September 30, 2022

Steve Campbell

All about PMAY (Pradhan Mantri Awas Yojana) – Key Benefits & Features

Aug 19, 2021

Dedicated to providing housing for Indians in both rural and urban areas, the Pradhan Mantri Awas Yojana (PMAY) was launched by Prime Minister Narendra Modi in June 2015. Pradhan Mantri Awas Yojana is a housing scheme where the beneficiary can get a home loan interest rate subsidy if he/she wishes to extend, construct or purchase a house. This credit-linked subsidy scheme is aimed at providing affordable housing for all by 2022. In case you are planning to buy a home, it is important to know the features and benefits of the PMAY scheme in order to boost your investment decision.

Features of PMAY

  • Pradhan Mantri Awas Yojana is categorised into two parts – Pradhan Mantri Awas Yojana (Urban) and Pradhan Mantri Awas Yojana (Gramin)
  • To avail the benefit under this scheme, the beneficiary should not own a ‘pucca’ or concrete house.
  • The beneficiary family would include husband, wife and unmarried sons and daughters.
  • The applicant family would have to provide their Aadhaar number while applying for the home loan under this scheme to avoid duplication.
  • The applicant can apply for a home loan under PMAY through any lending institution like banks, non-banking financial companies, rural banks, housing financing companies, etc.
  • The subsidy available under this scheme is up to 6.50% of the loan amount for a tenure of up to 20 years.
  • The benefit of the scheme can be availed across all urban areas in 4041 statutory towns in India.
  • Under this scheme, the houses are being constructed using eco-friendly raw materials. Moreover, they are designed to withstand natural calamities.
  • The interest subsidy is available for people belonging to categories of Economically Weaker Sections (EWS), Lower Income Group (LIG) and Middle Income Group (MIG – I & II).

The credit-linked subsidy scheme for the different categories is tabulated below –

Category Annual income Rate of interest subsidy Maximum loan amount Carpet Area of the house
Economically Weaker Sections (EWS) Rs 3 Lakh 6.50% Rs 6 lakh 30 Sq. Mtr.
Lower Income Group(LIG) Rs 3 lakh – 6 lakh 6.50% Rs 6 lakh 60 Sq. Mtr.
Middle Income Group –I (MIG) Rs 6 lakh –  12 lakh 4% Rs 9 lakh 160 Sq. Mtr
Middle Income Group – II Rs. 9 lakh – Rs 18 lakh 3% Rs 12 lakh 200 Sq. Mtr.

Benefits of PMAY

  • Women empowerment

PMAY scheme aims to help women participate in the financial decision-making of the family. To avail this scheme, it is mandatory for a family to have a woman as the owner or co-owner of the house.

  • Housing for all

The housing scheme is for people living in both rural and urban areas of the country. Moreover, there are preferential provisions for salaried women, disabled individuals, minorities like scheduled castes and scheduled tribes, widows, transgender people etc. In addition, if you are a senior citizen you can also expect to get ground floor accommodation under this scheme. PMAY also aims at accelerating slum rehabilitation by providing affordable housing and eco-friendly homes to first time home buyers.

PMAY is a positive approach of the Government to provide affordable housing for all. It will not only help people with low purchasing capacity to live with dignity in their own homes, but also contribute to slum rehabilitation. If you have been planning to buy a house, this could be the best time to do so under the PMAY scheme. Make sure to check your eligibility for PMAY and apply for a home loan today!

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4 mistakes to avoid while taking a loan in Singapore

Aug 16, 2021

Taking a loan in Singapore has become a way of financial management for most of the people nowadays to ease their financial woes. And to make matters easy for you, there are several moneylenders in Singapore who offer a low interest loan at attractive terms and also work out the best possible payment terms for you. If all goes well, you can get a fast loan in Singapore without any collateral as long as your credit score is good.

 

A good credit score is very important while applying for an instant loan in Singapore. It indicates that you have a stable financial life and a good repayment track record. A high credit score is a key factor for obtaining a loan in Singapore and licensed moneylenders or banks might even reject your application for cash loans if you have a poor credit score. Credit score not only helps in assuring moneylenders that you would repay the loan on time, but also in helping you get the best low interest loan.

