As anyone who just moved into their own house will know — it is a wonderful feeling to step into a freshly painted and furnished brand new home! Owning and moving into a new home can be a very fulfilling moment!
Of course, most of the brand new home owners will also not forget the flip side of this nice feeling - the first three months and the new strain on finances in the form of the EMI!
Although most people realise that this EMI amount will be taken away from one's account every month, some can end up making terrible blunders like covering monthly expenses quickly before the bank dips into the account for a big chunk of EMI. This can lead to a cheque or ECS bounce early in the tenure! To avoid this it is best to understand when salary credit happens and time the EMI withdrawal accordingly!
An oft repeated grumble in such situations is of course the wish that one should have started saving more!
Most households these days belong to the double income category and when you apply asRead More »from How to plan your budget for your loan EMIs