Prajna Capital - An Investment Guide

A reverse mortgage is a product that’s structured around the needs of senior citizens for regular income. What’s more, the legal heirs can repay the loan and retain the property. You may want to know what a reverse mortgage is and how it can help you remain independent. Here’re the major points. WHAT ARE THEY? Reverse mortgages are products that have been structured around the need of senior citizens for a regular income. Instead of approaching a bank for a loan, which you have to pay it back as installments, a reverse mortgage allows you to mortgage your house to a bank or a housing finance company, which pays you a regular amount at regular intervals. This amount can be used for fulfilling your needs excluding any speculative or trading activity. Some of the banks/housing finance companies which provide reverse mortgage services include LIC Housing Finance, Dewan Housing Finance, Punjab National Bank, State Bank of India and Axis Bank. ELIGIBILITY CRITERIA To avail of a reverse mo...

Its Feb 29 (leap year), that time of the year for the Indian government to come out with the union budget, and it did come out. So what are the positives and negatives? How will it affect you? Lets take a look its implications. Taxpayers may gain up to Rs 44,000 per year The adjustment for the income tax slabs has been done in such a way that people in the high income category stand to gain even more. The increase in tax slabs in undoubtedly great news for the salaried. The news gets even better for those in the higher tax brackets. The adjustment for the income tax slabs has been done in such a way that people in the high income category – say above Rs 2.5 lakhs per annum - stand to gain even more. To put this in numbers, a person who had a taxable income of Rs 5 lakhs would have be paying a tax of Rs 1 lakh – before any cess on his income in the income tax slabs that prevailed till now. However, under the new income tax slabs, his tax liability would come down to Rs 55,000 translatin...