What are the best investment option in India?

What according to you are the best investment option in India?

“An investment in knowledge pays the best interest.” Benjamin Franklin

 

best investment option in India

In today’s world hitting your financial goals and increasing wealth is very important. Maintaining and growing a strong wealth depends on all factors Earning, Saving and Investing.

Investment is one of underrated area we often don’t give so much value to it. But trust me it is a goldmine for your future.

 And on the other side many of us understand this and this is the reason why many are always on the lookout for top investment plans where they can double their money in few months or years with little risk. So, the best plan to invest is something we need to build our own.

There are some of best investment option in India, but most important is to decide plans which gives us best return with less or no risk. Risks in investment are not always bad when they have been taken with calculations and market analysis. Wiki defines Investment more in depth.

On the other side we have some orthodox investment plans that gives us risk free returns. So, it is important to know best investment plans that suits us best.

Classification of Investment based on Risk

Investments are often classified based on risks depending upon some factors. Returns on each investment category is also related to risk. Some of high-risk investment can certainly give you higher to huge returns. Let’s talk in detail for all of investment option in India involving risk around.

Investment with Low Risk

There are some investments that gives us guarantee returns. You will often see a systematic and determined returns that is based on interest rates. Some examples of Low risk investments are Fixed Deposit, PPF, Sukanya Samriddhi Scheme and National Savings Scheme.

Investments in this low risk category having lock-in periods which money is liquidated after maturity.

Investment with Medium Risk

Many of higher return plans includes some degree of risk that are also linked to market conditions. It is also possible not to get pre-determined returns at regular interval of time since they depend on market conditions on some factors, but in a long go returns could be beneficial.

One example is debt mutual fund which involved medium risk but still relatively safe.

Investment with High Risk

Stock investments, Equity mutual funds are 2 examples of high-risk investment, there are many but these two are commonly known. Returns on the investments are mainly influence by market conditions.

On positive side they can give much higher returns, but downfall involves high risk since return amount and profit money is not guarantee.

Let’s talk about the best investment planning and where to invest money.

Best investment option in India and Investment Plans

So, now let’s talk about some of best investment planning we can do for good returns. These are best options and we have seen people investing with taking risks in some investment while some of plans gives guarantee returns.

1.Stock

Many of the public companies sell their stock through stock market exchange. With the help of stockbrokers, Investors can buy and sell these shares.

Supply and demand of each company’s stock is tracked by stock exchanges. Depending upon market it can give you best returns sometimes double or triple profit. But if market goes bad, we can expect a negative return as well.

Depending upon your financial plan you can do short-term or long-term investment in stocks.

2.Fixed Deposit

This is the best investment plan and the safest as well where you are assured fixed interest at fixed intervals of time. It provides options with flexibility to pay and duration depending upon your financial goals.

Fixed Deposit is offered by banks and Non- financial companies. Short term investment plans with Fixed Deposit is also helpful in many ways.

It is one of the best investment option in India if you are thinking in terms of risk-free return. And key here is plan for investments, that is when we want our money to get mature, set a target for some future goal.

3.Mutual Funds

 It is one of the best options for investment when you are thinking for high returns when investing for long period of time.

The returns are generated as driven by market performance. Mutual fund investment involves higher risk, but it also offers much better returns as compared to other investment options that are available in the market.

Mutual fund offers two largely investment options to invest: –

Equity mutual fund:   These schemes monitor the market and search for under-performing stocks and purchase them at low prices with the calculated assumption that these stocks will recover in the long term and will give profit returns.

This investment scheme provides healthy and positive returns as compare to other mutual fund when invested for long period of time.

Debt Mutual Fund:   Debt mutual funds works as to invest their funds only in the fixed and generated opportunities. They are considered relatively safe because of the low tenure of securities. As per regulatory norms, they have permission to invest in debt and money market securities considering maturities of up to 91 days. It is also one of the best investing ideas.

4.Senior Citizens Saving Scheme

 This is one of best when we think about safe or risk-free investment and one top up benefit is Tax saving.

Offering a regular stream of income and promise of safety with tax saving benefits, It is a best choice of investment for those over 60 years of age. So, what makes in attractive? Correct, high interest rate.

5.Public Provident Fund

It is the most popular scheme in India for long term investment, which offers safety with attractive interest rate and returns that are fully exempted from Tax.

It pays interest rate annually and requires a minimum of Rs 500 per annum investment and maximum is Rs 1,50,000 lakh in a year.

You can open an PPF account in a bank or post-office. We can also earn compound interest on our money.

6.Real Estates

Real estate sector hold plenty of opportunity with higher returns over a long period of time.

This investing strategy is very simple; you purchase an investment property, and you just hold ownership over it for a period until it appreciates in value, and then you can sell it for a profit.

Plan of investment at right time is the main factor here depending upon market value. This is also considered as one of best investment option in India and people do invest in real estate.

7.Pradhan Mantri Vaya Vandana Yojana

This scheme available for senior citizens and considered one of best. This scheme is offered by LIC of India and promise a guaranteed return in terms of pension at a specified rate for 10 years.

Additionally, It also offers death benefits. Senior citizens with over 60 years can invest in this scheme. And there is no maximum age limit. The maximum investment amount allowed per person is Rs 15 lakh.

8.RBI Taxable bonds

With tenure of over 7 years and having good interest rate, this investment option is considered one of best too. Another benefit holding up with this plan is there is no maximum limitation of investment.

RBI bonds are available via any branch of Reserve Bank of India and are backed by the Indian government. Best part is on the interest which can be considered as return as a regular income. This is also consider as one of best option for investment.

9.Gold Investment

No doubt, It the best investment for every person. We can get high return from gold investment.

In general, to invest in gold directly we have three choices: purchase the physical asset, purchase shares of a mutual or exchange-traded fund (ETF) which shows the price of gold, or trade as an option in the commodities market.

10.Unit Linked Insurance Plan

Thinking for higher returns? Consider Unit-linked insurance investment plans. This is also a good investment plan options available with us.

With a mix of benefits considering Investment and Insurance it also provides us relaxation on our Tax. It also provided variety of features like you can top-up your investment, change with various funds during your policy tenure, choose to increase or decrease protection level.

11.Recurring Deposit

Very commonly known as RD, is a term deposit plan offer by Indian Banks. It is very flexible mode of investment where you can deposit money at regular intervals and get pre-determined returns that is based on interest rates.

It is safe mode of investment with guaranteed returns. An individual can choose a term that ranges from 6 months to 10 years for investment. During this tenure interest rate remains same which was provided at time of investment, it does not change.

12.Post Office Monthly Income Scheme

Regulated by post offices in India and backed by government is a small saving scheme. Returns can be earned every month in the form of interest. This investment involves no risk and gives guaranteed monthly returns. Consider as one of best investment plan in India for regular monthly income.

