Settling Down: 3 Life Choices Available to You When You Stay Put

Many adults move around to different cities every couple of years. This may be to enjoy a change of scenery, to chase career opportunities or for other reasons. While moving can be beneficial in some cases, it also may prevent you from achieving goals that may otherwise be available to you if you decide to stay put and lay down roots. 

These are some of the more substantial life-changing options that may be available to you when you stay in one location.

Building a Custom Home

It does not make financial sense in most cases to buy a home in a city where you are not planning to live for at least a few years. Likewise, building a custom house may seem impractical. After all, it may take six months or longer to complete the construction process. 

When you decide to remain in the same location indefinitely, you will have ample time to walk through the design and building phases with home builders, and enjoy living in a house made just for you.

Developing Lasting Friendships

When you are constantly changing locations, you may only be able to create rather shallow relationships. You may meet wonderful people, but you may not have ample time to develop deep relationships with them. 




By laying down roots, you give yourself time to establish friendships with many different people over the years. These friendships may enrich your life in various ways throughout the remainder of your life.

Improving Your Credentials

There are online classes that are available to you regardless of where you live, but you may find that you can more easily take classes and improve your credentials when you are settled. Some certification courses or general education courses may only be available locally in a traditional classroom environment. 

You may also have a chance to volunteer so that you can expand your experiences outside of a classroom. Beyond professional improvement courses, you can also take self-improvement courses or even join a club or recreational team to further expand your horizons.

While moving from place to place frequently can be exciting and offers some benefits, you can see that there are also benefits associated with remaining in one place for an extended period of time. 

Remember that where you choose to settle down can affect your ability to enjoy these and other benefits. Spend time researching different cities so that you can make an informed decision to move to an area where you may love living for many years.

5 Things Every Borrower Needs to Know About Personal Loan

Personal loans are one of the easiest ways to get funds for your personal or business needs. You don’t have to pledge any security as collateral and still avail a loan. The loan is approved and disbursed at the quickest and you get funds in your bank account to cater to your financial obligations. 

Due to the ease of availability and non-requirement of collaterals, personal loans are very popular among individuals. However, the loan should be availed only after complete knowledge of its terms and conditions. 

If you are also thinking of availing a personal loan, here are five important things which you should know about these loans.

The eligibility criteria

Personal loans are not offered to any individual. There is a complete set of eligibility requirements and individuals fulfilling the prescribed criteria can only avail of the loan. Some common eligibility criteria include the following –

• Your age should be between 21 years to 60 years. Some lenders also allow personal loans up to 65 years. Beyond this age, personal loans are not available
• Salaried individuals can avail a personal loan. Self employed individuals and businessmen are not eligible for personal loan and can get business loan.
• Salaried employees should be steadily employed for at least the last 3 years with a minimum of 1 month’s work experience in the current organisation.
• Net monthly income should be a minimum of Rs. 15, 000. However, some banks specify higher income criteria to be eligible for personal loan.
• Individuals who are resident Indians can only apply for the loan

While there are many different personal loan sites, the requirements are similar on most. Most sites do a soft pull of your credit to pre-approve your loan so applying won't affect your credit score. Apply on multiple sites to make sure you're getting the best rate.

Your income determines the loan quantum

Lenders determine the amount of loan based on your monthly income. The loan amount is determined as a multiple of the net monthly income. The maximum amount of loan which is available is restricted to Rs.25 lakhs to Rs.50 lakhs. Moreover, the resultant EMIs should not be more than 65% of your monthly income.

Your credit score is important

Your credit score measures your creditworthiness. It shows your credit history and is an important eligibility consideration for lenders. Individuals who have a good credit score of 650 and above can only apply for personal loans. 



However, some banks ask for a credit score of 700 and above to get personal loan. If your credit score is bad, i.e. below 650, your loan application would be rejected.

The associated fees and charges

Besides the interest rate applicable on personal loans, there are other fees and charges associated with the loan which you should know about. For starters, there is a processing fee on the loan which is a non-refundable fee charged for processing the loan application. 

Even if the application is rejected, the processing fee is not paid back. This fee usually ranges from 0.5% to 2.5% of the loan amount. Another charge is the penalty levied on late payment of EMIs. There might be prepayment charges and other charges as well. So, before you opt for the loan, understand the charges which are applicable on it.

Documents required

A complete set of documents would be required to be submitted with the loan application form. These documents include the following –

• A valid identity proof – PAN Card, passport, Aadhaar Card
• Address proof – Passport, driving license, bank statement of past 3 months
• Age proof – Aadhaar Card, PAN card, Voter ID card
• Income proof – form 16, previous salary slips, bank account statements for salaried individuals

Don’t apply for loans in a hurry. Understand these important points and check your personal loan eligibility before applying for the loan. The loan is an instant loan and would be issued quickly so you don’t have to wait for the funds.

A Few Factors that Affect Home Loan Interest Rate

It’s a good thing that you have got the facility of the housing finance to help you buy a home of your choice.