Honestly, chances of you getting that urgent loan can be few if you don’t get the right guidance on time.  In this article, let’s now take a look at the 4 mistakes to avoid while taking a loan in Singapore:

Not paying your existing loans and credit cards on time: Failure to repay your loan EMIs or credit card payments on time is bound to affect your credit score adversely. This might cause an obstacle when you apply for a loan in Singapore. Similarly, not repaying your credit card dues on time will also cause a problem while applying for money loans.

A very high debt-to-income ratio: One of the most important elements of maintaining good financial health is to keep track of one’s debt-to-income ratio.  The calculation is easy and you just need to divide your monthly EMIs and debt repayments by your monthly take-home-salary. The lower the number obtained is, the better it is. For instance, if you have a monthly loan burden of $1000 and a salary of $5000, your debt-to-income ratio would be 0.2, and if your loan burden is $2000 then the ratio would be 0.4.

A common mistake that many people make is to take more money loans or make more purchases through credit card as soon as they get a higher credit limit or their income increases after a promotion. This leads to a rise in their debt burden and the debt-to-income ratio which might make it difficult to get another loan in Singapore.

The ideal scenario is to ensure that your EMIs for money loans don’t exceed 10% of your net monthly income. Cut down on excessive borrowings and live within your means to avoid taking loans for lifestyle needs. This will help you in keeping the debt-to-income ratio low and make it easier to obtain a fast loan in Singapore when needed.

Not doing research: When you apply for a loan in Singapore, you must do a thorough search about the lender and the money loans on offer. This will help you find a low interest loan. You can easily search for an online loan from a reputed moneylender nowadays. Further, you must find out the finer details about the loan before taking an instant loan in Singapore. You should find out what are the penalties, processing fees, interest rates, late payment charges and if there are any other hidden or variable costs. This research can let you compare different options and take the best fast loan in Singapore.

Applying for too many money loans: Last, but not the least, a lot of people apply for multiple loans as they need urgent funds for their pressing needs. This need for instant loan in Singapore might make the person apply to several moneylenders at the same time. Each of the loan requests is going to reflect on the applicant’s credit score, and if too many requests come simultaneously then it can lead to a negative impact on your credit score. Taking a loan in Singapore is not a bad thing at all, but you must be aware of these pitfalls and apply for an online loan smartly after doing all your research and calculations.

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Bajaj Finserv Login Portal for all your EMI Card needs

Aug 13, 2021

The Bajaj Finserv EMI Card is a payment strategy. This Bajaj EMI card has an already approved loan ranging from Rs 30K to Rs 3 lakhs in it. The amount of loan for you entirely depends on your credit appraisal. You can spend up to 3 lakh using your card and pay flexible EMI within 2 years. After you get yourself an bajaj EMI card you can use it to purchase anything as per your requirements.

The entire transaction would be transparent and there are no hidden cards on the EMI card. The processing fee varies depending on categories of purchase. However, you can not use your card everywhere. There are 60,000 stores and 1300 cities that have a partnership and where you can use the card. Not only offline shopping but also you can use this card for online shopping from Pepperfry, Amazon, MakemyTrip, Flipkart etc. There is a given eligibility criteria which you have to meet in order to get yourself a Bajaj EMI card and enjoy its perks.

Bajaj Finserv Network Card Login Portal

To get all access to all your details of your Bajaj EMI Card, Bajaj Finserv has for you The Bajaj Finserv Network Card login portal. This bajaj finserv login portal is a one-stop portal by which you track and manage all your monetary transactions. Besides, you can also look after your Bajaj EMI card very effectively. This Bajaj customer login can be used from any corner and at any time as per your convenience. Just by using the right credentials of your Bajaj EMI card you can log in and look into your transactions through the bajaj finserv login.

Steps For Bajaj EMI Card Login

To log in to the bajaj customer portal is easy and time-saving. All you have to do is follow some simple steps and work after your bajaj finserv login. The following are the steps for Bajaj EMI card login:

  • Go to the official website of Bajaj finserv
  • Find the bajaj customer portal to log in
  • Enter the required mobile number
  • You will receive an OTP on the given number
  • Provide the OTP in the bajaj customer portal and you can successfully sign in

Uses Of Bajaj EMI Card Customer Portal

Bajaj EMI card customer portal can help you to track and manage all your financial transactions. After you sign in using your bajaj EMI login credentials you can check the following fields:

  • The EMI status of the card
  • The utilisation limit of the credit card
  • The EMI expiration facts
  • Status of loan
  • Paid EMIs
  • In queue EMIs
  • Spending limit of the EMI card
  • Details of the dealer
  • Details of down payment due date and outstanding amount detail

The Bajaj Customer Portal helps you in managing and knowing all the facets related to investment on an EMI card. Also, it can help you to see and avail of various exclusive benefits and offers from Bajaj EMI Card.

