Busting Myths Around Factors Affecting Your Credit Score

December 2017

Maintaining a good Credit Score is extremely important as banks take this into consideration while approving a loan. Read on to know the factors that affect your Credit Score and the myths around it.

Your Credit Score is an important aspect that you need to take care of to keep your financial credibility positive in the long term. If you need to apply for a loan from the bank, then the first thing that your bank does is to check your Credit Score!

You may have seen number of articles on the internet talking about the importance of Credit Scores for quick loan approvals. A credit report with no errors and a score of 750 or above can help you fetch a sizeable loan smoothly.

However, people are often confused about what they should do to maintain a good Credit Score. As a result, they don’t pay much heed to what can actually affect their Credit Score. On the other hand, there are some people who pay too much attention to their Credit Score that they are often left disillusioned.

There are few things which can impact your Credit Score negatively, but not everything will negatively impact your score. In this article, we take a look at some financial matters and habits, which have no connection to your Credit Score and therefore bust myths around it.

INCOME LEVEL AND JOB TYPE HAS NO CONNECTION WITH YOUR CREDIT SCORE

Some people have the misconception that an individual with low or average income have below average Credit Score and therefore they have less chance of getting a loan from the banks. In reality, income has nothing to do with the Credit Score.

Banks check income level to ascertain the repayment capacity of the applicant and if they find out that the applicant won’t be able to repay the loan based on the existing income, then it may reject the Loan application. There is no connection of Credit Score and income level for loan eligibility.

Similarly, your nature of job doesn’t impact your Credit Score. Whether you are in a job, business or self-employed, it does not have any influence on your Credit Score.

Strong : pixabay.com

CASH IN YOUR BANK ACCOUNT

It is a good habit to maintain some liquidity in your bank account, but if you do not keep enough balance in your account, then you need not worry as it has no impact on your Credit Score.

Sometimes, banks penalise the customer for non-maintenance of monthly average balance (MAB) or keeping less money than the required minimum balance, but such charges have no consequence on your Credit Score.

The way you manage your savings bank account has nothing to do with your Credit Score, but you must manage your bank accounts properly to avoid unnecessary charges. The way you manage your bank account reflects how financially disciplined you are.

DEBIT/ATM CARD OR A PREPAID CARD USAGE

Some people confuse between the Debit Card and the Credit Card and therefore they have the misconception that using the Debit Card can impact their Credit Score.

It is important to understand here that Credit Card is a spending tool and it is very much like a recurrent Personal Loan instrument which is unsecured in nature, therefore, delay in payment of the utilized amount or a high utilization ratio can negatively impact your Credit Score.

On the other hand, when you use the Debit Card, you can spend only whatever money is available in your bank account. So, a Debit Card or a prepaid card is not a credit instrument, therefore it doesn’t impact your Credit Score in anyway.

IMPACT OF SPOUSE’S CREDIT SCORE

Some people have the misconception that financial indiscipline of their spouse can impact their Credit Score. In reality, there is no link between the Credit Score of two individuals.

So, the credit report of spouses is independent of each other’s financial activity. However, if you are looking to raise a loan as a co-borrower with your spouse, then the Credit Score of both the applicants is checked individually. The bank may reject the loan if it is not satisfied with the Credit Score of any of the co-borrower.

Apart from above-mentioned points, your Credit Score will not get affected by buying or selling an asset, living in a rented home or late repayment of a debt taken from your relative.

Things that may impact your Credit Score are unsecured loan repayment history, credit utilisation ratio, number of inquiry for unsecured loan and settlement of an unpaid loan.

So, you should be careful about the things that can really impact your Credit Score and do not bother unnecessarily about things which have no influence on it.

BankBazaar is a leading online marketplace in India that helps consumers compare and apply for Credit Card,Personal Loan,Home Loan,Car Loan and insurance.

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TO KNOW ABOUT REAL ESTATE PROJECTS IN THANE CONTACT US AT 022 2580 6868

 Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

Vastu Shastra Tips for a Temple at Home

December 2017

When it comes to the temple or prayer area in a home, there are several Vastu Shastra guidelines that should be followed, to ensure maximum positive effects for the home’s inhabitants. We examine the dos and don’ts

The temple at home, is a sacred place where we worship God. So, naturally, it must be a positive and peaceful place. The temple area, when placed according to Vastu Shastra, can bring health, prosperity and happiness to the house and its occupants. Although a separate puja room would be ideal, this is not always possible in metropolitan cities, where there is space crunch.

The temple area, should be a zone of tranquility that is full of divine energy, says Mumbai-based Nitien Parmar of VastuPlus. “This is a space where one surrenders to the Almighty and gains strength. If one does not have the space to allocate an entire room for the temple, one can set up a small altar on the east wall, towards the north-east zone of the house. Avoid placing the temple in the south, south-west or south-east zones of house,” adds Parmar.

