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Mistakes to Avoid While Taking a Home Loan

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Mistakes to Avoid While Taking a Home Loan

Borrowing a home loan and buying a home is a major financial investment and decision of our lives. It needs careful planning and analysis. You need to keep in mind various factors and conditions because this is a long term commitment. If you don’t examine every aspect carefully before taking the loan, you might end up getting inefficient services. So make sure you have chosen the best home loan policy for your house, we have enlisted below a few mistakes which you must avoid:

  • Not doing online research well

These days several banks offer home loan services. Often people don’t take the pains of doing research and finding out what other banks have to offer in this regard. Your base bank might provide you with good home loan services, but it’s always worthy to go around and see what other banks have to say about their policies. Take into consideration extra charges like property tax, rate of interest, serviceability, etc.

  • Not choosing an affordable loan amount

Never borrow more than your financial status permits. Before granting you the loan, banks will look into your income, the standard of living, and existing liabilities. But they don’t check your existing expenses. If your monthly expenses are already high, consider borrowing the loan later as you might not be able to afford the monthly EMI. Before you go ahead to borrow a specific amount, do a simple calculation. Consider all your fixed monthly expenditures and add the sum to the monthly EMI you have to pay to repay your loan. If the sum is too close to your monthly income, borrow a lesser amount of the loan from the bank. You can go for less expensive properties. Make sure your EMI is less than 45% of your monthly earning.

  • Not reading the home loan agreement

Before you sign the agreement, make sure you have gone through every clause of it. Often people don’t care to read the agreement before signing and face serious problems later. Many times bank officials skip certain points unintentionally. Read the agreement attentively to make sure you know where you are signing in. If you have any doubt, clarify them before signing. Even better, you can consult a professional home loan advisor Singapore who would provide you with meaningful insight in this regard.

To purchase your dream home, don’t forget to think about a major aspect of buying your home: a home loan. To make sure you enjoy your new home and a hassle-free repayment scheme, avoid making the above-mentioned mistakes.

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Finance

Brokerage Calculator vs Manual Calculation: Which is Better for You?

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In the world of Stock Market Today trading, calculating brokerage fees and costs accurately is essential for making informed decisions and optimizing your trading strategy. Traditionally, traders would manually calculate these fees using complex formulas and spreadsheets. However, with the advent of brokerage calculators, traders now have a convenient tool to automate the calculation process. But which method is better for you? Let’s explore the pros and cons of brokerage calculators and manual calculations to help you decide.

Accuracy: One of the key advantages of brokerage calculators is their accuracy. These calculators are specifically designed to handle complex calculations, taking into account various factors such as brokerage charges, taxes, transaction fees, and other expenses. By inputting the trade details into the calculator, you can obtain precise calculations, reducing the chances of errors and miscalculations. On the other hand, manual calculations are prone to human error, especially when dealing with complex formulas and multiple variables.

Speed and Efficiency: Brokerage calculators excel in terms of speed and efficiency. With just a few clicks, you can obtain accurate calculations within seconds. This saves you time and effort, allowing you to focus on other important aspects of your trading activities. The manual calculation, on the other hand, can be time-consuming and tedious, especially when dealing with a large number of trades. It requires inputting data into spreadsheets, applying formulas, and double-checking calculations, which can be inefficient and slow when considering Stock Market Today.

Complexity: As your trading activities grow, so does the complexity of the calculations involved. Brokerage calculators are equipped to handle complex calculations effortlessly. They can consider multiple variables simultaneously, including different brokerage plans, additional charges, and various trade scenarios. Manual calculation, although feasible for simple calculations, becomes challenging and error-prone when dealing with a large number of trades and complex fee structures.

Flexibility: Manual calculation provides a higher degree of flexibility compared to brokerage calculators. With manual calculations, you can customize the formulas and spreadsheets to suit your specific needs and preferences. This level of customization allows you to include additional factors or unique fee structures that may not be available in standard brokerage calculators. However, this flexibility comes at the cost of increased complexity and the need for advanced spreadsheet skills while considering the Stock Market Today.

Learning Curve: Brokerage calculator are user-friendly and require minimal learning. Most calculators have intuitive interfaces and straightforward input fields, making them accessible to traders of all levels of experience. On the other hand, the manual calculation requires a good understanding of trading fee structures, formulas, and spreadsheet software. This may pose a steep learning curve for those who are not familiar with advanced calculations and spreadsheet functions while going with Stock Market Today.

Updates and Accuracy Maintenance: Brokerage calculators are typically updated regularly by the providers to ensure accuracy and keep up with any changes in fee structures or regulations. This saves traders the effort of constantly updating their manual calculations to reflect the latest fees and charges. However, manual calculations require manual updates whenever there are changes in brokerage fees or other relevant factors, which can be time-consuming and prone to oversight.

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Finance

Cold Wallet: The Best New Ways To Use Cryptocurrency

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Cold Wallet

A cold wallet or offline wallet is considered the best way to store and use cryptocurrency. It is an encrypted device designed as a single access point for your crypto coins and digital currencies.

The advantage of using a Cold Wallet is that it is accessible only by you and no one else. These types of wallets are also known as hardware wallets and they act as a vault for your cryptocurrencies.

Unlike hot wallets, cold wallets are not connected to the internet. This is what makes them safer and better. This post will cover information about cold wallets and how they can be helpful.

Reasons To Use A Cold Wallet

Using cold wallets to store your crypto coins can be beneficial to you in many ways. If you are using this type of wallet for the first time, you should take note of the pointers below.

  1. The private key is not exposed

When using a cold wallet, you don’t need to expose your private key online. The only place it is required is on your encrypted hardware device. This keeps your private key safe from hacking and cyber threats.

  1. Can store multiple cryptocurrencies

Cryptocurrencies don’t occupy a lot of storage space. There’s no limit on the number of crypto coins an offline storage system can store. Some cold wallets allow you to store multiple crypto coins at the same time.

  1. Pin protection

The best thing about cold wallets is the pin protection. Let’s say, someone gets hold of your cold wallet and tries to open it. Without the pin code, the person cannot access your cold wallet. After 3 attempts, the person will automatically get locked out.

  1. Transaction verification

Every cryptocurrency transaction you make needs to be verified via your cold wallet. So, without gaining access to your encrypted cold wallet, no one else can make a transaction. Just keep the device hidden and away from everyone’s reach.

  1. No virus

Most viruses are designed to impact system software. But since a cold wallet is a hardware-based device, it will remain unaffected by viruses. With cold wallets, you don’t need to worry about the safety of your crypto coins getting compromised.

Cold wallets have been around for many years. If you are a regular crypto investor and need a crypto storage wallet, you should go for a cold wallet.

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