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Regular mutual funds and direct mutual funds – Two sides of the same coin?

Jul 24, 2021

Investors in mutual funds have the option to invest in two ways. One option is direct mutual funds, where investors can buy funds directly through the website of a mutual fund company or through an aggregator offering direct funds. The other option is regular mutual funds wherein investors buy funds through a broker or an intermediary (distributor). This is one major difference between regular and direct mutual funds.

Deciding upon which option is better suited for your financial goals depends on various factors. We have compiled the basics you need to know about direct and regular mutual funds to help you decide which is the best option for you.

What are direct mutual funds?

Direct mutual funds are directly offered by fund houses or Asset Management Companies (AMC) to the investors. With no third-party involvement, direct mutual funds are exempted from brokerage charges or the commission that a distributor could get from the AMC. This could help you earn higher returns due to the lower expense paid. These funds can be bought through online or offline mode and are easily identified because of the word ‘Direct’ in the fund’s name.

What are regular mutual funds?

Regular mutual funds are bought through an intermediary. The intermediary charges fees to the fund houses for selling their funds. The fund houses then, in turn, pass this charge on to investors in the form of a slightly higher expense ratio. The total expense paid is slightly higher than that of direct mutual funds.

Advantages of regular mutual funds over direct mutual funds

  1. Expert guidance: A qualified professional can help you choose mutual funds schemes while taking into consideration your financial goals and risk appetite. They guide your investment journey to help you earn better returns.
  1. Convenience: Investing in mutual funds requires time-consuming research and might be tedious for many. An intermediary analyses these funds and thus saves the investor’s time and efforts. Also, they provide other value-added services that help investors to stay abreast with the fluctuations in the market.
  2. Constant portfolio monitoring: Markets are dynamic, and this calls for constant monitoring of your investments. Intermediaries that monitor market behaviour are quick on their feet to suggest that you sell or swap funds that are not performing.

Advantages of direct mutual funds over regular mutual funds

  1. Higher returns: Investing in direct plans eliminates brokerage charges. This reduces the total expenses spent on a fund. Thus, you are likely to gain higher returns on your investment.
  2. You’re in charge of your investment: With no intermediary involvement, you are in complete control of your investment.

Direct mutual funds vs regular mutual funds – Which is better?

The choice of direct vs regular mutual funds entirely depends on your investment profile. If you are a beginner or don’t have much knowledge about investment, you could go for regular mutual funds. However, if you’re well-versed with market trends and understand the mutual fund universe, direct plans might be the best option for such experienced investors.

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You may not get your Home Loan approved if you are missing out on these documents!

Jul 23, 2021

Furnishing adequate documents is an indispensable part of the home loan process. It is through your documents that the lender gathers information about you and assesses your eligibility. Also, documentation helps you keep a record of the money borrowed as well as repaid for purchasing your home. However, often people miss out on submitting the required documents. Even if they do furnish the documents, they are incomplete or dated, which leads to rejection of home loan application. Lenders do not approve your home loan application unless you submit accurate and complete documents. Therefore, before applying you must know the documents needed with a home loan application.

If you wish to apply for home loan, ensure that you do not miss out on these documents.

KYC documents

Your KYC documents are crucial for a home loan. It includes your age, address proof and identity proof. There are various documents that you can furnish for KYC compliance. Some of them like driving license, Aadhaar, etc., can be used as an identity as well as address proof.

Income documents

The lenders ask for your income documents to check your creditworthiness and repayment capacity. It helps them assess if you have a stable source of income to repay the loan. Lenders ask for a copy of the bank statement, passbook and salary slip to verify the inflow of income, and income tax returns. In case of self-employed individuals, additional documents to support the application would be needed.

Property documents

There are some property documents without which you might not be able to get the home loan at all. For example –

  • Chain of ownership

The chain of ownership traces the property to its first owner and identifies how the property has been transferred from one owner to another. It helps confirm that the seller has the right to transfer the property and is the legitimate current owner.

