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At the time of writing, the Apple iPhone 7 (Black, 32GB) costs Rs. 49,994 at Amazon. Should I  pay cash* or pay EMIs over 12 months at an interest rate of 13%?  This situation is quite common in life and there are interesting arguments for and against each option that cannot be justified with math. It also offers a chance to understand more aspects of the time value of money. This is part 2 of the "time is money" series.

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In this edition of "reader story", Ravi Kiran describes his experience of procuring a home loan from LIC Housing Finance (LICHFL) and then transferring it to SBI, thereby saving over Rs. 12 Lakh in interest.

UPDATE: MD and CEO of MF Utility, V Ramesh will be joining Ashal and me at the PUNE DIY Investor meet on 26th Feb. Registration link below.

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Dear freefincal readers, I am Ravi Kiran, working as School Asst. in Education Dept. Govt. Of Andhra Pradesh…. Would like to share my experience of Housing Loan Process…

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Use this calculator to check the benefits (if any) associated with switching your home loan. Either from one bank to another or from base rate to MCLR (Marginal Cost of Funds based Lending Rate). This is an updated version of the Home Loan Transfer Calculator (Mortgage Refinance) with an ability to check benefits for (a) same EMI, lower tenure and (b) reduced EMI, same tenure.

With the slashing of the one-year MCLR rate, home loans have got attractive by at least 1%.  So it is now time to check if it is beneficial to transfer the loan to a rate. This is not exactly intuitive. The cost and fees have to be accounted for, along with the decrease in tax saving.

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Here is a comparison of charges, limits and key features of mobile wallets in India. This is a guest post byPranav Date - the guy singularly responsible for making the monthly returns calculation such as this possible: November 2016: Equity Mutual Fund SIP, Lump sum returns & capture ratios.

The yapping below is mine. Pranav supplied the key data and insights which made this post possible. He does not endorse all my opinions about wallets 🙂

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Use this home loan transfer calculator to determine if it is worth refinancing your mortgage, that is, transfer your home loan to a new bank or new loan scheme. When a new home loan offer at a lower interest rate appears, it is tempting to want to shift an existing home loan, because the EMI will decrease for the same duration.

However, this involves costs – exit fees  and processing fees. Also, a lower EMI implies, lesser tax savings.  This is because the interest component decreases, while  the principal component increases, resulting in a net saving after accounting for the extra tax to be paid.

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