How to get a loan when in a bad financial situation

If you have a bad credit record, it’s hard to get your loan approved. Your options will be in a limited scope, and you’re probably be going to a more expensive option. But take note, getting a loan in this situation is only hard, but not impossible. Falling into a costly trap is a given possibility, but knowing these things can improve your chances of getting an approval. Let look closely at some ways on how to get a loan when in a bad financial situation.

Visit Credit Unions

Credit unions will be interested in giving you a loan even with your bad credit history. They will be more likely to check on you on a personal level- instead of checking on your credit history only. Understanding what led to a bad credit history is something credit unions – and not loan companies – will look upon to give a fair chance to borrowers.

Get a loan online by visiting a peer to peer site.

If you have a bad credit history in reality or paper only, then you better look this up, because it’s one option for lenders with not so favorable credit history. It’s not that new, and you’ve probably have done it before. But just to clarify, this type of lending doesn’t involve banks or online money lenders, but individuals who are willing to lend some amount. Fewer rules and terms, and less overhead costs for sure. And more importantly, it’s a more sympathetic option. But don’t be mistaken, they may have a good heart, but they still have no intentions of losing their money.

Try Friends & Family

The peer to Peer option may allow you to borrow from strangers. However, when circumstances fall for it, your friends and relatives or family may be your only option. Since they know you, there is an excellent chance that they would lend you the needed amount of loan. But if you do, however, it is highly advisable to treat it with high respect as you would – or even more – with reputable lending companies. A lot of families have been broken due to financial disputes, and it is the last thing you would want.

If your friends and family members won’t or are incapable of helping you though, you may still have the option of making them co signee’s to give your loan a better chance of approval.

Use Collateral

And finally, if you have no one to turn to or no one you know is willing to be a co-signer, perhaps something instead of someone may be your best option. This something can be anything that can qualify as collateral, which can be used to get your loans approved. By using something of value as collateral, your money lenders may see your sincerity and give you a better chance of getting your loans approved in no time. Having equities in your home may give you the option to borrow money against it – but such choice is hazardous.

Union Budget 2017: 5 things that can help you save money

Post the demonetisation phase, people had lots of expectations from the Union Budget. The budget to some extent matched the expectations of the common man.

Budget 2017, budget, arun jaitley, finance bill, savings, employees, income tax department, income tax act

Some of the budget proposals can surely impact the savings of a common man, like while planning to buy or sell one’s property or any financial asset, paying rent to landlord above Rs 50000. Moreover, they will have a direct impact on one’s salary because of the reduced income tax rates.

Here are five Budget proposals which can help you save money.

Reduction in income tax rates:
Reduction in the tax rate from 10% to 5% for the income tax slab of Rs 2.5 lakh to Rs 5 lakh will have a positive impact on employees’ saving. After this amendment, employees can save more in their pocket, especially those whose income is below Rs 50 lakh. This amendment will help you in saving up to Rs 12500 every financial year.

 

Increasing option under Section 54EC

The Finance Minister in his budget has announced that you will get more options under Section 54EC. Currently, where people can invest up to Rs 50 lakh in capital gains bonds from NHAI and REC to save LTCG’s tax only, the government has now proposed to widen the scope of the section for sectors which will help in raising the fund by issuing of bonds eligible for exemption under section 54EC of I-T Act. The proposed amendment of section 54EC will provide that an investment in any bond which is redeemable after 3 years, has been notified by the Government in this behalf will now also be eligible for exemption under I-T Act. However, the cap remains unchanged at Rs 50 lakh. The amendment will effect from 1 April 2018.

Incentives for promoting investment in immovable property
With a view to promote the real-estate sector and to make it more attractive for investment, the government wants to amend the section 2 (42A) of the I-T Act in order to reduce the period of holding from the existing 3 years to 2 years in case of immovable property, being land or building or both, to qualify as long-term capital asset. It is a good move for employees because taxation under long-term capital gains is calculated at 20% after indexation, get much favorable tax treatment comparing to short-term capital gains where tax treatment is done on marginal income tax rate. This amendment will take effect from 1st April 2018.