  • Property’s approved plan

This is crucial to ensure that the property is legal and has been constructed in compliance with all the laws and rules in force. When you have an approved building plan, it means that no authority can put an objection to it or demolish it. The approved plan also confirms that the property has all the legal permissions and is authorised by civic authorities.

  • Encumbrance certificate

Encumbrance certificate is crucial to ensure that there are no pending dues or mortgages on the property in question. The lenders ask for this document to know all the details of the transactions carried out about the property.

  • Receipts of tax and dues

Lenders also need to ensure that the seller has no pending dues of the society or authorities. They can also ask for an occupancy certificate which would confirm that the municipal authorities have no objection to the sale and the seller has no pending tax dues. These documents also add as an additional proof of the ownership and possession of the property.

All the lenders more or less have the same set of documents required for a home loan. However, depending on their policy, there could be some additional documents that they could ask from you. While all the documents are equally important, it could be challenging to get a home loan approval without these documents. Therefore, before you apply, ensure to arrange these documents required for a home loan.

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Best Places to Look for Private Money Loans

Jul 15, 2021

Private money loans are an excellent investment instrument for anyone looking to invest in real estate but can’t get a traditional loan or don’t want to. Here are some ideas for where to look for an excellent private quick credit money lender:

  • Mortgage Consultants
  • Realtor
  • Attorneys
  • Financial advisors, accountants, and CPA’S
  • Investment Clubs
  • Real Estate Seminars
  • Mortgage Consultants
  • Investment Clubs
  • The internet

Who are Independent Money Lenders, and what do they do?

Private money lenders can range from private individuals to hedge funds, institutional investors, portfolio lenders, real estate brokers, REO (bank-owned property) agents, and even family members or friends. Short-term loans from private money investors come with a higher interest rate and some upfront costs.

The number of points awarded might range from four to ten. Private investors are more interested in the property’s equity than in your credit. You should have no trouble finding a private money lender to assist you if you have a property with equity and a plan in place to repay them. Here are the benefits of commercial money lenders:

It offers a lucrative investment opportunity. 

It may make more sense to seek out a private money investor in tight financial markets like those we see right now. Why should you miss out on a lucrative investment opportunity because you can’t acquire standard financing? A private money loan, often known as a hard money loan, is typically a short-term loan.

 These loans appeal to investors because they need money immediately, so they don’t miss out on a lucrative investment opportunity, such as a pre-foreclosure or real estate foreclosure auction, where time is of the essence and having cash available soon is important.

The Federal Reserve regulates commercial lenders.

Traditional lending institutions have tightened their lending rules in recent years due to the large number of foreclosure losses they have experienced. Commercial banks are governed by the Federal Reserve and are required to follow tight lending laws and regulations. It adds a lot of red tape, delays and makes it harder for people to receive loans or get them fast.

Despite the government’s efforts this year to alleviate the tight credit markets through financial rescues, acquiring a loan is still a source of irritation, and the procedure can take weeks. Unlike commercial transactions, private transactions are not governed by state or federal legislation. As a result, private money lenders can make a decision more quickly. Individual money lenders may have different policies in place, such as assessing credit, verifying references, or validating employment. On the other hand, most private lenders are concerned about how quickly you can repay them and whether or not the home has equity.

Make a list and start looking for financing.

When working with private quick credit money lenders, it’s a good idea to have a list of properties you’re interested in so you can contact your private lender immediately away when you find one. You don’t have to be anxious about financing, and you’ll be able to focus on negotiating your contract.

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4 Scams to Avoid When Applying Online for an RV Loan

Jun 25, 2021

If you are looking to apply for an RV loan online, you need to be extremely careful about which lender you choose. RV loan scams may not be the norm today, but they still happen and easily, so when you are dealing with someone you haven’t met before.

At first glance, it can be hard to tell the difference between a legitimate lender and a scammer from their offers. However, the following red flags should help you spot a loan scam more easily.

1.    The lender is pressuring you to sign an agreement

The end goal of a scammer is to defraud you of your money, so they usually will employ all sorts of gimmicks to pressure you into accepting their loan offer. The most common gimmicks include:

  • Branding their loan offers as “one-of-a-kind” deals that you won’t find elsewhere.
  • Offering you lower interest rates if you sign an agreement with them immediately.
  • Urging you to start sorting the paperwork when you haven’t discussed the loan terms and rates yet.