IDEAL DIRECTIONS AS PER VASTU FOR THE HOME TEMPLE

Jupiter is the lord of the north-east direction, which is also called as the as ‘Ishan kona’, explains Jayshree Dhamani, a Vastu Shastra and astrology expert. “Ishan is Ishwar or God. That’s how it is the direction of God/Jupiter. Hence, it is advisable to keep the temple there. Moreover, the earth’s tilt is also towards the north-east direction only and it moves with the starting point of the north-east. Hence, this corner is like the engine of a train, which pulls the entire train. The placement of the temple in this area of the house is also like that – it pulls the energies of the entire house towards it and then, takes it forward,” says Dhamani. A temple placed in the centre of the house – a region that is called as the Brahmasthan – is also said to be auspicious and can bring prosperity and good health for the inmates, adds Dhamani.

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HOW SHOULD A TEMPLE AT HOME BE CONSTRUCTED AS PER VASTU

When it comes to constructing the temple, do not place it directly on the floor. Instead, keep it on a raised platform or pedestal, advises Parmar. “The temple should be made of marble or wood. Avoid temples made from glass or acrylic. Do not clutter the temple. Ensure that you do not have multiple idols of the same God or Goddess, either in a seating or standing position in the temple. The idol or photos placed in the temple, should not be cracked or damaged, as it considered is inauspicious,” suggests Parmar.

One should be able to perform poojas, wherever the temple is kept. During special poojas, the entire family tends to pray together. Hence, ensure that there is enough space for the family to sit down and pray. The temple area should have good and healthy flow of energy. So, keep it neat and clean, without dust or cobwebs and avoid stuffing the space with too many accessories. Above all, the temple should give you a feeling of serenity and calmness.

DOS AND DON’TS FOR DECORATING A TEMPLE AT HOME

• The light or diya, should be placed on the right side of the person performing a pooja.
• Decorate the temple with fresh flowers. Light a few aroma candles, dhoop or incense sticks, to cleanse the area and create a divine ambiance.
• Photographs of the dead/ancestors, should not be kept in the temple.
• Create a small shelf near the temple, to place the incense, puja materials and holy books.
• Ensure that there are electric points near the temple, so that one can light up the temple during festive days.
• Avoid keeping unnecessary items below the temple or dustbins in this area.
• Some people keep the temple in the bedroom or kitchen. In such cases, hang a curtain in front of the temple, when you are not using the temple.
• Temple should not be against a wall that has a toilet behind it. It should also not be placed below a toilet on the upper floor.
• For the temple space, use white, beige, lavender or light yellow colours.

TO KNOW ABOUT REAL ESTATE PROJECTS IN THANE CONTACT US AT 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

Bonsai Plants : Bring the Forest Home

December 2017

Besides being an enjoyable hobby and de-stressing, growing bonsai plants in one’s garden, balcony or window sill, can also make the home vibrant and green

Bonsai plants offer an ideal way for urban residents to enjoy nature’s beauty at home. The word ‘bonsai’ is derived from the Japanese words ‘bon’ (meaning tray) and ‘sai’ (which means growing). So, bonsai literally means growing trees in trays.

“Bonsai is an ancient horticultural art, through which, a replica of nature can be artistically landscaped in a tray, along with other elements like a cascading waterfall, moss, pebbles and a rock garden. Bonsai is the art of dwarfing trees or plants and growing and pruning them in containers,” explains bonsai expert, Urvashi Thacker of Galleria Verdant.

Maintaining a bonsai plant is not very different from maintaining any regular plant.

“Cultivating a bonsai and giving it a good shape, requires learning some techniques. However, once you have a bonsai (or have purchased one from a nursery), maintaining it is comparatively easy. One has to water it regularly, put compost once a month and change the pot once a year,” elaborates Divya Maurya of Bengaluru-based Upvan-The nature boutique of Bonsai.

HOW TO MAKE A BONSAI

Anyone who is interested in gardening and has a little space on a window sill or balcony, can nurture bonsai trees. You will need some basic knowledge about bonsai gardening and some skill and patience. You can opt for training from a professional, or try learning the basics of bonsai gardening, using resources on the internet. You will also need a few basic tools to grow the bonsai plant at home – pots specifically made for bonsai plants, compost and soil. Lastly, you need to get the plant for which the bonsai needs to be made.

Strong : freepik.com

Regular maintenance, careful pruning of foliage and roots throughout the year and consistent watering, are needed to keep the plant in shape. If you do not have a green thumb, you can also approach bonsai nurseries for help or call professionals once a month, to prune and fertilise it.

“There is a common misconception that there are special seeds for bonsai plants. Bonsai plants are regular plants, which are programmed to grow as bonsais. If the sunlight is very limited, plants like Ficus, Aralia and Schefflera can be kept,” suggests Maurya. Fruit and flowering plants require a lot of sunlight. One can grow bougainvillea, fig, orange, cherry, pomegranate, chikoo and even lemon plants as bonsais.