Change in base year from 1981 to 2001
In order to change the base year for computation of capital gains, an amendment of section 55 of the Act is proposed so as to provide that the cost of acquisition of an asset acquired before 01.04.2001 will be allowed to be taken as a fair market value(FMV) as on 1st April 2001 and the cost of improvement will include only those capital expenses which are incurred after 01.04.2001. Consequential amendment in section 48 has also been proposed so as to align the provisions relating to cost inflation index to the proposed base year. It means that if you purchased a property in 1987, after the amendment you can either consider your actual purchase price or the FMV in the year 2001 as your acquisition cost. This will limit the tax payment on appreciation in the price of the property till 2001. Hence, your capital gains tax liability will get decreased. Currently, the cost of inflation index for the FY 2016-17 is 1125. These amendments will take effect from 1st April 2018.

 

Personal Tax Slabs After Budget 2017: How Will Your Tax Come Down?
 Deduction of TDS of 5% for rent above Rs 50000

In order to increase the scope of TDS, the government has amended certain clause to insert a new section of 194-IB in the I-T Act. This section concludes that an individual or a HUF (other than those who are covered under 44AB of the Act), responsible for paying any income by way of rent exceeding Rs.50000 for a month or part of month during the previous year, will have to deduct an amount equal to 5% from the total rent as income-tax. The following amendment will take effect from 1st June 2017.

If you are paying rent of more than Rs 50,000 per month, then in such a case you need to deduct TDS of 5%. This means to say, if the rent is Rs 100,000, you will pay Rs 95,000 and deposit the TDS of Rs 5000 with IT department. TDS can be deposited once in a year which can help in some way around.

Rs 2,349.79 crore deficit budget presented in Assam Assembly

Assam Finance Minister Himanta Biswa Sarma today presented a Rs 2,349.79 crore deficit Budget for the state for 2017-18 financial year and merged the Plan and non-Plan heads. Considering the Budgetary estimates of the next fiscal only, the year will result in a projected deficit of Rs 367.19 crore, Sarma said in Assembly while presenting the Budget.

"After adding the receipt of Rs 1,62,580.51 crore under Public account and Rs 100 crore under Contingency fund, the aggregate receipts amount to Rs 2,47,412.67 crore," Sarma said in his Budget speech.

“This, together with the opening deficit of Rs 1,982.60 crore, will lead to a budget deficit of Rs 2,349.79 crore at the end of the financial year 2017-18,” he added. The Budget estimates of 2017-18 show a receipt of Rs 84,732.16 crore under consolidated fund of the state, of which Rs 70,719.61 crore is on Revenue account and the remaining Rs 14,012.55 crore is under Capital account.

“After adding the receipt of Rs 1,62,580.51 crore under Public account and Rs 100 crore under Contingency fund, the aggregate receipts amount to Rs 2,47,412.67 crore,” Sarma said in his Budget speech.

Against the income, the total expenditure from the consolidated fund of the state in next fiscal is estimated at Rs 85,922.69 crore, of which Rs 68,319.45 crore is on Revenue account and Rs 17,603.24 crore is on Capital account.

“Taking into account the expenditure of Rs 1,61,757.17 crore under Public account and Rs 100 crore under Contingency fund, the aggregate expenditure for the year is estimated at Rs 2,47,779.86 crore,” the Finance Minister said.

On restructuring the Budget, he said in the House that the Plan and non-Plan heads have been merged and the estimates have been made through Capital and Revenue heads.

“All employees who were earlier drawing salaries from Plan head will join those who were earlier drawing their salaries from non-Plan and now all salaries are bucketed under the head Establishment Expenditure.

“Thus the systemic discrimination in the budgeting of salaries of some categories of employees like Muster Roll and Work Charged employees has been drawn to a close with this budget and I am happy to announce that everyone will now receive their salaries and wages regularly,” Sarma said.

5 Ways to Settle Your Credit Scores and Pay Off Loan Faster

Desperate times call for desperate measures. Thus, no one will blame you if you turn towards taking a loan in order to overcome a financial difficulty. However, loans are like boomerang. First, it’ll help you, but it’ll come back and become the problem itself.

