10 Tips of Warren Buffett
Posted by: Aishwarya on: March 8, 2009
Hard Work: All hard work bring a profit, but mere talk leads only to poverty.- Laziness: A sleeping lobster is carried away by the water current.
- Earnings: Never depend on a single source of income. (at least make your investements get you second earning)
- Spending: If you buy things you don’t need, you’ll soon sell things you need.
- Savings: Don’t save what is left after spending; Spend waht is left after saving.
- Borrowings: The borrower becomes the lender’s slave.
- Accounting: It’s no use carrying an umbrella, if your shoes are leaking.
- Auditing: Beware of little expenses. A small leak can sink a large ship.
- Risk-Taking: Never test the depth of the river with both feet; Have an alternative plan ready.
- Investment: Don’t put all your eggs in one basket.
I’m certain that those who have already been practising these principles remain financially healthy. I’m equally confident that those who resolve to start practicing these principles willquickly regain their financial vigour. Let us all become wiser and lead a happy, healthy, prosperous and peaceful life.
A Complete File
Posted by: Aishwarya on: February 28, 2009
What defines a complete loan file ready for login….?
Salaried Resident Indian Documentation:
- Application form to be completely filled with Photographs
- PF cheque from salary account
- Personal Documents:
-
Photograph 1 passport size (applicant & co- applicant)
-
Age Proof (applicant & co-applicant)
- Identity Proof
-
Address/Residence proof
- Signature Proof
-
-
Income Documents:
-
Salary slip (last 3 months)
-
Appointment Letter/Increment letter
-
Bonus Details with documentary evidence (Bonus slip, CTC letter with Bank credits)
-
Tax Returns along with Form 16
-
-
Banking and Loans:
-
Bank Statement (All accounts) 6 months
-
All Obligation details with Sanction Letters/Closure Letters and SOAs
-
Sanction or Approval Process
Posted by: Aishwarya on: February 26, 2009
A Typical Sanction Flow Chart
PF – Processing Fees
Posted by: Aishwarya on: February 25, 2009
It is the fees paid to the Bank or Financial Institution for processing of your loan file. It can vary from institution to institution. It is the charge incurred by the lender for various verifications and for payment to the third party service providers for the same.
Processing fees, administrative fees or file charges are the terms used interchangeably by various lenders. The costs which a lender may incur is on the personal verifications of the borrowers residence and office, verifications of the genuineness of the financial and other personal documents submitted by the borrower.
Technical visits of the property being mortgaged-to ascertain its fair market value and legal vetting of the property documents by the Bank or the Financial Institution (FI)-for checking whether the title of the property is free and marketable without any encumbrance, disputes or litigation-may form a part of the PF. Some lenders charge legal and technical fees separately which is over and above the PF. Hence clarity must be taken at the time of application or submission of documents.
As a general practice a token amount is collected at the time of login of file and this gets adjusted subsequently when the full PF is realised post loan approval. In the event of rejection of loan by the FI or Bank a part of this token money is refundable (the extent of refund is again institution dependent). General range of PF 5000 INR to 1.25% of Loan Amount (plus taxes)
COMPLETE CLARITY ON THE PF AND OTHER CHARGES AS WELL AS ON BOTH THE REFUNDABLE AND NON-REFUNDABLE COMPONENTS MUST BE TAKEN WHEN SUBMITTING THE FILE FOR APPROVAL.