From the day account is open maturity period will be 5 years. This investment scheme does not offer any tax rebate.

 

How to invest money?

Before you ask this question, analyze your financial planning. Check your earning, saving and spending meter.

When we are ready for investment, we should be having a financial goal which we will be hitting with this investment. Map some of the investment ideas that suits you best.

Make sure if you are investing in medium to high risk schemes you already having an emergency fund in parallel just not to get emotionally down with market drops.

There are many investment schemes that can be started online, and you need not to physically travel to company or investor.

I will always suggest making a check list for your financial goals before investment to keep track of your outcome with pre-determined plan.

Perform some more research on what you want with your investment.

Remember:

“You get recessions, you have stock market declines. If you don’t understand that’s going to happen, then you’re not ready, you won’t do well in the markets.” — Peter Lynch

 

Also read:

15 Ways to Earn Money Online in India without Investment

19 Best and Simple Ways to Save Money in India

15 Great Tips to manage Personal Finance in India

How a Working Wife can Help to Manage Finance Better

 

Do you know! A working wife can bring some magical touch to your financial goals

How a Working Wife can help to Manage Finance better

Image source: pixabay

 

Believe me or not she can help in household expenditures thereby making a better financial condition around the family.

You are now having extra income for saving, investing and planning future financial goals. I feel myself in a better financial position as my wife is working and she takes care of equal proportion of expenditure thus giving us a large room for our financial goals.

There are some real life experience which I am going to share with you and trust me every experience is not less than anything magical.

 

How a Working Wife can help to manage finance better

 

1.She is Your Hidden Angel that can Turn Your Dreams True

It was time when we planned our first Car. I always wanted to have one of best Car in my budget with the Top Variant in segment. But with the Budget I was falling little sort of half of the amount, so initially I decided to go with top 3rd Variant from basic and not the highest one.

When my wife came to know about my desire, she did not wanted me to turn down my choice or I should better say Happiness. She helped me financially to buy Top Variant model of one of best Car in segment, which alone for me was not possible considering household expenditures as well.

 

2.Working Wife Can Help You with Some of Bigger Financial Decisions

We were looking to buy our sweet home and we were sorting our options, such as 2 or 3 bedroom apartment, Individual house, managed Villa projects etc.

Buying a house is a very big decision and there are many hidden expenditures apart from front payment and installments.

If my wife would have not supported me financially we might have not able to do this huge investment above than multistory 2 or 3 BHK apartment. We went for individual house and trust me it is not possible for an average earning single family member to do such a big expenditure and see dreams coming true into reality.

 

3.Valuable and Useful Suggestions When Comes to Future Financial Investment

A working wife will be having little to more knowledge on investments. Together with discussion we can agree on some future investments which suits us best and will be fulfilling our goals later in future.

The front payments and installments thus can be better planned and to be divided between two. With two earning family member deciding a common financial goal is easily and manageable without hampering daily or monthly basic expenditures.

 

4.A Better Home And Family Budget

When you have two family members earning, expenditures are likely to be divided. Like a working wife can takes care of children school fees, maid and other small expenditures like phone bills etc.

While husband can let his salary into EMIs, other financial installments, future investments and occasional shopping.

In this way a better budget can be carried out with both of earning members contributing and sharing financial loads.

 

5.Better Day to Day Family Management

A Working wife understand better needs of a family. She understand with changing time what is best for family members.

She takes equal responsibility in managing day to day family needs and budget, weather it is paying bills, pickup children from school, daily expenditures, monthly budget planning etc.

 

6.Working Wife is Updated and Confident Partner

Since you have a working wife so she should be more confident on many things and must be much updated about the outside world. She should be able to present herself in better way and can carry herself with a better personality.

She should be able to understand her partner in better ways in terms of stress and daily profession work. She understand late and odd time working and support you in better ways. In short you can say a modern wife who manage things better.

Likewise understanding Finance is also no different, she will be able to understand and contribute for a health financial conditions for family.

 

So what we Know Now !

I am sure there are no doubt left for comparing housewives vs working wives or you can better say housewife vs working women anymore. There are also some disadvantages of working women but there are also housewife problems we must need to understand them.

 Above are some of wonderful experience I feel from my life, list may grow more and more. But I want your support to let me know what better experience you feel and think a working life partner can contribute?

Please comment and let me know so that I can add to the above list.

 

Also read:

15 Ways of passive income source and see what suits you best

 9 amazing ways to pay off your loan early

Know best 19 ways to save money in India.

 

15 Great Tips to Manage Personal Finance in India

5 Great Tips to Manage Personal Finance in India

Manage personal finance in India is no more an art when you are hitting your financial goals correctly.

But this is not the case with everyone, we all have some liability and at some point we see no fair justice with our money. Therefore it gets difficult to manage personal financial planning in India.

Manage personal finance is not all about investment but it involves all three factors Earning, Saving and Investment. So to be on right track  personal financial management tips are very important for financial growth. Create financial management definition for your-self that meets your goals. What is finance management according to you? Just think about it.

 

I am strongly not recommending to reach out any personal finance planner India type services or use personal finance software India or any personal finance app India because every person has its own requirements and these does not fit practically.

I am trying to bring best out of personal finance management tips or money management tips India from my experience.

15 Great Tips to Manage Personal Finance in India

1.Create Passive Income Source or More Than one Income Source

You are already working somewhere which is giving you a fix salary every month. Push yourself to create a passive income source as well.

Find some time in your daily routine be it 1 hour or more, see what suits you best and create another earning stream. You need not to go out and work somewhere but you can manage your personal finance by online earning. Yes it is possible.

To make sure our financial management is on the right track despite of extra investment or expenditure we need to make sure there is some alternate income source.

You can earn from your writing skills, create a passive income source from social platforms like YouTube, Twitter ,Facebook etc.. There are many resource available from which we can start our alternate income. 

 

Choose from 15 Ways of passive income source and see what suits you best.

 

2.Get Your Money Works for You

Indian financial planning is very important, Therefore don’t let your money just sit into your saving account. Create an investment plan. Choose small and safe then make it large. Investment plans is an individual call and one can invest depending upon requirement.

You can invest in Fixed Deposit and expect a return of 3% to 7% or depending upon current rates.

Liquidity funds are also a good option with a return ranging from 5% to 8%.

Other options are PPF,Equity,Mutual funds and many more. Make a plan and see what suits you best. When it comes to investment, personal finance planning in India in really important.

One can also choose a small reoccurring saving by using RD for 6 months or an Year then after maturity the bulk amount can be used for some big investment.

 

3.Pay Off Your Loans or Debt as Early as Possible and manage personal finance in India

There isn’t a true justice with our financial goals if we are not able to get free from our Loans and Debt.

