FLAME Newsletter - April 09, 2014


QUOTE OF THE WEEK:

“We are not saying you give a loan and say that no EMI has to be paid...absolutely no problem. The only thing is whatever the EMI has to be paid, transparently say, what is the interest rate you are charging” — Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India

YOUR FINANCE DEMYSTIFIED:

What documents NRIs need to opt for home loan to buy house in India

Every Indian staying abroad aspires to own a home back in his homeland—India. Home buying can be a tedious process especially if one is living miles away from one’s aspired house.

According to the definition of the Foreign Exchange Management Act, 1999 (FEMA), an NRI (non resident Indian) is someone who resides outside India for “employment, carrying on business or vocation in circumstances as would indicate an intention to stay outside India for an indefinite period. It also mentions that an individual will also be considered NRI if his stay in India is less than 182 days during the preceding financial year.

NRIs can usually avail home loans for purchase of flat, row house and bungalow from developers. NRIs can also avail home loan for home improvement or extension, purchase of plot and home furnishings & consumer durables... Read more

All you need to know about real-estate terms

Must-knows before buying a property

Buying a property is a huge task. You need to conduct a thorough research on the plot, the builder and other factors before making a decision. It involves a lot of paperwork and one has to follow many laws. One is also required to visit the plot regularly and deal with the concerned parties.

This process can become very difficult if a person is not aware of all the property requirements. Thus, when you plan to buy a plot, a house or a flat, ensure that you are aware of the procedure and the requirements when it comes to documents, funds etc... Read more

Housing loan terminology decoded

DID YOU KNOW?

Why registration of immovable property is important?

Registering your immoveable property should be the top priority when you buy a house, commercial shop or land as it proves your legitimacy to carry out any transaction. A person is considered the legal owner of a property only after he gets the property registered in his name.

TERM OF THE WEEK

What is carpet area?

Carpet area is the area enclosed within the walls, actual area to lay the carpet. This area does not include the thickness of the inner walls... Read more

IN THE NEWS THIS WEEK

RBI sets new norms for pre-paid cards

Mutual funds’ average assets cross the Rs 9 trillion mark

SEBI removes restrictions on USD-INR contracts

ABOUT FLAME

FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.



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