by Srikala Bhashyam
Planning finance for
house buyers has never been easy &
with interest rates and Prime Lending Rate (PLR) always on the move, it
is going to be tougher.
In addition, the
property price, despite being considered the best time to buy, is not showing
any signs of going down.
With choices too
many, it has made life only difficult for house buyers. If life is going to be
hard-hitting for prospective buyers too, well, it is no better for those who
have bought some property in recent times.
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| Ms. Srikala Bhashyam |
The fluctuations in
interest rate means EMIs (equated monthly instalments) will start climbing
upwards. And for those who opted for
floating rate, the fluctuations will have to be put up with.
In such a scenario,
property buyers are likely to focus more on their interest rates than other
aspects of borrowing.
In fact, few
borrowers actually think of covering their housing loan liability with an
insurance policy.
Insurance policy can
actually relieve you from the long-term burden of home loan even in the event
of death of the prime borrower.
Insurance policies
often are associated with tax planning & individuals fail to make good use
of this product.
Next time you think
of insurance policy, calculate the liability. While personal loans & credit
card payments are short-term liability, property loan invariably is a long term
liability, requiring you to pay EMIs for as long as 10 to 15 years.
Srikala Bhashyam
Managing Partner at RS Consultants
- Bengaluru Area, India
- Financial Services
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