Paying almost double amount with EMI as compare to Principal amount really hurts. Do some extra payment with your regular monthly payments. There are also many ways to finish off our loan.

Make a plan and see if any small contributions towards your debt clear your loan early. Give it a try, it is worth. I was able to pay my loan early with these small contributions.

If you have multiple EMIs, then best advice i can give you is repay the Loan having highest Interest. 

Financial management isn’t get its true meaning with paying unnecessary EMIs. Either few small amounts or one time big amount can be useful to get rid of your EMI. Just think about it.

 

Learn 9 amazing ways to pay off your loan early.

 

4.Your Best Ways of Saving Money

Personal finance management is incomplete without great savings. Know your priorities and excel them.

Make a budget and follow it.There are multiple room of savings and many times we carelessly ignore it.  Point out those and try to make best of your budget by keeping track of all priorities.

Personal finance tips India should be said to be successful when we learn the art of saving money beautifully.

We can save money on electricity, on Vehicle fuels, Travels, income tax, cashbacks etc..There are many saving options we may never have think off. We should better utilize those options.

After-all saving money is equal to earning money. You save money and i am sure money will save you at your time when you need it.

 

Know best 19 ways to save money in India.

 

5.Read More on Personal Finance Management

So what is meaning of financial management for you ? Thinking.. There are many resources available on internet and also in form of books. There are also many personal finance India blog and personal finance magazine India, read them to have overview of different practical approach towards finance management. These are blogs on personal finance which provides useful information.

Some of my best personal finance blogs are:

  1. Jagoinvestor 
  2. Moneyexel 
  3. Moneycontrol 
  4. Onemint 

Try to follow some of best recommendations blogs on finance that suits you best and not all. There is learning in each and everything , just like not all 5 fingers are same , everyone’s personal finance is also not having a similar track. Try to follow above mentioned or some more personal finance blogs India for a good finance understanding. You can also follow some finance blogger or financial bloggers in India as well.

 

6.Always Spend Based on Your Importance and Manage Personal Finance in India in even Better Ways

You can always go for a higher range of cell phones , Cars, Accessories etc when you already have one in good working condition. But do you think it is really going to do any justice for you?

Spend on the things based on your importance and requirements. There is no limit of throwing your money on great market tricks. Check out yourself what is important for you and your family at present and prioritize your spending according to it.

Make your money as Wise Money when it comes to expenditures.

 

7.Borrowing Habit is Bad for Your Finance

There is a great Saying “Cut your dress according to your cloth“, meaning Limit your expenses according to your earnings.

Now there has been situations with me in past when i wanted to Buy something out of my budget and for that i was ready to borrow money from others, this was just to fulfill my desire. Not buying things never have affected my work or life anyways.

So what i got ? A debt to be repay from my next month’ Salary.

Better plan for something and buy from budget. If things are at higher cost we can plan it in few months rather that disturbing our current finance.

 

8.Your Working Partner ( Husband or Wife) can Bring Some Magical Touch to Your Finance

This is my real life experience when my Wife brought great help in managing Personal finance.

After a long break she joined office again and from next month we were having some extra room for finance management in better ways.

She started taking few equal responsibility in managing day to day family needs and budget, weather it is paying bills, pickup children from school, daily expenditures, monthly budget planning etc

Finance was running on the straight tracks again.

Check out more how a working wife can help to manage finance better

 

9. Insurance are Good for You and Family

If you have not taken any medical insurance for yourself and your family please take one. Bad times in medical terms can loose us plenty of money that can shake us financially from the core.

Buy a good medical insurance that provides good coverage for you and your family.

Likewise Term insurance is also beneficial for your dependents. Choose a good insurance company with good reputation of claim settlement.Personal Finance India is incomplete without all of these.

Insure a good coverage amount such that your dependent will be able to take care of themselves for most of their lifetime. Investigate some of best insurance available in the market and choose what you think is best.

 

10. Manage Personal Finance in India by Dream Deposit or Goal deposit investment

Now here is a catch. It is basically a Saving we are doing with interest rate similar to Recurring deposit of your bank. But we set a Goal for saving, it can be small of Big amount depend upon a Goal you set.

Many banks are having this Goal based saving like HDFC having Dream deposit, ICICI having i deposit etc..

I had planned for a small vacation and so i started saving small amount for this dream every month. This was totally disciplined kind of saving and maturity was deposited to my main account. 

Dream deposit

The idea is clear, make some goal based investment, no matter it is small or big. Even if it is small, give it some time and you could see bigger results.

11.Know Your Tax Deduction and Best Way to Save some amount

We all pay income tax and also we try our best to save money from tax deduction. There can be some gap in knowing best ways to save more. Consult with a good CA or CS for better ways to save your taxes.

After-all we should not be a food of our money, we should know how and where deductions are made not for only Taxes but also for our monthly salary.

Check all your deductions and payout depending upon your annual flexible and investment plan.

 

12.Stick To Your Monthly Budget and Manage Personal Finance in India

Making a monthly budget and Sticking to it is not an easy job, but trust me it is not so difficult also. Once you started for a month, it will continue automatically for next month and you will realize you are making a track record of your monthly expenses.

Keep a record, but make sure keep it is easy and simple. Check for any gap where an extra money was lost which could have been saved. No matter what, try not to take a jump across your monthly budget. Some urgency is excused but make sure to follow in disciplinarian manner.

 

13. Vacation and Luxury Expenses

Trust me or not, this is also an important factor that contributes to a healthy financial management.

We all love to go out for vacations, but there are some silly financial mistake we do in terms of expenditures.

Have you ever think of, a off-season can be a jackpot in terms of lower rates on every destination? Try it, it is worth.

Likewise, Check expenses on your category of hotel room we book, why not after-all we are spending money only for sleeping for night, be it a executive room,deluxe or super deluxe room with balcony.You can also buy tickets in advance to save yourself killing your extra money from your finance as compare when you book ticket near to your journey.

Check 14 ways you can save money on Vacations and Travelling

 

14.Keep Updating Your Budget

I know this is some sort of boring exercise but it is important that we should follow it when new item gets an entry to our budget.

It might be possible you have taken a new policy for your child or admission to school. The new expense budget should be exercise well with this.

Add items and adjust well so that new expense fit healthy to our financial management and planning. Making a budget is easy but keeping a good track of it is also very important.

 

15.Choose Your Friendly Debit or Credit Card

I am not a true lover of Credit cards but i am not even against it. In-fact i see some of better advantages on credit cards as compared to debit cards. Spending is other thing. If you do not have control , then even debit card is not good for you.

Make sure Credit card is your best friend in managing expenditure. Swap only the amounts that you can repay easily without disturbing your finance.

 

CALL TO ACTION!