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It’s true that paying loans is a hassle, but you must never delay paying it. The longer you settle your account, the bigger you’ll have to pay. If you’re struggling to put your loan behind you, you might want to consider the following tips:

  1. Round up the amount.

While you can compute for the exact amount you have to pay monthly, you can also try rounding up the sum. If you have to pay $236, you can round it to $250 or $300. This way, you’ll end up with an extra. Keep this extra money. You can use these savings in times of emergency. For example, if you’ll end up with spending money on other matters, you can tap into the savings to pay off your loan for the month.

You can also take this tip to another level and add another $50 every time you allot money for paying your loans.

  1. Pay bi-weekly or bi-monthly.

If you don’t have enough funds to pay the loan in bulk, you can always pay bi-weekly or bi-monthly. This way, you can accumulate less interest, and pay extra payment that could eliminate some months off the estimated timeframe.

When you decide to do this, make sure that you discuss it in length with the lender. Some of them do not accept this arrangement and even get penalties in doing so. If this is the case, you can just set aside money bi-weekly and bi-monthly and still pay on schedule.

  1. Pay one month in advance.

The purpose of paying one month in advance is the same as that of the previous two. You can settle your loan faster and prepare for at least a month of emergency. To make this possible, you can use the money you get from your income tax return or from your 13th-month payment.

  1. Earn extra income.

When your expenses get higher, it’s natural to look for extra income. It might sound like a hassle, but it’s necessary. It does not have to be a permanent work. You can take a part-time job until you have fully settled your account. It’s better if you work extra hours than to skip paying your loan. This way, you will not have to suffer from penalties.

  1. Let go of your asset.

Let’s assume that you have gotten car title loans in Moreno Valley, and end up with the responsibility of having to pay for it for several years to come. On one hand, you can work extra hours. On the other, you can just let go of your car. The latter will only work if you have no longer use for the car itself, of course. In making the decision, you have to weigh the pros and cons carefully.

Conclusion

Settling a loan is never pleasant. That is why it’s better to be done with it as soon as possible. The most important thing that you have to remember is to never skip a month. If things come to worst, your last resort is to ask assistance from your friends and family.

IDS: CBDT says bona fide revised declarations will be valid Read more at: http://economictimes.indiatimes.com/articleshow/55442829.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

A directive has also been issued to clarify what should the taxman do in cases where an assessee claims that a tax issue under pending assessment proceeding is covered by his or her declaration made under IDS.NEW DELHI: CBDT has said a “revised” and bona fide declaration made under the one-time black money disclosure window that ended on September 30 will be allowed even if the undisclosed income under it is less than what was committed earlier.

The latest directive was issued after field offices of the Income Tax department raised queries on the issue as they found that some revised declarations filed under the window, also called the Income Declaration Scheme (IDS), were genuine but th ..

“In such cases a facility has been provided to the jurisdictional Principal Commissioner or Commissioner to generate rectified Form No 2 (acknowledgement) on the department systems,” the Central Board of Direct Taxes said.

A directive has also been issued to clarify what should the taxman do in cases where an assessee claims that a tax issue under pending assessment proceeding is covered by his or her declaration made under IDS.

“In this context, it is clarified that in ..

India Inc’s overseas direct investment dips 39% to $2.11 billion in October Read more at: http://economictimes.indiatimes.com/articleshow/55443773.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Rupee_APMUMBAI: Indian firms made direct investment of $2.11 billion in October, down 39.34 percent from a year earlier, Reserve Bank data showed.

The overseas direct investment by the local firms stood at $3.47 billion in October 2015.

For month-on-month comparison, the Indian firms had made an investment of

The investments in October were comprised of equity worth $1.51 billion, loan of $187.96 million and rest of $407.43 million were in the form of guarantee issued.

The major overseas investments made by the Indian firms included $622.01 million by Indian Oil CorporationBSE -7.58 % in its wholly-owned subsidiaries in the Netherlands and Singapore.

Tata Communications invested $165.86 million in a fully owned unit in Singapore while Fortis HealthcareBSE -1.19  ..