If you notice an online lender is bent on getting you to close a deal with them, you should always be on the lookout. Chances are that you might be walking into an RV scam.

2.    The lender doesn’t need your credit

The odds of your getting approved for an RV loan will largely depend on your credit score and credit history, which is why you should be wary of lenders who promise to approve your loan application without first reviewing your credit history.

Do not let having a poor credit score excite you into signing a deal with such lenders. Instead, search for legitimate lenders who will offer you the best loan rates you can get with your credit score.

3.    The lender requests sensitive, unnecessary information

If a lender ignores your credit history and asks for your personal or banking information instead, this is a major red flag.

Such information is usually irrelevant to the RV financing process, so regardless of whatever excuse a lender gives you, never make the mistake of providing them with any sensitive information about yourself, especially when it can be used to defraud you.

4.    The lender requests an unsecured payment form

Be especially wary of lenders who request unusual forms of payment, such as gift cards, for your loan transactions. Unlike most other payment channels, gift cards can’t be traced or refunded, which is what makes it a popular option among scammers.

If the lender you are shopping at offers you several payment channels, all of which don’t allow or guarantee refunds, avoid such lenders and seek others who offer more secure options.

Final words

Falling victim to an RV scam can take years to recover from. If you plan on applying for an RV loan online, ensure you do thorough research on the lender to ascertain if they or legitimate or fraudulent. With sufficient research and the tips above, you will easily avoid the deceptive RV scams online today.

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How to Reduce Home Loan Burden with an Annual Bonus?

May 26, 2021

If you have availed a home loan, you must keep up with regular EMI payments to avoid home loan default. However, at times, managing monthly expenses and paying home loan EMI can be financially straining. The situation could get even more critical if you are the sole earning member of the family. Thus, whenever an opportunity arises, you must try to reduce your home loan repayment burden. Ahead, we have elaborated on how you can make use of the annual bonus to save on your EMI outflow and make repayment easier.

Using an Annual Bonus for Making Part-Prepayment of Home Loan

Your annual bonus is no less than a blessing in case you are finding it difficult to pay home loan EMIs regularly. Therefore, use your annual bonus wisely rather than spending it impulsively on an exotic vacation or an expensive purchase.

Use your annual bonus for paying an extra EMI every year or making a part-payment of your home loan. This will help you close your debt sooner by reducing the loan tenure. By prepaying your home loan, you can also opt to reduce your monthly instalment. This will decrease the chances of home loan default. You can save on the interest pay-out by repaying your home loan sooner than the specified tenure. Also, timely repayment will boost your creditworthiness, thereby making you eligible for attractive loan offers in the future.

Before using your annual bonus for home loan prepayment, ensure to make a note of the prepayment charges levied by the lender.

Learn about home loan prepayment with the help of an example:

Suppose you have taken a home loan of Rs 50 lakhs at a rate of 8.5% for 20 years. By using a home loan EMI calculator, you can easily get an estimate of your monthly instalment, which would be Rs 43,391.

Now, consider that you utilize your annual bonus and surplus income to make a part-prepayment of Rs 2 lakhs. With the help of a home loan prepayment calculator, you can easily calculate your revised EMI. You must enter the details such as the loan amount, tenure, interest rate, and the prepayment amount in the calculator. For a part-prepayment of Rs 2 lakhs, your revised EMI will be Rs 41,656. This would mean a reduction of Rs 1735 or 4% EMI savings.

However, if you wish to close your home loan sooner, you can keep your EMI at Rs. 43,391 and reduce the loan tenure.

You must not default on your home loan under any circumstances. This is because a home loan is a secured loan, and thus, in case of a default, the lender reserves the right to seize your property to recover its losses. Therefore, make sure that your home loan EMIs are always affordable. The longer the loan tenure, the lower will be your home loan EMI. Whereas, for short-term home loans, EMIs will be comparatively higher. However, the good thing is that you will be able to bring down the overall cost of borrowing by opting for a short-term home loan.

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Consider Taking Private Moneylender Singapore Loans

May 12, 2021

Private moneylender Singapore offers are often a suitable alternative financing alternative. The paperwork is minimal and hassle-free; receiving an approval is much easier to get. Private money is asset-based. The authorization comes from the worth in the property, and never ever the consumer’s credit score of monetary history. In private money, the property or collateral is the debtor’s residential property or company. For bank loans, collateral is regrettably the debtor’s personal car or residence. Financial institutions are under government constraints when it involves authorizations and private money lenders are not.