Now it is your time, i can keep adding things but if you don’t give it even a thought , it is useless for me. To reach our financial Goals and to get financial freedom, Personal finance planning in India is really important. Above are some best personal financial tips from my experience. There are many financial blog as well to take help with.

Do let me know in comments if there are other ways by which we can manage personal finance in India in better ways, it will help me to add it here.  

 

What is financial management ?

Financial Management is taking best controls on your money flow. It is basically your Wise Money.
Best managing of your finance in spending,analyzing and controlling money which provides justice to your financial goals is financial management.
Know some best of financial management tips here.

What is Personal Finance management ?

It is a form of financial management in which a person or family takes financial decision on budget,saving,expenses and future investment.
You can get more explained meaning in this article.

How can i manage personal finance or do personal finance planning ?

Manage personal finance is not all about investment but it involves all three factors Earning, Saving and Investment. You have to look every aspect.
There are many things that we need to consider while doing a personal finance planning. This article explains all steps for better management.

9 Amazing Ways to Pay off Loan Early

Do you know we can save plenty of money by pay off loan early?

Before I discuss with you why we need to Pay off Loan early and what are different ways by which we can achieve it, Take a look at Data below:

Pay off loan early

Source image: ICICI Home Loan calculator

What you figure out with the above picture? Above is Loan of 20 Lacks for 20 years.

Well to me, I am paying back double amount to my lender or bank, which hurts right?

So it is always good to become debt free as soon as possible and pay off loan early weather is it Car loan or Home loan.

You can also use any online pay of a loan calculator, just to plan of your balance debt.

We do have some financial goals and it is always better to do some justice with it.

There are some ways I have used personally to pay off loan early than the scheduled tenure and it feels really amazing to be a debt free, isn’t it?

Also Read:  How I Saved 35 Lacks while Buying a House in India

9 Amazing Ways to Pay off Loan Early

1.An Extra Payment with Regular Monthly Payment

Try to do some extra payment in addition to your fix monthly payment. Whatever be the amount make sure you are continuously trying to reduce your loan amount.

I have always done some extra payment for my Car Loan whatever is left after my monthly budget.

9 Amazing Ways to Pay off Loan Early

In that way when we see in long run, we are reducing 6 months to a Year on our loan tenure.

2.Pay Off Loan With Little Magical Extra Payments

There was a time when I made an extra payment as low as 500 bucks apart from regular monthly payment. Whatever little extra amount I find with myself I used to pay off loan for my Car.

9 Amazing Ways to Pay off Loan Early

We know it is not a big amount that makes a big difference but think about 500 bucks for 12 month, you got it right?

This is going to reduce one month at least from your loan tenure.

3.One Extra Large Payment

You can do little extra payments or do a large at one time. It all depends on your financial situation and goals. Both of the cases will help us to pay off loan early.

People having bonuses, incentives and team rewards every year in their working areas. You can use that large amount for your extra loan payments apart from your regular monthly payments.

4.Increase Your Payment With Time

We get some appraisal or hike in our salary each year. See if it is possible to add the extra salary to regular loan payments.

This will reduce loan tenure automatically by paying off more than your previous pay offs.

5.Refinance or Balance Loan Transfer

Why not? If other bank is offering you lower interest rates it is wise to transfer your balance.

This is actually one of best way to save money on interest and pay off loan early.

6.Not to Reduce EMI On Your Extra Payments

If you do any large extra payment, Bank may give you two options. Lower your tenure or reduce EMI.

Best way is to go for reduce tenure, in this way you can pay off loan early than actually it was scheduled.

7.Open RD Account For A Large Extra Payment

This was one of my little favorite trick. You can try it if you have set a target for pay off your loan early at some planned time in future, say after 2 years or 3 years or less.

I opened an RD account with installment of Rs5000 for one year. You can go for 2 year or more depending on your planning.

After maturity I was able to pay an extra-large payment of almost Rs 64,000.

8.Investments under-performing

Consider any under-performing investment having lower interest rates that of you loan and not having a better scope as well, better liquidate it and pay an extra payment for your loan balance.

9.Maturity Returns

If you already having any investment ( also includes short RD,FD etc..) which is near to maturity and you do not have any further plan to roll that amount into another investment, then do an extra-large payment with that amount after maturity and pay off loan early.

CALL TO ACTION!

It feels amazing to be debt free. After finishing your loan early, you can try to concentrate on other investments or save money for future use.

After all it is your WiseMoney.

What are your best ways to pay off loan early? Comment and let me know.

Also Read:

15 Ways to Earn Money Online in India without Investment

How I Saved 35 Lacks while buying a House in India

7 Great Ways to Save Money When Moving Into New Home

19 Best and Simple Ways to Save Money in India

19 Best and Simple Ways to Save Money in India in 2021

19 Best and Simple Ways to Save Money in India

We all know “Saving money is earning money”, but staying in country do you know simple ways by which we can save money in India? You need to trust me because you are going to save more than thousands of rupees now with these simple money savings tips.

These are simple and easy ways we could have even mistakenly ignored many times in past and lost some money. There is no guaranteed tips to save money that works for everyone. But now I am sure you are going to save thousands of rupees in daily, weekly and monthly run. These are some of best ways to save money in recent times.

        19 Best and Simple Ways to Save Money in India

 

1.Save Money on Electricity

19 Best and Simple Ways to Save Money in India

How many times have you left lights and fans running when no one is in room? Well, I have done many times and I accept it. I have even sometimes kept running my A.C. just to make sure when I enter in my room it should be cool and comfortable, bad habit? Hmm.


In past there were few months where my electricity bill or recharge did crossed more than 7k.

Have you ever thought about this?

Try to switchoff most of electrical appliance when they are not required. I would also suggest to go for florescent or LED bulbs as compare to regular light bulbs, they are also very helpful in saving money in long run.

This is one of best savings money tips which can save money in India on electricity bill or recharge wherever you stay in country. Correct?

 2.Cut the Middle Man Out

Think about a purchase or a work where we take help from a broker or any agency to get our work done. We have to give some fees to these middle man for that work. Try to cut it down.

When I was purchasing my home I denied taking help from any broker instead I did everything myself and believe me I was able to save lacks of rupees. Isn’t it a great save money tips.

Read: How I Saved 35 Lacks while buying a House in India

 

3.Stick to Your Monthly Budget

Making a monthly budget and Sticking to it is not an easy job, but trust me it is not so difficult also. Once you started for a month, it will continue automatically for next month and you will realize you are making a track record of your monthly expenses. Ask yourself a way on how to save money each month ? Well, the best way is here.

Would you like to try it now?

Note down your monthly expenses, there will be some expense that needs to pay in cash, some from online banking (like EMI,FD,RD etc..) and some via debit or credit card.