Play the markets your way with EzTraderFC

untitledBinary options trading is a quick and easy way to play the markets. There’s no need to take out a subscription to the Wall Street Journal. Just pick an asset and predict whether it’s going to go up or down over a given period of time. The EzTrader is a great way to get started. It gives you all the information you’ll need, from high level summaries to in-depth analysis. Add to that the EzTrader’s tie-ins with some of Europe’s leading sports teams and you’ve got a fast and thrilling way to begin investing.

Premier sporting tie-ins
Sport is big business and many leading teams have a presence on the markets. The EzTraderFC gives you the chance to invest in this dynamic sector and combine your love of sport with the rush of playing the markets. With partner clubs including Tottenham Hotspur, AS Roma, AS Monaco and VFL Wolfsburg, there are some great tie-ins, including signed branded merchandise, tickets and exclusive VIP hospitality packages. Fresh offers come on stream all the time, so make sure you check your inbox and what’s new on the site to find out what’s up for grabs next.

Welcome bonuses
When you sign up for the EzTraderFC, you get all the help and support you need to start trading in binary options. And in addition to the great tie-ins already mentioned, new customers also get a welcome bonus of up to 100% on your first deposit. That’s just the kick start you need to get investing.

Play your way
Elite football management is all about knowing your squad members and how to get the best out of them. Pretty similar to managing your assets in binary options trading: you look at performance and what’s coming up and make your decisions accordingly. The site is tailor-made to keep you thoroughly informed about all of the options in your portfolio. You’ve got rolling summaries of fluctuations in the international currency markets and of all the key indices, like the FTSE, Dow Jones and Nikkei, clearly laid out and easy to use so you can keep track of everything at a glance.

Develop your strategy
The site also has a whole range of more detailed analysis that’s there when you need it to help you plan ahead. The forecasting tools are really useful when shaping your investment strategy. You’ve also got in depth articles about current news topics relating to the markets, carefully crafted to give you the information that you need to inform your decision making.

Binary options trading is a quick and easy way to play the markets. The EzTrader gives you all you need to get started. Look out too for EzEvents, a new addition to the EzTrader family that’s all about predicting global events and turning your instincts into capital.

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Is CFD Trading Right For you?

When trading Contracts for difference it is very important to choose the best CFD provider. Generally many people look for the reliable trading platform, best commission rates and widest product range and however there are many aspects of a CFD provider which you should consider.

Firstly, you should create a checklist of the items to investigate prior to choosing your CFD provider:

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  1. What markets are CFDs offered on?

Some Contracts for difference providers only offer CFDs over ASX listed stocks others offer CFDs over stocks listed on many global exchanges. You need to work out what CFDs you intend to trade in your trading strategy and choose a provider that is able to offer the CFDs you plan to trade. You can go for CMC Markets which will enable you to trade online.

 

  1. Can my CFD provider offer more than just CFDs?

Some Banks, Brokers and even CFD providers can offer CFDs but many simply ‘white label’ the offering of a specialist Contract for difference provider to offer CFDs as an additional product next to shares, futures and options. If you trade multiple products you should consider choosing a CFD provided that can service all of your needs at once, however, if you are only likely to trade CFDs, a specialized provider would better suit your needs.

 

  1. What margins and fees do I pay?

All CFD providers have different margin requirements and fees. Generally CFD providers will charge you fees for the following:

  • Holding a Position Overnight (financing)
  • Exchange Data
  • Transaction Fees (commission)
  • Trading Platform
  • Negative Account Balances

Many people look at commission charges alone without considering the financing cost that CFD providers charge when holding positions overnight. You should look at all charges holistically and take into account that most CFD providers will not pay you as much interest on your free cash as you would get from a bank.

 

  1. What platform should I use?

Before choosing a provider you should trial a demonstration of the trading platform that they use. There are many types of trading platforms some are very simple and easy to use, whilst others are difficult and complicated. Each any every trader has their own preference and trading style some prefer platforms with advanced charting packages whilst others prefer simple and easy to use platforms.

It is important to be aware that some CFD providers charge for their trading platform, in many cases these CFD providers have outsourced their technology and need to pay a third party. It is also very important to ensure that the platform that you use can offer the order types that your trading strategy requires, some platforms do not offer trailing stop-loss orders and others do not offer if-done orders. You should ensure that the platform you chose is suitable for your trading style and can offer you all of the features that you require.

