Monday, 4 July 2016

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Tuesday, 19 January 2016

Getting loan against property as collateral more cost-effective

Even if you are a meticulous saver, there may be times when your finances are strained and you need a little help to tide you over. Though borrowing from family or friends is a preferred option for many, if the amount you need is large, it may not be a good idea to stress their finances as well. A better option would be to leverage an asset you own—your house.

You can use your house as collateral to take a loan from a bank. The latter will exercise due diligence as far as the property is concerned, appraise its value, and offer you up to 70% of its value as loan. Since this is a secured loan (you are offering a collateral), you can get a higher amount than the one you will get for an unsecured loan like a personal loan. Of course, you will also have to pay the administrative and processing fee, which is usually 0.5-1.5% of the value of the loan. Typically, the tenure for such a loan is 1-9 years, but some banks may be willing to extend it to 15 years if the loan is large. The interest rate, which can be floating or fixed, varies from 12-16%, which makes them cheaper than personal loans (see table).

"Taking a loan against your property is certainly cheaper than a personal loan, where the interest rate is usually between 14% and 22%. The only loan that is less expensive than the one against a property is a home loan," says Rajiv Raj, director of CreditVidya.

It's also a better option since the tenure for these loans is longer than those for personal loans, which offer a maximum term of five years. Of course, you can prepay the loan, with the banks following the same guidelines as those for regular home loans. Though they cannot charge any fee for floating rate loans, there is a 2-4% penalty for fixed rate loans.


How to get a loan against your property

If the property you are taking a loan against has more than one owner, all of them will have to be joint applicants to avail of the loan. You can get a loan against any type of freehold property, from a house to a plot of land. It also doesn't matter whether you live in that house or have given it on rent. "The most important criterion is that the title of the property should be clear and there shouldn't be any encumbrances," says Pankaaj Maalde, head, financial planning at Apnapaisa.com.

The bank will check all the documents related to the title of the property, as well as ask you for proof of residence, such as ration card, electricity bill or telephone bill. You will also have to submit a copy of the proof of identity, such as a voter ID card, passport or PAN card. If you are employed, you will have to provide bank statements for the past six months, while a self-employed person will have to provide a certified financial statement for the past two years.

The loan offered by a bank will vary from person to person since it depends on various factors, including the work profile and age of the borrower. "Typically, the income proof for three years is required to have the loan against a property sanctioned. So, the minimum age is 24 years. Similarly, lenders prefer that the loan be fully repaid while the borrower is employed, which is why the maximum age till loan maturity in case of a salaried person is 60 years, while for self-employed individuals and consultants is 65 years," says Raj.
The bank will also check your credit history through the Credit Information Bureau India Ltd (Cibil) and go through your repayment track record. Based on your credit score and the above documents, the bank will ascertain your repayment capacity. In case you have ever defaulted on any bill payment, it will reduce your chances of getting a loan. After the bank is satisfied with the paperwork, it will offer you the loan, which will typically range from 40-70% of the value of the property.

Is this the best option?
The main reason people usually don't opt to mortgage their house is that they don't want to take the risk of the bank taking over the property if they are unable to pay the dues. Another disadvantage is that there are no tax incentives while paying the EMIs, unlike in the case of home loans. However, this is only in the case of a salaried person. A businessman can claim tax deduction on the entire interest amount paid on the loan if he can prove that the loan was genuinely used to improve his business.

However, this tax advantage is also available if the businessman takes a loan against gold or shares/securities that he owns. The interest rate for a loan against shares or securities, such as the PPF and NSC, varies from 12-15%, while that for gold ranges between 14% and 25%. In the case of the former, a lender will be willing to offer a loan that is 40-60% of the value of the securities, while for a gold loan, you will be able to get 50-70% of the value of the gold you pledge.

In either case, if you default, the bank will sell the pledged shares or gold to recover its dues, which is a smaller loss than losing your home. However, if you need a large amount of money that runs into lakhs, the only viable valuable asset that you may be able to pledge is your house.

CRUDE OIL: PETROL PRICE TAX CALCULATION INDIA

Petrol price tax calculation

2014 and then 2015 has seen International Crude Prices hitting all time Low in Jan 2015. Know Computation of Petrol and Diesel Prices in Chennai India
Last Updated on 1st September 2015

Fuel Price Calculation in 2015

With Fuel Prices now getting changed Frequently, know how is fuel prices computed in India

Calculating Crude Oil Cost - Petrol & Diesel - 2015

If you reading Internationally, the price of crude Oil hovers at 48 Dollar - which is roughly equivalent to Rs. 3000 (keeping the exchange rate around Rs. 65).
On Importing Oil - Barrel Cost + Ocean Freight at 2 Dollar needs to be paid - effectively implying - 50$ per barrel as import cost.
» 1 barrel of crude Oil is Equivalent to around 159 Litres of Crude Oil
» Raw Crude Oil in Indian Currency: Rs. 3185 / 159 = Rs 20 per Litre approx
Simplified Calculation Chart for Petrol & Diesel Prices in New Delhi - September 2015

Petrol Diesel
International Price of Crude Oil with Ocean Freight (as in Jan 2015) 49$ or Rs 3185 per Barrel 49$ or Rs 3185 per Barrel
1 Barrel of Crude Oil 159 Litre 159 Litre
Crude Oil  - Cost per Litre Rs 20 per Litre Rs 20 per Litre



Basic OMC Cost Calculation

Refinery Processing & Transportation Cost Rs 6 per Litre Rs 4.6 per Litre
OMC Margin, Transportation, Freight, Landing to Dealers Rs 3.9 per Litre  Rs 2.1 per Litre 
Basic Cost OMC - Pricing Charged to Dealers including Processing, Transportation, Margins etc Rs 29.9 per Lit Rs 26.7 per Lit