But for availing the facility, the lenders charge you the Home Loan interest.

Although the rate of interest for the Home Loan has reduced in the recent past and touched 8.35%, there are still some factors that can affect it up and down.

In the context of our discussion, let’s see of the factors that can affect Home Loan rates. When you are aware of those factors, you can help yourself in managing the interest rates smartly and make it work in your favour. Take a look!

Your CIBIL Score

The first thing analyzed by your prospective lenders while processing your Home Loan application is nothing but the Credit Score. If you have a strong CIBIL Score which is 750+ or more out of 900, nothing can stop you from enjoying lower Home Loan interest. 




If you still don’t have a robust Credit Score, you can improve it by making all repayments such as credit card bills and existing loan EMIs on time. Borrowers with a higher score not only get fast loan approvals but even the lower interest rate.

The Home that You are Purchasing

The home that you want to buy may also affect the Home Loan interest rate as lenders classify properties in different areas of a city under different risk levels. If it’s your first home, lenders will be more confident to award you a lower rate. Thus, ensure to check the properties type and areas that can help you enjoy a lower Home Loan rates.

Your Home Loan Amount

Want to know your loan amount? Subtract the percentage of your down payment that you will pay (15-20%) from the price of your home to get the amount. Look for a standard home whose price is not very small and not very large. Lenders charge a higher interest rate if you opt for an exceptionally smaller or very higher Home Loan.

Down Payment Size

When it comes to the down payment, the concept is simple – the higher your down payment is the lower will be your Home Loan interest rate. Thus, even if it means using your savings and breaking your investments, strive to put a larger down payment to pay smaller EMIs and the lesser interest rate on it.

Home Loan Tenor

Did you know that even the tenor of your Home Loan can affect the Home Loan interest in the long run? Opting for a longer tenor may let you spread the loan cost such as interest and principal repayment into smaller EMIs and manage things affordably.

The Bottom Line

You are now aware of the Home Loan factors that can affect the interest rates. Assess your needs accordingly, look for the best deal and then only apply online for a Home Loan so that you manage its repayment without poking a hole in your pockets.

Building Retirement Savings After 50

Financial advisors recommend saving money for retirement during every phase of life, but it's not uncommon for couples and individuals to reach their 50s without enough money saved for their eventual retirement. 

The average citizen spends the majority of his or her income on food, shelter, and transportation, as well as small amounts on healthcare, education, recreation, and general household purchases. 

Regularly saving money for retirement isn't always part of the monthly budget. Families, couples, and individuals can begin saving money for retirement in any decade of life but doing so after the age of fifty does require a different strategy than doing so as a twenty-something or thirty-something worker.

Maximize Contributions to a Registered Retirement Savings Plan

Contributions to a Registered Retirement Savings Plan (RRSP) reduces taxable income each year, and investment income made from the bonds, shares, Guaranteed Investment Certificates, and other investment types within the RRSP isn't taxed either. 

Speaking with an investment professional can help individuals and couples who haven't yet begun saving for retirement choose the best investment path. However, it's not necessary to create an official investment account to begin saving. Putting some money aside in a run-of-the-mill savings account is an excellent first step for anyone who hasn't started saving. 




Other investment options include Voluntary Retirement Savings Plans (VRSP) and Tax-Free Savings Accounts (TFSA), but it's important to note that contributions should only reach a point where borrowing from the accounts doesn't become necessary unless an emergency occurs. 

While it's possible to borrow money from retirement accounts, those loans are taxed as income at the end of the year.

Modify the Monthly Budget to Accommodate Retirement Savings

Living life to the fullest at every age can help couples maintain their health throughout the decades before retirement, but it's important to consider building some savings over time. 

Those living on tight budgets may need to rearrange certain facets of their monthly budget to establish a savings account. Future retirees do have some radical options for building retirement savings if they own their own home or other valuable items. 

Moving from a large house to a small residence where there is no mortgage payment can allow the family to send the money that would otherwise pay the mortgage into a retirement account. 

Less drastic options also exist where couples can rearrange facets of the monthly budget to ensure some money exists each month for savings accounts, retirement accounts, and other investments. 

Researching better prices on necessary goods and services can also help. For example, it's beneficial to shop around to compare life insurance quotes, car insurance, as well as examine monthly bills for cell phones, gym memberships, and cable television services. 

Modifying habits like eating out at restaurants and buying unnecessary clothing or furnishings can also help increase the amount of money available for placement in retirement accounts.

Retirement Planning is Possible at Any Age

The cost of living will only increase as time passes, and actively saving money for retirement is a beneficial and necessary step in every person's life. Future retirees have many options for building retirement savings and may wish to explore all available options to determine the best path toward a comfortable retirement.

How to Invest in Cryptocurrency & What to Know Before You Do

Investing in cryptocurrency is a hot new trend that has already made some investors a considerable amount of money. If you want to invest in cryptocurrencies successfully, though, you’ll need to go about it in the right way. Here are four things you need to know about investing in cryptocurrencies.

