HDB Financial Services

We know that working on a household budget isn’t exactly your idea of spending a romantic evening but it is one of the keys to a happy and peaceful married life. Paying off the credit card bill every month on or before the due date wasn’t a part of your marriage vows but it can surely strengthen your relationship in more than one way. Partners who ignore or avoid discussing financial matters with each other often find their financial life in disarray. It is important to educate each other about things like personal loan interest rates , tax rebates, new savings instruments in the market etc. to maintain the financial health of the family. There should be enough clarity on who is supposed to do what. For example, paying the monthly electricity bill, keeping tabs on the bank debits and credits or paying health insurance premiums etc. Involvement of both partners in financial matters Most financial experts agree about the fact that both partners should be completely clued on to the fi

If you already didn’t know this and you are about to apply for a home loan or a credit card, make sure your Credit score is available. Do not treat your Credit report as just another document needed to process your loan. It is a three digit passport to smoothen the loan process and aid you in settling down in your dream home or buying a vehicle of your choice. Now that you know that your personal loan eligibility is dependent on the three magic numbers credit agencies like CIBIL, Equifax or Experian, would you want to know how to remain in the green zone? Here is a brief on how your credit score could work for you: What are the components of your credit score? Your credit score ranges between 300 to 900 and your credit history is activated as soon as you avail a home loan or personal loan from a bank or financial institution. This implies that your credit handling behaviour will now be tracked and it will result in creating a final score that we all know as a “Credit Score”. Vario

Come New Year and we all get into the resolution-making mode, deciding to break off bad habits and inculcating savings on a regular basis. Unfortunately what begins on the 1 st of January quickly loses steam and in a couple of months, the resolutions are put on the back-burner as old habits come rushing back. Ask yourself the following questions:  Have you ever considered taking a loan against property due to financial shortfalls?  Do you regularly miss a payment due dates of electricity bills, mobile bills or credit card payments and end up paying late fees?  Do you make impulse purchases only to regret it later? If the answer to the above is yes, then it is necessary to check your financial health. To help you to do this easily, here is a list of effective way to manage personal finance:  Analyse your financial relationships: Ask yourself whether it is necessary to have multiple financial relationships for a similar family of products. Make life easy by discarding multi

The time between the engagement ceremony and marriage is said to be the best for the couple as both dreams of wonderful times ahead together. Planning and dreaming about the future is a preferred way to escape into the future. However, there are a few practical things that also need to be taken care of, the most important one being that of managing money as a couple. Each financial decision after marriage should be taken after discussing with each other, be it about taking a loan against property , buying insurance or opening a bank account. The three most common ways for a couple to manage money are:  Using separate bank accounts  Using joint bank accounts  A combination of separate and joint bank accounts Separate Accounts Prior to marriage, if the couple is habituated to managing their finances on their own using independent bank accounts, keeping separate bank accounts could be a good starting point for most couples. When the couple begins to live together, certain diffe

Retirement is a phase everyone has to encounter. Prior to retirement, many fears and concerns loom large over us. These concerns include health-related issues, vulnerability to crime and the fear of staying alone. Another fear is whether one will be able to sustain the same kind of lifestyle after retirement and this drives most people to follow the standard norms that other retirees choose. If retirement isn’t planned prudently, one may have to borrow money from children or relatives or apply for a loan against property to tide over the financial constraints faced by them. Some people refuse to retire and also take up a job or begin consultancy services after retirement to keep the finances flowing. Instead of taking the traditional path, try flouting these common rules to come out a winner.  Life Insurance: Most people treat life insurance as a primary investment vehicle and invest large sums into it, hoping it will work like a hedge against growing inflation rates and provide