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Applying for a Home Loan? Here are 5 factors you must know

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Are you applying for a home loan? You should certainly keep more than a few factors in mind. Home loans come in handy whenever we have to purchase our dream houses which most of us, particularly the professional salaried classes, cannot afford otherwise. According to RBI loan guidelines a home loan is thus one of the biggest investments of our lives and has to be planned carefully in order to maximize one’s benefits from the same. Bear in mind that a home loan is a long-term investment and should be handled responsibly. You should only apply for a home loan in case you are sure that you will be able to responsibly manage and repay debt that you have on hand. You should also plan for emergency situations well in advance.

Too many people make the mistake of not having enough surplus funds saved up to cover rainy day expenses or cater to needs like sudden medical treatment and other exigencies without having to compromise on home loan repayments every month. Make sure that you have a corpus saved up as an emergency fund and this should encompass 3-6 months of your net monthly salary which naturally includes the amount that you are repaying as the home loan. Do not default on your home loan by all means. Defaulting means automatically ending up with a lower credit or CIBIL score. Any default leads to your score coming down drastically and this will hamper your overall credit rating and drive a wedge in your relationship with your lender. Make sure to repay your home loan timely and also try and prepay some part of the loan whenever you can. If you wish, you can always use your surplus funds or bonuses to repay some part of the home loan principal amount. Not only will this help you slash the overall interest costs payable on the loan, the EMI will come down. Now, if you keep the EMI unchanged even after prepayment, the loan will be reduced even further. This is a good strategy to take if you are considering applying for a home loan.

On that note, here are 5 factors related to home loans that you should definitely be aware of-

  1. Principal Amount Tax Deductions- There is an income tax deduction under 80C where you can get up to Rs. 1, 50, 000 as the deduction on the principal amount that you have repaid annually. However, bear in mind that this section covers several other investments such as insurance so you will have to plan and apply for deductions accordingly. This is also the section under which you get deductions on registration charges and stamp duty paid for your property.
  2. Interest Amount Tax Deductions- You can get up to Rs. 2 lakh as a tax deduction on the interest paid annually on your home loan under Section 24. This is another way to reap high benefits in terms of tax savings.
  3. Tax Deductions for First-Time Homebuyers- If you are a first-time home buyer, you will be eligible for a deduction up to Rs. 50, 000 under Section 80EE provided you meet certain conditions. 
  4. Joint Loan Applications- If you apply jointly for a home loan with your spouse or eligible family member, not only does your home loan eligibility increase, both co-borrowers can get the same home loan tax benefits in case they are both co-owners of the property. This maximizes tax benefits for a family.
  5. Down Payment- You will be required to pay anywhere between 15-20% of the property price upfront as the down payment. This has to be arranged prior to applying for the home loan. Try and pay as high as you can in order to keep the home loan EMI low.

Business

The most exclusive Bank of the 21st century is totally digital

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When you think of banks, where the rich and famous keep their money, private banking giants such as UBS, Merrill Lynch or JP Morgan come to mind with hundreds of billions of assets under management. It is true that these financial institutions are at the forefront when it comes to assets under management and some of them have been in business for hundreds of years. However, when it comes to exclusivity, it is not always the biggest players who offer the best service.

The banking industry is experiencing a trend similar to that of many other industries. Traditional banks are being challenged by technology as new players use Internet and mobile applications to digitise the entire banking process. As a result, the customer benefits from an easy-to-use and hassle-free process to open accounts, transfer or manage their money.

One of the fastest growing and most successful digital banks is Black Banx. The Black Banx group was established in 2014 by Internet billionaire Michael Gastauer.

The fully digital bank launched its services in December 2015, allowing customers in 180 countries to open checking or savings accounts in 28 currencies. What is unique for the banking world is that the entire process of opening accounts in Black Banx can be done online in less than 8 minutes, eliminating the time and costs that a customer in Brazil, Mexico or Colombia would have to invest in traveling to Switzerland, USA or the Caribbean to meet with your banker to open an account. Black Banx allows any type of online banking activity in real time through its blackbanx.co platform. It is therefore no surprise that in the first four years, more than 8 million customers used the Black Banx service to open accounts.

