the Summary Judgment in the case filed by the bondholders through their Trustees, Citibank N A, London (Citibank). According to the Judgment, the company has to pay to Citi Bank a sum of $84 million, a sum of $2.21 million default interest unto 11 February 2014 and $11,988 per day of default interest from 11 February 2014 up to the day of payment.
Shiv-Vani Oil & Gas Exploration Services said it is proposing to file appeal against this judgment within the prescribed period of limitation and also seek stay of the judgment.
Geodesic was locked at 5% lower circuit at Rs 2.86. The stock had tumbled by the maximum permissible level of 5% to settle at Rs 3.01 on Thursday, 20 February 2014, after the company after market hours on Wednesday, 19 February 2014, said that the London Court has given a Summary Judgment in the case filed by the bondholders through their Trustees, Citibank N.A., London (Citibank). According to the Judgment, the company has to pay Citibank a sum of $157.06 million, a sum $14.88 million in respect of unpaid default interest up to and including 7 February 2014 and $39,266.06 per day of default interest from 8 February 2014 up to the date of payment.
It is also ordered that the company would also have to pay the cost of the proceedings i.e. 1,22,500 pounds excluding of VAT, Geodesic said. The company said it is in discussions with the bondholders for a settlement.
Geodesic reported a net loss of Rs 37.58 crore in Q2 December 2013 as against net profit of Rs 14.34 crore in Q1 September 2013. Net sales declined 66.57% to Rs 8.13 crore in Q2 December 2013 over Q1 September 2013.
Geodesic provides IT solutions to the enterprise and the retail segments. The company offers its solutions across smart phones, tablets and desktop computers.
Shiv-Vani Oil & Gas Exploration Services is a service provider catering to the upstream segment of the oil and gas industry.
On a consolidated basis, Shiv-Vani Oil & Gas Exploration Services reported net loss of Rs 192.31 crore in Q3 December 2013, higher than net loss of Rs 11.31 crore in Q3 December 2012. Net sales dropped 78.1% to Rs 59.43 crore in Q3 December 2013 over Q3 December 2012.