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First Published: Sun, Aug 31 2008. 11 48 PM IST
Updated: Sun, Aug 31 2008. 11 48 PM IST
Keep in mind the following if you are planning to refinance your home loan
• Estimate the total interest burden on your loan
• All rates are negotiable. Find another bank lending at a lower interest rate
• If the difference is big, shift to the new bank
• Estimate the cost of foreclosing the existing loan
• Get a fix on the processing fees of the new banker
• Get a statement of the outstanding loan from the existing bank
• Hand over the statement to the new banker
• Complete foreclosure documentation with the existing bank
• Get the original papers from the existing bank to hand them over to the new bank. (Sunil Dhawan)
If you are a credit junky, be prepared to pay more. While some banks have already increased interest rates on credit cards, HDFC Bank Ltd is expected to hike interest rates from the current 2.75-2.95% per month to 3.05-3.25%. In June, ABN Amro Bank had raised its interest rate on credit cards from 3.1% to 3.5% per month. ICICI Bank’s rate of interest was pegged at 3.40% per month for all blue, silver and gold cards. At present, the interest rates are mostly between 3.1% and 3.4%. The rates were hiked to a maximum of 3.40% per month in cases of default. So, the next time you decide to use your plastic, think again. Paper money may be cheaper. (Bindisha Sarang)
With the stock market giving negative returns, companies are raising funds from investors while giving them attractive returns through FDs. Much like bank deposits, company FDs give a fixed rate of return over a period of time. The ones on offer now are by some big names such as JP Associates, Jindal Stainless, and Ansal Housing and Construction Ltd, among others. The rates offered on these schemes range from 7.5% to 12% depending on the maturity of the scheme, which is from six months to three years. However, there is a huge risk attached to these. Unlike bank fixed deposits, company fixed deposits are unsecured. That is, if the company defaults, investors may not get their money back,” says Virendra Jain, director, Midas Touch Investors Association.(Kumar Gautam)
Cashless settlement, the norm in health policies today, is often marred by delays, rejections and mistakes. You can help yourself by knowing the processes involved and what you need to do.
• Initiate the claim process soon after consulting a doctor about hospitalization and treatment
• Keep a window of about a week for authorization to come
• Contact the hospital and fill up the pre-authorization form
• Hospital submits bills to third party administrator (TPA) for final settlement
• You many need to pay upfront if authorization is delayed/rejected. Keep all papers such as prescription, diagnosis reports and discharge slip ready to show your TPA. (Deepti Bhaskaran)
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First Published: Sun, Aug 31 2008. 11 48 PM IST