 

  1. What range of CFDs should my provider offer?

Aside from shares CFDs are offered over a variety of different instruments including foreign exchange contracts, commodities and indices. Some CFD providers do not offer CFDs on all of these instruments. You should determine whether these instruments form part of your overall trading strategy before choosing a CFD provider as this may be a determining factor.

 

  1. What is a spread?

The spread is the difference between the bid and the ask price, typically spreads are only applied to index and foreign exchange CFDs. Crossing the spread is much the same as a paying commission, this is how CFD providers makes money from their clients trading activity. Spreads can vary from provider to provider, much like commission there is not one standard spread all providers charge.

 

  1. What margins should I pay?

Each Contract for difference provider offers CFDs on different margin rates, these can be as low as 1 percent or up to 100 percent. The margin you pay will vary depending on the liquidity of the underlying instrument over which the CFD is based. You should be aware that margin can work in your benefit or against you. Should you choose a CFD provider that offers low margin rates you should carefully evaluate as to whether you wish to use the full amount of leverage offered to you by you by the CFD provider. Low margins should not be the determining factor in choosing a CFD provider but rather you should consider the product range offered by the provider.

 

  1. How long has the provider been operating for?

You should ensure that your provider is well established and can offer you the customer service that as a new trader you will require. You should call up a few providers and experience their service first hand or even visit their office to see their operations.

In Conclusion

As a new CFD trader it is important to shop around and choose a provider that will best suit your trading style, remember not all providers are created equal. Ask the right questions and chose a provider that can allow you to focus on what is really important, that is your trading.

All you Need to know About Corporate Fixed Deposits

With attractive interest rates and uncomplicated terms and conditions, Fixed Deposits have become popular amongst people who prefer safe investment plans.

A Fixed Deposit requires you to invest a lump sum for a specific period of time. Usually, the rate of interest for a Fixed Deposit depends on the tenure you choose, and is non-negotiable. You can use online FD calculators to predetermine your overall gain from your investment.

Although you can withdraw an FD whenever you want, it’s advisable you wait until its maturity date. Premature withdrawal will result in loss of interest and you might even have to pay a penalty.

Though FD returns are lower, when compared to other investment options available in the market, they’re steady and guaranteed. Hence, first-time investors generally prefer investing in bank Fixed Deposits to avoid taking unnecessary risks.

But, if you’re willing to take a little risk to earn higher returns, then you should consider investing in corporate Fixed Deposits.

 

What are Corporate Fixed Deposits?

Corporate Fixed Deposits are offered by companies instead of banks and NBFCs and they come with a higher rate of interest. However, before you invest in a corporate FD, you should know that it’s a risky investment scheme.

Companies offering corporate FDs run a risk of getting bankrupt or they can be hit by recession at any time. If this happens, they might not be able to repay the principal or interest amount when your FD matures.

Also, remember that in the case of a corporate FD, TDS is applicable if the interest amount crosses Rs.5,000. Whereas, in the case of conventional Fixed Deposits, you don’t have to pay TDS unless the interest earned is more than Rs.10,000. So easy way to bypass TDS on FD interest.

 

How to Invest in Corporate Fixed Deposits?

You can apply for a corporate FD by either downloading the application form from the company’s website or collecting it in person from their office. If you’ve made up your mind to invest in a corporate FD, you should be careful about the company you choose.

Financial institutions like CRISIL and ICRA rate companies based on their financial stability and customer service. You should opt for corporates with AAA rating as they offer some of the best FD rates and are not likely to go bankrupt anytime soon.

Corporate Fixed Deposits are good investment options as they come with a high rate of interest. However, before investing in them, you should verify the company’s financial status to ensure that you’ll be repaid when the FDs mature.

Documents checklist before applying for a home loan

Buying a home is a massive undertaking. It requires the buyer to be patient, undertake meticulous research, plan every step carefully and thoroughly check alldocuments. The process of applying for a home loan is a significant stage in a home buyer’s journey.Before setting out to apply for a home loan, prepare a checklist of documents that you will require from the builder/society/associations so that you can have a relatively peaceful process. RoofandFloor sets down a list of documents required by potential home buyers in Bangalore.

