FLAME Newsletter – May 28, 2014


QUOTE OF THE WEEK:

"Good governance is at the core of improving the delivery of public services. Good governance provides a mechanism for linking inclusion, decision making, and accountability"Dr KC Chakrabarty, Deputy Governor, RBI

YOUR FINANCE DEMYSTIFIED:

Should I go for a home loan or wait for rates to come down?

The best time for taking a home loan is when you have already shortlisted a house you want to buy. Waiting for interest rates to come down is an exercise in futility because your home loan is for a long period and rates are bound to fluctuate. A smart borrower will troll the market for the best deal.

There are many home loan plans available in the market. Different banks offer various kinds of home loan options. Currently, all the banks across India are offering home loans at the rate of 10.15% to 10.5% per annum in all range of loan amounts.

People equipped with relevant information about home loans, banks, interest options and EMIs are the ones to make best choices while selecting a loan. Let’s look at a broad guideline for a buyer going for home loan... Read more

Home loan: Intimation of mortgage by way of deposit of title deed

Buying a house is not an easy task. Besides selecting a house, location and having adequate financial resources, we also need to complete legal procedures such as registration of the property, transfer of name, etc. Most of us also avail for a home loan to ensure that we have sufficient funds to buy the house. Ample information is available online on how to avail a home loan from financial institutions. However, most of us would be unfamiliar with what is “Filling of Notice of intimation in case of mortgage by way of Deposit of title deed”. The below article provides information on e-filing of Notice of Intimation Regarding Deposit of Title Deed.

e-Filling of Notice of intimation in case of mortgage by way of Deposit of title deed came into effect from 1 April 2013. E-filing means online or electronic filing of notices of intimation of mortgage of property specified in Section 89B of the Registration Act, 1908... Read more

DID YOU KNOW?

What is the stamp duty payable on transfer of physical shares?

As per Article 62(a) of Schedule 1 of Indian Stamp Act, 1899, currently stamp duty is payable @ 0.25% of total consideration viz being the market value of the shares as traded on the date of execution of transfer.

TERM OF THE WEEK

Listing of shares: Listing means admission of securities to dealings / trading on a Stock Exchange through an agreement. The objective of listing is to create liquidity and marketability to securities. Companies desirous of listing their securities on the Exchange are required to fulfill the eligibility criteria for listing and shall comply with the SEBI (Disclosures and Investors Protection) Guidelines, 2000.

IN THE NEWS THIS WEEK

Open small a/cs without asking documents: RBI to banks

RBI warns about fake website in its name

SEBI hikes fee for market intermediaries

SEBI increases cash transaction limit in MFs to Rs. 50,000

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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