Keep a record, but make sure keep it is easy and simple. Check for any gap where an extra money was lost which could have been saved. Trust me it may looks time taking and cumbersome job but it is worth trying. The best solution for how to save money in India every month is your Budget, Try it and see results yourself.

 

4.Save Money On Vacation Expenses

I know the question , how to save money India on vacation expenses and why, this is our leisure and relax, But who don’t like to travel to a beautiful destination, in fact we all love travelling. Travelling and creating some beautiful memories are one of our best times in our life.

But some of these travels also costs us too much on our budget. Be it mode of transport for travelling, stay in hotel when traveling

We can save thousands of rupees on our Vacation expenses, like on ticket booking, Hotel rooms, Free stuffs etc..

Read : 14 Great and Simple Ways on How to Save Money When Travelling and Vacation

 

5.Save Money on Your Vehicle Fuel

Have you ever tried Carpooling or using office shuttle or cabs for transport purpose, if yes did you ever noticed how much money you were able to save with this? Fuel prices are increasing day by day, making difficult to save money in India when using own Vehicle every time.

 19 Best and Simple Ways to Save Money in India

I used to drive office by my own Car and it used to cost me around 6K for an month, when I started using Office shuttle and Cab my expenditure on fuel dropped by 50%.We can in fact try using public transport also wherever possible, this will also help us save some money.

 

6.Eat Home Cooked Food

Two benefits Money saving and Good health. Eating once in a while or on some occasion is good thing, but when we do it too often we definitely loose extra money and thus health too.

Try eating home cooked food as much as possible and also try to take lunch from home to your office. There were few times with me too when for 2 weeks I had lunch outside, it costed me around 1K.

I tried my best to take lunch and some snacks from home and you believe it I did saved some money. On a long run it saved me around 3K for a month and almost 36K for a year. 

 

7.Save Money in India with Health Policies

If you have not taken any Health policy for yourself and family then I would say you are not a right track for planning to save money when required. This is one of best way to save money in India when we need it.

19 Best and Simple Ways to Save Money in India

Health emergencies can come anytime and unnoticed. We can easily find our saved money drained during these situations. Remember Medical field is going very costly and still raising. We have many medical policies available in market. You can visit policy bazar and compare policies as per your requirement.

 

8.Save Money on Mobile Phone Usage

Many times we wonder whether we are on Prepaid or Postpaid are we really paying enough than we consume services. Remember money save is money grow.

I am not going to advise you to switch to Prepaid or Postpaid, but I am going to ask you to use mobile plans which is best suitable for you. Yes for some reasons Prepaid is better than Postpaid and in some cases vice-versa.

Being on prepaid, You can save money in India on recharge as well.

So explore, whether you have Airtel, Vodafone or Jio connection.

Requirements defer from person to person. But make sure once you have explored enough for a plan then think if this is going to save some money than the present plan you are having currently, better try for a month and see results.

 

9.Two Plus 1 Offers

We all have come across with offers like 2 plus 1 free or buy 3 get 1 free. Avoid those. These are really good market techniques. Ask yourself do you really need 4 of them? Not really.

 

Stick to your plan and needs. You can buy another piece indeed if you have requirement. Save money India by these schemes.

 

10.Save With Cashback

Cask back are good ways to save money on purchase. Check before any transaction whether there is any cashback offer on your Debit or Credit card, try to avail maximum benefits. I was able to get good amount of cashback on my HDFC debit card on purchase of AC this summer.

Likewise use money wallets like Paytm to get cashback as possible.

My paytm cashbacks:

Save with cashback

 

11.Save Money in India On Income tax

This should be the most discussed topic of saving money from Income tax or probably how to save money in India from Income tax. We should check where we can save our taxes thereby investing still in better ways.

Check your HRA,80C, 80D, 80E section.

80C covers LIC premium, PPF, FDs, Sukanya Samridhdhi Scheme etc..

Likewise 80D includes Medical insurance and Top Ups

Plan your investment in better ways to save your tax. Have some best saving plan. The way you should learn on how to save money from salary because it is our hard earn money and definitely must be invested properly.

 

12.Book Travelling Tickets in Advance

Question comes up as how save money in india with this ? We all know the dynamic fare now a days keeps on increasing while our travel day comes nearer. Not only airfare but now a days you see dynamic fare for trains keeps increasing too on selected trains and routes. We should plan and save money in India while travelling anywhere.

If there is no urgent requirements then why not better plan in advance and save thousands of rupees.

 

13.Use Rewards From Credit and Debit Cards

We all have Debit or Credit cards having some offers and or Reward points when we use them for transaction.

These points will keep on increasing as per Card policy with transactions you do. Points needs to be Redeem within one Year or they gets lapse, you must check your reward point duration.

These reward points can be redeem for variety of offers depending on business partners.

I use my Debit Card rewards many times as Cashback and also on Fuels:

debit card cashback

One of my friend redeemed his rewards points in making a luxurious Vacation trip with family.

 

14.Your TV DTH Plan

It was time when I got my Airtel DTH installed and I wanted to have all HD channels weather I see them or not. So straight forward I took a plan which was costing me Rs650/- per month, indeed costly enough.

I moved to make my plan by selecting only channels that I or my family prefers. I noticed my monthly expenditure on DTH plan came down to 50%.

There is another way where I see we are going to save our money, now a days Netflix and Amazon Prime providing better prices for online services like Movies and TV channels in less than price for a year than any DTH service could provide. Check out yourself.

 

15.Work More and Stay Busy

We all are here to follow our dreams and to achieve something. So stay busy, work and follow your dreams.

When we stay busy enough we hardly get any time where we think about some extra expenditure out of regular activates. And definitely we never get a room for unnecessary things.

 

16.Online and Offline Shopping

Benefits of doing Online shopping is to explore more options compare prices and use offers like cashback to save money.

You can use Wallets like Paytm to avail more options on offers apart from you Cards.You can also save money in India with other shopping apps.

Check product online and compare best prices use amazon.com , flipkart.com or snapdeal, if you want it to buy physically at any shop you can try bargain as you already having idea on price of that product as noticed online.

Bargain definitely works on every tourist or most of commercial places, so keep trying, it is one of best way to save money in India while doing shopping anywhere.

 

17.Try Low Cost Activities When Meet With Family and Friends

We really want to celebrate it grand and outside whenever we meet with our family or friends. Weather it is a Mall or a play arena it often costs us much more with a group.

Instead try low cost activates, like fun games at home and self-cooking. It is worth try to spend some quality time too.

 

18.Staying on Rent, Make Sure it is Not Very Costly

What is benefit when you are staying on rent and paying a hefty amount equal to any EMI installment?

Better find cheaper place to live and save some money for your dream home.

Rent keeps on increasing every year too, so you can save money in India with cheaper rent amount and can do some valuable savings for future.