Understand That Cryptocurrencies Carry Risks

Although many people have made money by investing in cryptocurrencies, these assets aren’t without their own unique risks. As with any other form of investment, you should only put money you don’t absolutely need into your cryptocurrency portfolio. 

You also need to carefully evaluate the price movements and overall qualities of different cryptocurrencies before you invest, as jumping in prematurely can increase your chances of losing money.

Some Cryptocurrencies Can’t Be Bought Easily

Though major cryptocurrencies like Bitcoin and Ether can be traded directly for traditional money, not all cryptocurrencies work in the same way. If you want to invest in altcoins that are less prominent, you may have to resort to exchanging Bitcoin for them. 




Luckily, you can do this buy Bitcoin with Visa or another credit card, then use an online exchange to trade the Bitcoin for the currency you want. Be sure to research the coins you plan to invest in extensively and figure out what cryptocurrency exchanges support them so that you can buy without any difficulties.

Know the Laws of Your Country

Though many people still think of the cryptocurrency market as being an unregulated open market, the truth is a little different. At the moment, there are only 96 countries where Bitcoin usage isn’t restricted in some way. Make sure that you know and follow the laws of your country when it comes to cryptocurrency investing.

Build a Diversified Portfolio

One mistake that many new cryptocurrency investors make is to invest in only one currency, usually Bitcoin. While it can be appealing to keep things simple in the beginning, relying on a singly cryptocurrency makes your portfolio more risky. 

Try to find at least two or three good cryptocurrencies that you believe will make good investments in order to create a more strongly diversified portfolio.

By keeping these things in mind, you’ll be better prepared to get started with cryptocurrency investing. Before you actually put money into the markets, make sure that you track the prices of your chosen currencies for a few weeks to see whether or not you can accurately predict their price fluctuations. If you can, it’s a good sign that you’re ready to invest.

7 Home Improvement Projects to Leave to the Pros

When we’re trying to live on a fixed income, and cut back on expenses, most of us opt to handle things around the house ourselves. After all, what’s so hard about fixing a cupboard door? However, some of the time it really doesn’t pay to do it yourself. 

If we’re out of our depth, it could create more damage that will be more expensive to fix down the road. In fact, sometimes it can be downright dangerous. Here are a few projects that are usually best when left to the pros!

Electrical problems

Unless you’re an electrician, electrical problems are something that should be left to a licensed electrician! This is because of a few different reasons. Not only is messing with electricity dangerous if you don’t know what you’re doing, but it also means that all of your electrical work won’t be covered by insurance if something goes wrong. 

If you accidentally burn your entire house down because of an electrical project you did yourself, insurance won’t cover any of it.

Some more major plumbing

Can you unclog a toilet by yourself? Yeah, probably. But what if you need to replace a bunch of complicated piping or your toddler flushed a bath toy down the toilet drain and it’s far enough back that you’ll need a snake or other plumbing tool to get it out? 

In these situations, and similar situations, you may want to call a plumber! Your consequences if something goes wrong isn’t quite as dire as an electrical situation, so it really depends on how confident you feel about the situation. 

If you feel out of your depth and hopeless, then a professional may be valuable to you, even if just for the relief and sense of peace of mind.

Asbestos

Didn’t know that asbestos still existed? It does, and it can be horrific. If there is asbestos in your ceiling, call a professional to clean it up. When it becomes airborne, it can get stuck in your lungs, and lead to both lung cancer and major scarring in your lungs. Not worth the risk, honestly.

Waterproofing the foundation of your home

If you’re hoping to waterproof the foundation of your house, it’s going to be a much more difficult job than just digging around your house and installing a membrane. It’s a relatively big undertaking. 

There will need to be weeping tile at the bottom, and a sump pump is usually necessary for proper drainage. This project won’t be cheap, but it should come with at least a 15 year warranty. 

Often, this is a project that you should try to get accomplished before you move in, and you can coordinate it simultaneously while coordinating the move with your movers, since you won’t want to have to deal with it once you’ve already moved in.

Roofing

Way too many people fall from their roof while trying to make repairs up there. It’s easy to lose your balance, or make a simple misstep, and then cause such serious injuries that it can result in death. And that’s just not worth the risk. Call a professional, who will not only be experienced and get the job done quickly, but will be insured. 

Digging out a basement

If you think digging yourself a basement will be an easy job done over the course of a few days with a few handy friends and some shovels, you are sorely mistaken. Digging a basement requires a lot of foundational work, to make sure that your existing home stays safe and structurally sound, as well as taking a lot longer than a few days. 

Calling a professional to dig out your basement will cost you over $30,000 probably, but it’s worth it to not do yourself and risk the foundational integrity of your home.

Installing a skylight

Maybe you’re confident with installing windows or doors. But that doesn’t mean that you’re qualified to install a skylight. In fact, skylights are the most common cause of leaks in homes. This is because of poor installation and improper sealing. Hiring a professional will eliminate the risk for these issues, as well as often come with some sort of warranty.