“Keep your credit history clean, by settling outstanding loans and bills in a timely fashion. This will help you, when your credit-worthiness is being evaluated. Compare the long-term benefits of having a floating rate loan versus a fixed rate loan and determine what is best for your needs,” advises Adhil Shetty, CEO of BankBazaar.com.

TIME TAKEN TO CREATE BONSAI PLANTS

It may take several months, to create a beautiful bonsai. Aluminium or copper wires are wrapped around branches for a few months, to give the branches specific shapes. Bonsai plants are classified according to their shape – formal, informal upright, slanting, cascade, and semi-cascade, double trunk and literati. “Regular trimming and pruning of roots, branches and leaves, is essential to maintain the desired shape. Knowing which branch should be cut and which one should be retained, comes with experience,” says Maurya.

“Prices depend on many factors. A basic bonsai tree costs Rs 500 to Rs 1,000. The value of a tree depends on its age, its beauty and aesthetic appeal. Exquisitely styled bonsai trees, can cost Rs 10,000 to Rs 50,000 or more. It’s like a beautiful piece of artwork,” concludes Thacker.

TIPS FOR GROWING BONSAI PLANTS AT HOME

• Although bonsais are largely displayed inside the home, they should also be kept outdoors, as they require sunshine and dew.
• Once in 15 days, a bonsai plant must be taken out for two to three days.
• Water the plant when the soil is dry. The leaves should be sprinkled with water, as well when watering the plants.
• Bonsai pots should have holes at the base and have unglazed interiors.
• Once in a month, put compost in the plant for nourishment.
• The pot needs to be changed once a year.

TO KNOW ABOUT REAL ESTATE PROJECTS IN THANE CONTACT US AT 022 2580 6868

Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

How to Get a Home Loan Even after it gets Rejected…

November 2017

Banks may reject a home loan application, for a variety of reasons. However, by following these simple steps, you can improve your chances of getting a loan even after it is rejected the first time

A home loan is one of the best options, to arrange the funds needed for buying a home. Generally, it is easy to avail of a home loan, if the applicant has all the documents in place and has a good credit history. However, banks may still reject a home loan application. Some important reasons for rejection are:

• A bad credit score.
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• Bad credit history, which may include a loan settlement in the past that is reflected in the credit report.
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• The project is not approved by the bank.
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• The home loan application, is made for a project that falls in a restricted area.
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GETTING A HOME LOAN, DESPITE A PRIOR REJECTION

According to Shaji Varghese, business head, PNB Housing Finance Ltd, “An applicant can still get the loan, even if it is rejected once, by taking the following measures:

• Due to a bad credit score – In this case, the best solution, is to upgrade your credit score by settling the previous/ongoing dues. The score will improve over a period of time as the dues get cleared, allowing you to avail of loans as per requirement.
•  
• Due to bad credit history – In case of a bad credit history, you should settle the pending dues with your financier and obtain a ‘no dues certificate’. After settling the dues, you can again approach the home loan provider and re-apply for the loan.
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• Lower financial eligibility than the required loan amount – In such cases, you should meet the home loan provider and explore the following possibilities:
• 1. Spreading the loan over a longer tenure, which can reduce the EMIs.
  2.  
  3. Adding a guarantor or a co-applicant, which can increase the income that is considered by banks.
  4.  
  5. If the applicant has an ongoing loan, which is of a shorter duration and higher interest, then, it is advisable to close the loan to enhance the financial eligibility.
  6.  
  7. You can search for lenders who may approve the application, albeit with a higher charge perceiving the risk or/and by adding a guarantor along with additional collaterals.
  8.  
• A problem related to project approval – You can request your preferred home loan provider to approve the project. If that is not possible, you may look for an alternate property which is approved by them.”
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IMPROVE YOUR CHANCES

 

According to experts, the CIBIL report is a good starting point, in assessing a home loan applicant’s credit-worthiness. An adverse report, including but not limited to past failures in paying EMIs, settling credit card bills and outstanding loan balances, may impact the applicant’s ability to acquire fresh credit. The age and the ability of the applicant to earn steady income, are also major factors.

“Keep your credit history clean, by settling outstanding loans and bills in a timely fashion. This will help you, when your credit-worthiness is being evaluated. Compare the long-term benefits of having a floating rate loan versus a fixed rate loan and determine what is best for your needs,” advises Adhil Shetty, CEO of BankBazaar.com.

TIPS TO GET A HOME LOAN EASILY:

• Maintain a healthy CIBIL score for eligibility.
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• Reduce other obligations, to have enough money to repay a home loan.
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• Identify a pre-approved property by the lender.
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• Check your CIBIL report to clear any derogatory information, if any.
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• Avoid making too many inquiries for loans.
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• Maintain a clean banking record (For example, avoid cheque bounces, as this may give a negative view to the lender).

TO KNOW ABOUT REAL ESTATE PROJECTS IN THANE CONTACT US AT 022 2580 6868

 

 Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane  – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com

Source: housing.com