 

19.Read on Personal Finance Management and Never Give Up

Read some best of books on Personal finance management, we all are not perfect and a habit is not formed in a day. Try to practice some of best tips on saving money in daily life.

Keep trying, if this month was not a success as per the plan, we have a record and we can find rooms where we missed it. Next month could be better. Also try to learn on how to save money at home with some good examples. Check out some saving money plan for you if that suits.

CALL TO ACTION!

Saving money is no art when you have a perfect save money plan.These are Simple ways by which we can save plenty of our hard earned money. All above money saving tips in India can let you save money every month which collectively is a big amount when considered for a year.Try these tips and see if it makes some differences in your monthly budget. Even you will be able to save money from salary in India and no more question on how to save money from salary, correct. Remember best way of saving money is in your hands and there is no such best plan to save money, instead we have to make it best and by our-self.

Also help me to know in comments if i missed anything.

 

14 Great and Simple Ways on How to Save Money When Travelling

How to save money when travelling

Do you know these saving hacks will add you another vacation plan from your same travel budget?

How to save money when travelling should be probably the most common question when we are planning to travel or already travelling.

Who don’t like to travel to a beautiful destination, in fact we all love travelling. I always start to choose my travelling destination almost 3 to 4 months earlier.

Few of us want to get away from life’s daily busy routine and travel to a peaceful destination. While some of us travel with a vacation plan each year.

Travelling and creating some beautiful memories are one of our best times in our life.

But some of these travels also costs us too much on our budget. Be it mode of transport for travelling, stay in hotel when traveling, shopping etc..

But question is how to save money when travelling or when making a vacation plan?

I always say saving money is earning money. So when you are earning money from your saving, think you are making another vacation plan from your travel budget, isn’t it great?

There are some proven ways to save money when travelling and this will give you answer to your question for how to save money when travelling. Let’s begin.

1.Plan Free days for travelling

Yes this is very important tip to save money when travelling. Remember when last time you noticed airfare when it was a holiday, be it for any festival or weekend?

Absolutely, so plan your travelling in weekdays and with no festival or national holiday. You may find some of great discounts also when travelling in these free days.

It is possible airfare and other mode of transport to be cheaper in free days as compare to any holiday. And possibly hotel room prices too.

2.Book Your Tickets in Advance

If you do not have any urgent requirement, then this is best tip to save money on travelling.

The dynamic fare keep on increasing while travel day comes nearer. Not only airfare but now a days you see dynamic fare for trains keeps increasing too on selected trains and routes.

Booking ticket in advance is not only applicable to travel tickets but on hotels too. We should be getting good price of a hotel room when booked in advance.

3.Buy tickets directly from website

Once you decided for a flight with a rate by surfing on internet, you must visit airline website directly too. This may give you some chance of cutting down some extra charges.

Plus you may find some discount depending upon any scheme airline running with.

4.Off-season can be a jackpot

Off-season can be a best answer to someone who is curious to know How to save money when travelling, yes and that is true. Off-season can give you best prices and services you may not get in peak season.

I know for some of destination, peak season is best to visit, but try exploring same destination in offseason for some best prices on hotels, local markets, local activities and travelling.

I visited one of hill station in winter and hotel prices with best of category rooms were half the prices than it used to be in summer season. The other best part was crowd. Yes your destination is not flooded with tourist and it can be a best time for you to visit the place.

5.Book Hotel rooms directly from hotel on a call

What if talking and asking for a cheap price from hotel directly can get you some prize?

Well, it happened to me most of time. When I finish deciding hotel on any of these sites makemytrip.com , yatra.com or trivago.com. Then I call to hotel directly and ask for a negotiation.

Possibility is you may get some good deal from hotel directly. And will be able to save some money. You can also ask them to send you link for advance booking payment online.

6.1+1 night free offers

1+1 night free offers

Source: goibibo.com

So I believe you might have heard or seen this offer now and then at many travel related websites like makemytrip.com , yatra.com or trivago.com or tripadvisor or from hotel directly.

So why not stay for 2 nights rather than 1 night and just pay for 1 night. It is a good deal actually.

Always try searching this deal when you plan to travel.

7.Check expenses for Hotel room

When we are at our destination the time when we spent in our hotel room is for rest of sleep.

So it means we are paying to hotel for sleep, right?

Throughout the day we are busy at outside activities or exploring places. So this is one of very cost saving tip for your hotel room. Try to go for normal or regular room rather than deluxe or upper category.

8.Eat outside your Hotel restaurant

Breakfast included can be a good deal but do not go for lunch or dinner offers at restaurants like today’ specialties.

Better eat outside for some authentic food for the city. Restaurant prices will not satisfy your meal portion and taste many times and it you may feel like you paid extra what you got.

9.Save on Shopping

If you are shopping lover and have plan to buy local items related to certain city, the best saving tip is to buy from local markets.

Yes why to buy from Tourist Street or main market where you have to pay double the price, instead go for local market for best prices and also experience local foods and specialties.

10.Avail all Free Stuffs as possible

Do your hotel having free laundry service, free WiFi and free calling facility? Why not to use it and save some of your phone data and plan.

Yes try to use most of free services wherever you go.

11.Use Concession as Applicable

Use Concession as ApplicableThis is one of best thing sometimes we forget. Try to use Age concession. You must have known about Senior citizen concession, student concession and others.

Using age concession wherever possible, And it can get you discounts up to 50% or more which is absolutely a great deal, isn’t it?

12.Look for Hot deal releases from Hotels and Airlines

Look for Hot deal releases from Hotels and Airlines

Source: Yatra.com

Join your favorite airline newsletter, follow it on social media like Facebook and twitter so that you don’t miss any new offer release, promo codes and last minute deals.

These offers and promo codes can get you best deals and you will be able to save lot of money on travelling.

You can also signup for your favorite travel agency newsletter to be aware of such deals.

13. Use Credit card rewards

Use Credit card rewards

Check your credit card program and benefits, See if it allows to use your earned points for any flyer program or hotel stay deals.

Use maximum benefits of your credit card program.

14.Bargain wherever possible

Well, this is going to work on almost all tourist places. Try always bargain for the shopping item or activity you are going to do.

We were able to bargain almost 50% of price for boating in a lake. Also at one of hill station Bargain worked for winter suits and boots when going for snow activity.Hitting bulls eye for how to save money travelling in one of great ways.

Also read:

15 Ways to Earn Money Online in India without Investment

How I Saved 35 Lacks while buying a House in India

7 Great Ways to Save Money When Moving Into New Home

10 Ways How to Earn Money from Twitter in India

CALL FOR ACTION!

So answer for How to save money when travelling is all above. The next time when you make vacation plan and or travelling make sure you follow these great saving hacks and you will notice you can double your vacation in the year.

Please fill me in comments if I have missed any great saving tips.

