Brigade Meadows Akshaya Tritiya offer: Pay 5 lakhs to book a home and nothing till posession

These 3 tips will help you to use credit card effectively

Credit cards are now used widely and replacing the payments in real currency notes, many of us are using credit card as medium of payment while making online purchases to pay utility bills and buy groceries. Of course credit card is a great tool which gives you the flexibility of just carrying a plastic card instead of currency notes, pay your bills online and track all your purchases and bills at a single place (monthly statement). The debit cards also have the above benefits but the advantage of credit card is that you can pay the dues at a later date which means you can enjoy free credit facility for a certain period.

The advantage of free credit facility and convenience made the credit card so popular. When you are short of money, you can just use the credit card and later you can pay the credit card bill when you have the money. Also, the banks and credit card companies offers rewards or cash back for using credit cards. This sounds like a great deal, it is in deed but there are some drawbacks associated with it, especially when you don't know how to use the responsibly you may do harm to your financial position.

How to use credit card responsibly?

Never buy what you don't need: This is the basic mistake many credit card holders do, we often buy unnecessary things or more than necessary just because we have a card in the hand. We may not buy these things if we need to pay real money and/or if you have to pay immediately. Just remember you will not realize the outflow of money when you use cards instead of real currency notes.

Always pay the bills on or before due date: Yes though you get a free credit it is not a loan. You have to pay the credit card bill on time to avoid late payment charges and Interest. Please note that the interest charged on credit card bill outstanding is very higher than all kinds of loans.So consider a loan with less interest rate if you need longer credit.

0% EMIs are not interest free: Most credit card companies charge processing fee on EMIs to recover the loss on 0% interest. So don't buy things on EMI unless you are really short of money.

We recommend you the Indian Oil Citibank credit card which offers free fuel on your credit card spend and no annual charges if you reach the minimum annual spend requirement which is around Rs.30,000

Puravankara 6.99% interest on home loan offer

Puravankara has come up with an innovative offer of discounted rate of interest on home loans availed to buy Puravankara homes. Under this offer Puravankara will reimburse the home loan interest above 6.99% up to 10.5% for 24 months. If the interest rate is more than 10.5%, Puravankara will reimburse only the difference between 10.5% and 6.99% which means the maximum interest reimbursement is limited to 3.51%. However if the rate of interest reduces in future, Puravankara will reimburse only the difference between reduced interest rate and 6.99%.

Puravnkara is not responsible for your home loan or home loan EMI payments, you need to pay your EMI with full interest and you can claim the interest rate discount amount from Puravankara.

Let us analyze benefit with the help of an example, let us assume you have taken a home loan of 40 lac rupees at the Interest rate of 10.5% and the interest per month comes to Rs.35,000 (40,00,000*10.5%/12), so you can potentially save Rs 8,40,000 (Rs 35,000*24 months) in home loan interest. Alternatively you can avail an upfront discount on purchase price in lieu of discounted home loan interest rate, however the discount amount will be smaller compared to the interest reimbursement as the discount will be applicable upfront where the interest rate discount amount will be paid through the tenure of 24 months. There are other combo offers such as Purva Steaks Gift Vouchers for Home Interiors and Floor rise charges also available in addition to this offer.

Lets hope more realtors would start offering these kind of discounts on home loan interest make the home loans more affordable.

Please note that only limited units are available for sale under this offer and the offer terms and conditions may change. Please contact Puravankara for complete details.

Disclaimer: The above post is not an advertisement nor a paid post. The above information and illustrations were written based on my understanding of the offer email received from Puravankara. The terms and conditions of the actual offer may differ.

Puravankara Launching new Lifestyle villas near Banneraghatta Road, Bangalore

Received an email few days ago from Mr. Lawrence from Puravankara about pre-launch of their new villa project.

Puravankara is launching a new lifestyle villa project near Meenakshi mall, off Banneraghatta Road. Below are the Goolge map images of the locaton and the contact details of Puravankara relationship manager.

Mr.Lawrence (Relationship Manager) Mob: +91 9535711955|9900082903

Missed to file Income tax return before July 31st? Don't worry you can still file your tax return

Did you miss to file your income tax return before due date?? July 31

Its OK relax...not a reason to worry unless you have any taxes due. Let see how it would be treated by IT department and what you can do..

1. You can file you tax return after July 31st which is called a belated return (just like belated birthday wishes :)).
2. Belated return can be filed within 1 year from the end of the assessment year without any penalty. For example, assessment year for the financial year April 2012 to March 2013 would be April 2013 to March 2014, which means you can file the belated return by March 2014 without any penalty.
3. You are also allowed to file the belated return till one year from the end of assessment year, which is March 2015 in the above example, so you can file the belated return on or before March 31, 2015, however the Assessment office may levy a penalty of Rs.5,000.
4. In case if you have taxes due on your tax return (net liability after deducting the TDS) you need to pay that amount along with 1% interest per month.
5. You can revise the belated return once filed
6. You cannot carry forward the losses if you file belated return.

In case of any questions, use the comment form to post them.