Calculating Dealer Retail Price - Base Location Delhi

Excise Duty as on 1st September 2015 Rs 17.46 on Petrol Rs 10.26 on Diesel
Commission to Petrol Pump Rs 2.27 per Lit Rs 1.42 per Litr
Fuel Cost Before VAT (rounded off for approximation) Rs 49 per Lit Rs 38 per Lit
VAT (Varies from State to State - 25% on Petrol & 16.6% on Diesel with Surcharge) Rs 12.25 on Petrol Rs 6.6 on Diesel
Final Retail Price as on 1st September 2015 - approx calculation Rs 61.25 per Lit Rs 44.6 per Litre

Had it been ideal world - we would have ended up with Fuel Cost of Rs 30 to 32 per Litre for Petrol and Rs 28 / Litre for Diesel Fuel

Now comes Taxation Scenario on Petrol and Diesel Fuel

» Excise Duty (including Education Cess - as on September 2015) - Rs. 17.46 for Petrol and Rs 10.26 per Litre on Diesel (There has been Multiple Excise Hikes in 2015) - goes to Central Government
For Info - Excise Duty was Rs 9.20 on Petrol and Rs 3.46 on Diesel on 1st November 2014 - which has increased gradually and are now almost 90% higher for Petrol and 200% higher for Diesel
» VAT on Gross Price (on Price + Excise Duty) * (@ 25% on Petrol, 16.6% on Diesel) - Rs. 10 on Petrol, Rs 5 for Diesel - goes to State Government. VAT also increased in Delhi by Aam Aadmi Party
Disclaimer :- Approximate Closest Figures Used, Fuel Price Calculation done in Delhi

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Why sovereign gold bonds will likely get a good response from investors

The second tranche of sovereign gold bonds, whose sale began on Monday, is likely to draw good response from investors, as they are priced below market rates for the metal and sharemarket turmoil spurs investors to diversify holdings.

India plans to sell 150 billion rupees ($2.22 billion) in gold bonds in the fiscal year ending on March 31, as it seeks to wean investors off physical gold and contain the outflow of foreign exchange spent on imports.

The price of gold has risen 4 per cent so far in 2016, while India's benchmark has fallen nearly 7 per cent.

"Given the correction in the stock market, interest is shifting in favour of gold," said Harish Galipelli, head of commodities and currencies at Inditrade Derivatives and Commodities.
"Investors are looking for safe-haven assets. This tranche will receive better response than the first tranche."

The Reserve Bank of India has fixed the issue price of the bonds, wich will be sold until Friday, at 26,000 rupees per 10 grams, below the current market rate of nearly 26,050 rupees.
The bonds, linked to the price of bullion, carry an annual interest of 2.75 per cent and allow consumers to invest in 'paper' gold rather than physical gold.

The first tranche debuted last November to lukewarm response, as it was priced nearly 5 per cent above the market. At the time, the stock market also promised better returns, with the price of gold falling in anticipation of a US rate hike.

"Given that currently risk appetite is weak and bank interest rates are also falling, demand for gold bonds in the second tranche might be better," said Siddhartha Sanyal, an India economist at Barclays.

A cut in policy rates by the Reserve Bank of India and robust growth in bank deposits, compared with credit in the last year, have prompted banks to cut deposit rates by more than 100 basis points.

"However, it is a gradual process of publicity and it will take some time for the product to become popular," Sanyal added.

The gold bonds are among measures India has adopted to damp ravenous appetite for gold imports, after a currency crisis in 2013 proved to be the country's worst since 1990.
The rupee currency hit a record low in 2013 and the current account deficit stood at an all-time high of 4.8 per cent of GDP, led by gold imports of more than $39 billion.
That compares with the 2014 figure of $31 billion and a 2015 figure of $35 billion.

Sovereign Gold Bonds in India for Investors - Chennai

The government on Monday launched the second tranche of sovereign gold bonds for sale/subscription. The issue will remain open till January 22. The bonds will be issued to the applicants on February 8, 2016.

This time the Reserve Bank of India has fixed the issue price at Rs 2,600 per gram. The issue price of these bonds is calculated by averaging the previous week's closing price of gold of 999 purity. The first issue was priced at Rs 2,684 per unit.

These bonds offer an interest of 2.75 per cent per annum on the initial value of investment. Under the scheme, one can buy a minimum 2 units (1 unit equals to 1 gram of gold) while the maximum investment can go up to 500 grams.

Gold bond schemes provide an alternative investment option to physical gold and offer an additional interest unlike other schemes such as gold exchange traded funds (ETFs).

"It is definitely one of the options to consider for part of your investment in gold, because of the additional interest it offers... There are concerns about liquidity. ETFs are highly liquid compared to these bonds. Also, if the price of gold goes up the percentage yield will go down as it is offered on the initial value of investments and not on the prevailing price of gold," says Anil Rego, CEO of Right Horizons, a wealth management firm.

These bonds have a maturity of 8 years with an exit option from fifth year. One can redeem the bond on the prevailing market price in multiples of one gram. These bonds have to be listed on the exchange therefore one can also exit before maturity by selling them in secondary market provided the liquidity is there.

Chirag Mehta, senior fund manager, alternative investments, Quantum Mutual Fund says "People invest in gold as lender of last resort, so if one is not bothered about the liquidity and is ok with the interest rate offered then one can look at investing in these bonds."

The interest earned on these bonds will be taxable as per the slab of the individual and capital gains arising (if one exits through exchange) will be taxed as per the tax slab before 3 years and at the rate of 20 per cent post indexation after 3 years.

One can apply for these sovereign gold bonds at post offices, banks and Stock Holding Corporation of India.

The first gold bond issue received 63,000 applications for 917 kg amounting to Rs 246 crore.