Sunday, September 30, 2018

Should you take personal loan/ balance transfer in Singapore and pay off a home loan in India?

This is one of the most frequently asked questions among Singapore NRI community. I often receive queries from IT professionals working in the city-state who have home loans back in India and thinking to pay off in full or a portion of them by taking a personal loan or credit card balance transfer in Singapore. Well, the idea to take a loan to pay off another loan only make sense if you are getting a cheaper loan and paying off a higher interest loan. Since most of the home loans in India charges around 9.5 to 11% in INR and you can get personal loan on credit card also known as balance transfer in Singapore for as low as 2.5% for 6 month it make a lot of sense to take a personal loan in Singapore and pay off your home loan in India, though there are some risk which you need to consider. For examples, this only make sense if you have the visibility that you will be in Singapore for next 6 month or more.

Monday, September 24, 2018

5 Things NRIs should know before Sending Money to India from Abroad

When a young software engineer gets his first onsite opportunity, whether it's short term or long term, he is full of excitement. Nothing beats the excitement and adventure of going abroad, especially America or Europe. As they settle down there are receive their first month's salary, it can be little difficult for them to send money back home. They are new and not aware of all the options they have for sending money to India. Many of them settled to what they are colleagues are using without doing any research about other options available and whether the option his colleagues are using giving the best value for his money or not.

Monday, September 10, 2018

How Much Foreign Currency NRIs or Foreigners can carry to/from India - Indian Customs Limit for Cash

In the last article, I told you how much Indian currency NRIs are allowed to take Overseas and in this article, I'll talk about how much foreign currency NRIs are allowed to bring India and then take back while going to Overseas. The discussion is also valid for many foreigners and tourists traveling to India. There is no limit to bring foreign exchange in India from the USA, Singapore, Dubai, UK or any other country, barring the local rules which tells how much foreign currency you take without declaring to Immigration or after declaring to customs.

Sunday, September 9, 2018

Which is the best family floater health insurance plan in India - LIC vs ICICI Lombard vs Bajaj Allianz Policies

I was searching   for a good health insurance plans for my family recently when I come to know about this "family floater health insurance plans". I have not heard this term before, so I did a bit of research about family floater plans and benefits of taking this type of medical insurance and surprised to know that now you can cover almost all members of your family with just one health insurance plan. This is a big relief because you don't need to buy and maintain separate health insurance plans for different family members, in just once insurance policy you can cover yourself, spouse (wife or husband), children, parents (mom and dad) etc.