7 Great Ways to Save Money When Moving Into New Home

7 Great Ways to Save Money When Moving Into New Home

Do you know many times we ignore these great saving hacks when moving to new home?

You are ready to moving into new home and trust me this is very cumbersome task to do.

You have plenty of things that needs to be shifted from your old home to new home.

Major parts include furniture, electronic items like Television, fridge, ACs, kitchen accessories, vehicles etc. Moving into new home is not only hectic job but also expensive.

We want our all belongings to be transported or reached to our new home without any hurdles and in good shape.

After buying my new home I was finally moved in to it recently. This was my third and final movement from an old home to new home.

There are many great tips and saving hacks I used while moving into new home which saved me plenty of money. Some of them I learnt from my experiences.

Your Decision and Planning are the two most important ingredient that can get you help in saving your money for this.

I am going to share some of great and proven ways for saving money while you move in to your new home.

1.Your free boxes

7 Great Ways to Save Money When Moving Into New Home

Absolutely this is something you can save your money with as well as keep your accessories in good shape.

I did not throw my original boxes for refrigerator, fridge, ACs etc. till I moved to my permanent home. These boxes were good enough to keep my accessories in good shape.

They were having extra safety guards as well. I used my original boxes.

Some of boxes I was able to get from my relatives and neighbors. So I was able to use it for packing my most of kitchen accessories. In addition we can also check with some local shops near us if they have free unused boxes.

You need not to buy bubble wrap or any extra guards, just use hand towels, bath towels, newspapers, old cloths and old papers to spread around fragile items to keep it safe when packing.

Remember to label your each boxes, this will help you to shift boxes at correct location in your home where it needs to be unpacked. Use some labels like fragile items and handle with care, you can also label as up/down label as per packing.

Also make a label as kitchen accessories or photo frames or whatever you have packed inside the box so as to identify what is inside the box without open it while it is transported to your new home.

While negotiating with packers and movers you can negotiate on boxes and save some extra money.

2.Get rid of unwanted furniture and accessories

7 Great Ways to Save Money When Moving Into New Home

There can be many old accessories which you do not want to take with you to while you are moving into new home. In the same respect you might have planned for new furniture for your new home.

Make a plan and checklist, see what is required to be shifted to your new home. Get rid of unwanted furniture and accessories to save some money on your transportation. Sell them out or donate them if not able to negotiate any price for old accessories.

Put your ads for selling your accessories and furniture on Quikr. I was able to sell my wooden bed within one day by using Quikr. Use social network as well like Facebook, WhatsApp groups, also ask with your colleagues and neighbors if they are interested they can negotiate a reasonable price.

3.Move some items yourself

Moving some items yourself can save you some money especially when you are moving within city.

Take help from your friends and relatives. You can have then two or three cars which can help you to transport small and medium packaged boxes with you to your new home.

The idea is to bargain a good deal with your packer and mover in terms of number of belongings to transport to new home. Try it, it’s a worth saving hack.

4.Plan your packers and movers company

7 Great Ways to Save Money When Moving Into New Home

This is very important phase when you choose packer and mover for transporting your belongings. Choosing a reliable packer and mover is really important.

You can take recommendations from your family and friends if they have used any packer and mover and get it straight with the reviews and ideas. Otherwise research is not a bad way to find a good packer and mover.

Start with a simple Google search, read reviews and shortlist according to your requirements.

Do take care of few things while deciding to choose packer and mover like packing material quality, knowledge and feedback of packer and mover, their responses to your queries and additional protection in terms of insurance.

5.Insurance coverage as an additional protection

Insurance is offered as an additional protection on your transport items by a good packer and mover.

Always ask if they have option for insurance. I know you must be thinking it will add up a little to your budget. But at the same time we also want our valuable belongings to be safe and claims to be made in case of any damage.

But I will suggest not to take insurance for each and every item and each box.

When I was moving into new home I decided to take insurance on some selected items only like Fridge,TV,Sofa, ACs etc.

I did not count insurance on all boxes. Thus I was able to save some money while providing some extra coverage to my selected items.

6.Rituals on moving into new home

This is off-course a personal choice, depending upon our planning we do some rituals when moving into new home.

We plan multiple Puja and offer lunch or dinner to our guests. Depending upon budget we try to make this celebration grand.

When I was moving to my new home I decided to do rituals, only related to new home and decided to invite only my very close relative.

Off-course I invited more of my relatives and friends to my new home but I clubbed another function with it.

I decided to celebrate my daughter’s birthday along with celebration of moving into new home. Birthday was falling after one month from the day we were moving to new home.

It turned out to be a wise decision and a cost saving. We spend money on a function that comprises of two celebrations.

7.Your meal of the day

We had the time when our packer and mover arrived early in morning before we plan for breakfast and lunch at the day of moving into new home.

It definitely costs us some extra money for which we were not planned. With my experiences I will advise to plan your meal for the day in advance. Remember saving money is also earning money in other way.

Call to Action!

Now you know some of great saving hacks which can save your money while moving into new home. Remember Decision and Planning are the two most important things for you success.

Let me know in comments if you have some more great ways for saving money while moving into new home.

Also read:

15 Ways to Earn Money Online in India without Investment

8 Easy and Effective Ways To Earn money Online from YouTube

10 Ways How to Earn Money from Twitter in India

8 Easy Ways To Earn money online from Facebook

How I Saved 35 Lacks while buying a House in India

How I Saved 35 Lacks while buying a house in India

Do you know with your great decision you can afford risk free dream home for yourself and save maximum?

Owning a home is a special feeling especially when it is brought from your hard earned money.

We always wanted ourselves to be covered from any risk while going through the process of buying home.

Sometimes we need to wait till we get possession and some more wait continues till we register our home on our name as owner.This is my story,I Saved 35 Lacks while buying a House in India.

Many times the journey from buying our house till registration is painful.

We not only loose our precious time but we lose money in terms of EMI and rent towards any rented house if we are affording.

Very recently I owned a house in India (I am going to refer any flat, villa or residential property as Home or House in this article) and moved in quickly before my first EMI starts.

I am going to share you some of my best decisions and experiences while buying my dream home in a well maintained and reputed society.

While decided to buy a house in India you have 2 options basically. First- Buy from primary market direct from builder or company.

Second-Resale market, Buy from person directly who is owner of house. I am not going to advice to buy from investor companies due to my approach of being for best decision for certain criteria which I will explain later.

Buying House in India from Primary market from Builder, Company or Developer

When we are decided at our budget, Location, Type and other requirements, it’s time to buy a new house as per our need. Buying a new house in India from Builder or company for a newly launched project or in an under-construction project is beneficial for some factors like:

  • We have variety of options to choose according to our budget.
  • Options to choose direction of our new house and tower/lane as per the availability in builder’s inventory.
  • Options to choose payment schemes.
  • Low EMI and low price of new house.
  • No middle man factors, you know whom to contact for your every query.
  • Accurate completion estimate time.
  • For investment purpose good to get awesome returns when completion.