Difference in interest rates and terms

Both banks and private lending institutions will need some form of ahead of time settlements or commitment fees, but many banks require upfront application fees even before an authorization. Terms and prices vary dramatically for each as well. Financial institutions normally offer lower interest and a fixed rates to be settled over specified years IF you can get an authorization. Varying, (flexible) terms could mean that payments become more expensive in time.

Private money lenders tend to have higher rate of interest on their bridge loans, but loan to a series of credit ratings and provide a temporary repayment routine. Terms are likewise able to be made more adaptable when it involves bridge loans and do not vary. On the other hand, banks have rigorous guidelines and criteria they need to follow when it involves specifications for lending cash.

Common uses of private loans

Make Home Improvements

If you’re wanting to add a new space to your house or buy a new COOLING AND HEATING system, you could take into consideration resorting to a personal loan

Pros described: If you are in need of an urgent residence repair, a personal loan may be among the fastest means to obtain the money you need. You can generally obtain your money within a couple of business days. And also, some choices include loans backed by your home, meaning you could lose it to repossession if you do not make your payments. With a personal loan, you do not deal with that danger.

Disadvantages clarified: Personal loans generally feature greater rates of interest than house equity loans, which could eat away your residence improvement budget plan.

Alternatives: Depending upon the extent of the project, you might think about undertaking more affordable debt. Home equity loans let you access the equity developed in your home, usually at reduced rates. A cash-out refinance entails securing a new home loan for a greater quantity than you presently owe and after that taking the balance in cash, which you can then make use of for whatever you desire.

Covering emergency situation clinical costs

You may not always have that extra cash to spend for emergency medical expenses, after all they do not constantly happen by choice. When this takes place, a personal loan can offer the funds you require for such unforeseen events so you can concentrate on recuperating to get yourself back on track!

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Is it Better to Take a Home Loan or Pay Cash while Financing Your New House?

Apr 26, 2021

Buying a house is not a child’s play. A huge investment requires a meticulous thought process, financial balance and robust decision-making power. So, when it comes to financing the property, it could be a tricky decision. Should you spend your cash or opt for a home loan?

If you have been thinking about purchasing a house, you might have faced this dilemma. Scroll through for some information below in order to aid you in effective decision-making.

Cash Payment

Pros

  • Sole ownership – When you pay through cash, the sole ownership is with you. No bank or financial institution has any stake in your property.
  • Negotiation – Typically, you are in a better position to negotiate when you have cash. You also save money, as there is no interest cost to be borne.

Cons

  • Your savings can get blocked – If you buy a house through cash payment, a major portion of your liquid funds could be blocked in a single asset. It can reduce the chances of diversification.

It is recommended to buy a home through cash payment only when you have ample amount of funds to meet any emergency or future expenses. Making cash payments should not jeopardize your budget, investments or liquidity.

Home Loan

Pros

  • Tax benefits – Through a home loan, you can enjoy tax benefits and save money. When you avail a home loan, you can claim deduction of up to Rs 1.5 lakh on the principal repayment and up to Rs 2 lakh on the interest payment from your income under the Income Tax Act, 1961. Additionally, you can also claim a deduction of Rs 50,000 on the interest from your taxable income, if you are a first time home borrower.
  • Improves credit score – Through timely repayments of your home loan EMIs, you can improve your credit score. A good credit score can help you avail loans in future at better terms.
  • Liquidity – When you take a home loan, you are not usually bound by the amount of cash in hand. With a home loan, you can purchase a better house in a better locality. Additionally, availing a home loan leaves you with liquid money for other lucrative investments, aiding diversification.

Cons

A home loan can be an added debt and put pressure on your finances. In addition, as the repayment amount includes interest, you could be paying more than the cost of the house. However, with flexible repayment, you can opt for comfortable EMIs and repay the loan.

Conclusion

It is imperative to consider different aspects such as your age, financial condition, existing liabilities, intent, etc. while taking the decision. Experts opine that you should also consider your long-term goals and needs while choosing between the two. Paying through cash could seem like a cheaper option, but it can hamper your liquidity and retirement goals. Therefore, consider the pros and cons of both the options carefully and accordingly make an informed decision.

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