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The Checklist

 Sale Deed/Title deed /Mother deed/Conveyance Deed – To establish ownership of seller on title of property. All previous Sale Deeds are required in original.

Sale agreement with Seller – Agreement between parties to fix terms and conditions for sale. It is a precursor to the Sale Deed. The agreement mentions time of completion of project and advance payment. For home loan, buyer must pay stamp duty equal to 0.10% of Sale Agreement value.

Katha Certificate and Extracts – Khata is required to register new property and can be obtained from Assistant Revenue Officer of the area. These documents are required to apply for utility connections. Khata Extract has details of the property like size of the property, use of property for residentialor commercial purposes, annual value etc.

General Power of Attorney – A legal instrument where by a person gives another person the authority to act as their legal representative and make legal/financial decisions like Sale/Purchase of Property. The GPA establishes if the previous Sale/Purchase was done by an authorised person.

Allotment Letter from the builder/co-operative society/Housing Board/BDA – The Builder/Housing Society will issue an Allotment Letter offering description and specifications of the property and payments made which helps the Banks/financial institutions to calculate the loan amount. Allotment Letters are issued only to 1st owner and other owners can demand copy of the Letter from previous owner.

Sale Agreement between Builder and 1st Owner– Sale agreement contains liability of the Builder to construct the building according to the plan approved by the local authority. The Agreementshould contain possession date, price to be paid by Buyer, frequency of payment instalments, stages of construction, and details like common areas and facilities.

Construction Agreement between Builder & 1st Owner– A construction agreement involves transfer or sale of the goods involved in contract execution.

Copy of Possession Letter from the builder– The Letter ensures possession of the building is delivered to the purchaser on the effective date specified in the letter.

Payment receipts towards the builder – Remember to collect original payment receipts from builder.

Any loan on the property (current or past) – Submit a list of documents with the vendor bank loan, closure letter with penalty and if the loan is closed, then copy of closure letter from the Bank to determine that the property is not mortgaged.

Latest Tax Paid Receipt from the date of registration up to date (Property Tax/Municipal Tax etc) – This shows property details like area, owner’s name and other specifications. Property tax is calculated on the value of the property being taxed and is levied by the local municipality authority.

Encumbrance Certificate for last 13 years (or from date of registration till date) – You can get this from the sub-registrar’s office. EC shows all transactions done on the property. The EC confirms ownership of property in the name of the Seller.

NOC from the Society/Building Association – This certificate mentions that the apartment owner’s association does not have any objection towards ownership transfer.

No-due certificate from the building association – The no-dues certificate confirms the owner has cleared all dues and the association is the custodian of all original documents.

Approved planof construction/extension & license for construction – The builder obtains this approval from the local development authority prior to beginning construction work.

Detailed cost estimate/valuation report from Chartered Engineer/Architect (if applicable) – Usually banks carry out property valuation before approving a loan to fix loan eligibility.

Conversion order/betterment charges paid receipt – This is legal permission by the owner to convert use of land from agriculture to non-agriculture purpose.

Layout approval plan sanction – This is sanctioned by the local development authority. Without this document, you will face issues with Khata transfer and plan sanction. Local development authority may even demolish any structure on the land as it would be deemed unauthorised.

Some other documents include: Auction Sale confirmation letter from local development authority; release deed (If applicable); completion certificate; occupancy certificate; loan/charge/mortgage by builder; deed of declaration; and latest electricity bill.

Along with this, you have to submit:

  • One colour passport size photograph
  • One photo identity proof (Passport/Pan Card/ Voter ID Card/Driving License)
  • Residence Address Proof (Passport/Ration Card/Utility Bills)
  • Residence Ownership Proof (Maintenance Bill)
  • Latest 3 month’s salary slips + Form 16
  • Current Employment Certificate
  • Bank Account Statement for the past 1 year
  • Advance Processing Cheque
  • Investment Proof (Fixed Deposit/Shares/Fixed Assets)

 

The process of gathering the relevant documents can sometimes be painful and discouraging. However difficult the path, don’t take any shortcuts. Your home is your asset; bought by your hard work and it is up to you to ensure that all documents are in order so there is no trouble tomorrow. If required, hire a property lawyer to help.