No doubt buying a new house in India from builder or developer is very beneficial for many factors.

But what about if you came across any of these hurdles:

  • The permission or approval of project got into some legal problems from authority somehow after few months or year.
  • Long delays in possession.
  • Builder change the planning architecture of your society in middle of construction phase, like not making any big club house now what was shown in planning phase.
  • You are not able to register your house on your name because of some problems between builder and authority.
  • Project not getting completion certificate due to many pending works.
  • Builder cut off many facilities or did not completed it and landscape architecture was modified.
  • You are paying EMI and rent both.

These types of misfortunes can happen with anyone, especially the way real estate business goes up and down.

I was able to buy my dream house in India without any hurdle and was living in the house when paid first EMI. Saving very good money was another best thing happened to me while going through the process of buying my house.

As we proceed from here i am going to share you my decision and some tips to take care while you buy house in India.

While searching on magicbricks and 99acres I was able to filter out some of my listening for my home like location, budget, type, real pics at site.

Two or three projects suited to my choice. I quickly went to their websites and tried to collect as much information as I can.

Websites can give you an overall idea of project including price (but not all builders put their price listening, you may have to contact their representatives for price).

I wanted to find out practical situation of the projects which is only possible at the grounds at site.

After looking from few resources on internet it was clear, out of three projects one was ready to move and families were residing in it.

The other two were under-construction project but were of good value. I went to see all of these projects, I visited actual grounds, site offices and tried to contact some of buyers in order to get some practical experiences on the projects.

Buying a house is a very big investment, some of us call it a lifetime investment. You have to look for every aspects.

I also wanted to be very cautious while taking any decision on this big investment.

I talked to some of experts in property dealing (roughly any of them impressed me, everyone do have their own views), I also talked too few  people I know who has invested in residential properties either for themselves to move in or for investment purpose. After few days I was having tons of ideas and some real life scenarios.

I really wanted to filter out something which can give me my best decision for buying my home and you know what, finally I was able to get it.

How about if I say, I bought a resale house but it was brand new with age less than 1 month and less than 10 to 15 lacks what was the selling price of that house in market by builder.

Yes that’s true and I can let you know what concluded this as best decision of mine towards buying my dream home.

With my research I was doing for few months there were some key points and very important things I noted.

WHY NOT-

How I Saved 35 Lacks while buying a house in India

  • To buy a house in a project which is completed newly or almost completed.
  • We can practically see landscapes, outdoor and indoor facilities, already constructed homes to check the quality of constructions and other things.
  • Check developed nearby areas and facilities like accessibility, hospitals, offices, markets and schools for children.
  • Talk to people who are already living in the society and get some views on their experience with the project and society maintenance.
  • Visit society more than once during different hours, also at night time to see how safer society is and how it look to be there at night time.
  • Check society security arrangements, how safe your family will be there.
  • Inquire if more families are getting possessions and registration is ongoing for the homes on owner names.

In a newly constructed project you have two options to buy, one from builder and another from a real owner. Both of your choices will definitely get you a home quickly but approach will be little different.

I choosed to buy house from an owner who got his newly constructed home just 1 month ago and he was willing to sell it to get some returns.

The house was new and untouched by anyone since no one was living in it after possession. The best part- house was registered on owner’s name. I was able to verify from every legal resources about the legal existence of house and all details related to it since it was registered.

How safer side we are when a property is registered legally in this case?

Well, to me, when a house in India is registered on owner name in a society then few positive points to notice:

  • Project has got complication certificate, if not 100% then atleast for a very good stage.
  • There doesn’t seems to be any legal problem with the project.
  • No issues between project and authority
  • Builder or Developer not having major problems on their side.

All of the above can be situation dependent but mostly correct. After all we also want our house to be register on our name as soon as possible.

After looking few options in the society I choose to buy a home that was full filling my criteria like Direction, space, vastu etc.

Doing negotiations is a self-developed smarter way of dealing things. That was one of best part happened to me.

I was able to negotiate price to an extent what my pocket was allowing keeping some money for later expenditure like registration etc.

The whole process of buying a resale home took almost 45days. The whole amount was given to owner and home was registered on my name as a new owner. Key of our new home was in our hands.

There are few points to remember when you are trying to buy home in resale:

  • Buyer and seller has to enter into a legal contract agreement for duration 30 to 60 days, which means deal of this purchase should be finished within that duration. If you are a buyer I will suggest to get maximum days in your contract as possible because some legal work takes time.
  • First phase will be to take NOC from builder or developer by seller.
  • Next step will be to take permission of transfer property on buyer’s name from legal authority. Just remember this is only permission and does not mean real owner has lost all authority on his property.Propert is still registered on owner’ name.
  • After permission of transfer next is registration date, for which a representative of builder, owner, and new owner and bank personals needs to be present.

How I Saved 35 Lacks while buying a house in India

Our EMI was scheduled to start from 5th of next month and we entered in our house just after a week from registration. So when our EMI started we were already living in our dream home.

Now the best part of this deal was huge savings for me. I know I could have purchased this home 5 years back minimum at launch date when price was lowest but I did not wanted to face any unexpected hurdles what I mentioned above.

I selected my budget, project, home, done payments, registered my property and moved in quickly. No waiting or running behind builder for possession dates and paying anything unnecessary.

Now coming to saving parts. My huge savings happened at each and every stage.

I am going to break it down as below:

Saving on buying resale house from owner on a negotiation price as compared to market price – 15 lacks

Making all proceeding steps by myself and not involving any property dealer or agent – 2 lacks

Saving on making Deed and dealing with builder’s advocates – 50 thousand

Saving on tax for seller property purchase value – 60 thousand

1 year maintenance charges for society – 40 thousand

One time Car parking, club charges, cooking gas, electricity, and intercom etc + taxes ( GST etc) – 7 lacks & 50 thousand

Saving on rent (15 k) considering I could have purchased home which was expected to deliver after 5 years – 9 lacks

Saving on Tension, stress, problems while dealing with owning new house – Infinity

So overall my saving in purchase of my new dream home was: Rs 35 Lacks + Infinite saving on problems with purchase phase till possession and registration.

CALL TO ACTION!

If you are planning to buy a new house in India for yourself just keep few of important points in your mind. Make some plan and take best decisions which suits you best. When it comes to our money, we should not be fool of our money. Remember saving is also earning. There is a Wise money for everyone.

Also read:

15 Ways to Earn Money Online in India without Investment

8 Easy and Effective Ways To Earn money Online from YouTube

10 Ways How to Earn Money from Twitter in India

8 Easy Ways To Earn money online from Facebook

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