In April 2019, Black Banx Group launched TITANIUM, a private banking program tailored to its clients at the highest level. TITANIUM is a fully digital private banking product that offers one of the most exclusive services for a group of clients. To become a TITANIUM customer, which is by invitation only, the customer must have an account at BlackBanx.co. The criteria for receiving an invitation require an account balance of US$ 1 million. It’s founder Michael Gastauer, CEO of the Black Banx Group, personally created the program to guarantee the most exclusive services for its high-level clientele. With a net worth of more than US$ 10 Billion, the founder has an in-depth understanding of the type of services VVIP customers need. Black Banx also took advantage of their close relationships around the world to ensure that maximum value is given to their TITANIUM clients.

By asking Michael Gastauer what TITANIUM is offering his High Net worth clients, he responded that he sees his clients as his business partners he is helping to solve their banking problems.

Part of the elite service that Black Banx offers its TITANIUM clients is a private jet pick up service to meet the founders and board members of Black Banx.

The TITANIUM account package includes a Black Banx Visa Titanium card, in which the client can set their spending limits up to US$ 1 million per day. With this type of limits, the Black Banx TITANIUM card offers an exclusive shopping service, which helps customers to buy the most sought after pieces. Using Black Banx`s exclusive relationships with high-end luxury brands such as Hermes, Chanel, Patek Phillip, Graff etc. to acquire the most attractive pieces ranging from handbags, watches, jewellery or pieces of art is an exciting experience Black Banx offers to their Titanium clients. “In many cases the relationship with our client has the dynamics of a friendship rather than the feeling of doing business”, says Abygail DeSousa, COO of Black Banx. Some of the benefits of having a Black Banx Titanium card include services such as access to catwalk collections, invitations to fashion shows through industry contacts in the four major fashion capitals. Custom services include exclusive presentations of various brands that are transported privately to the client’s location.

Other options include visits to museums outside opening hours, made according to the clients’ agenda and include private exhibitions of plays, ballets and small group concerts or a visit to private wine cellars where customers can try French wines that will never be available for purchase. The bank service for its VVIP clients assigns a relationship manager dedicated to financial matters, in addition to a lifestyle manager, available 24 hours a day, for personal requests. Lifestyle managers can organise an unparalleled red carpet experience at the most attractive restaurants, hotels and clubs to provide white glove service in all aspects of entertainment, travel and commerce. Private chefs with Michelin stars and personal butlers are also included in the list.

The bank’s VVIP service offers a wide variety of options and is committed to delivering real value to its customers. Many of its services are personalized individually and are only disclosed to its members.

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Business

How to Win Big in the Vacation Rental Industry

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You will have a swimming pool full of money from your Rental Business if you will follow these tips.

We all do business to earn money at the first place and then for any other purpose such as passion, dream. Well if not all but most us are working for money. We all want financial stability in order to fulfil our personal and our family’s desires.

So what if the business you are running currently is not generating enough profits? Will you shut it up or just keep on bearing all the losses? Well I have a better option than these two, only for you because you are my friend. You can do a little bit research, work upon certain areas of your business, change some strategies, learn some tactics from competitors and improve. Now I can understand your situation very well, you don’t have enough time to do research and money to hire someone to get this work done for you…. I know your problem. So, I have done this work for you and you know what, you won’t have to pay me anything. Just take out 5 minutes from your busy schedule and read this article completely. I am sure after reading this you will have a basic idea about how to improve your earnings and be reputed in Vacation Rentals Business Market. And I expect you to spare at least this much time for your business. This is least you can do and don’t just read it and forget it, work upon the idea and maintain your performance.

1. Prioritize Your Customers

I went India last year for a business tour with my friend. There I learnt a basic yet authentic principle of business — Treat your Customers as God. Yes they do treat their customers like a God and that’s what makes their relationship with their customers home-like. Now if we talk about Rental Business you should try to maintain healthy relations with your clients. Make sure you pay heed to all their complaints and queries. Just be available to them 24/7 and don’t let them feel betrayed and disheartened. But this does not mean you will invade their privacy, remember they are at your place to have some personal time and not to be bothered by you all the time. Maintain a balance and make sure you are in contact with them.

2. A Clean Home Is Their Right

First impression is the last impression, well it might not be true in case of people you meet but  it is certainly true about the places you visit. So if your guests won’t find your place clean in their first visit they will not consider staying at your place again. It will bring bad name to your Business and you may lose potential guests. Bad referral is more dangerous than you think.

Talking on your guests’ behalf, I would say that a clean place to live in is their right as they are paying for it. They will definitely leave negative reviews on your website about your rental property without any hesitation, because they will be  disappointed in you. A clean place will lift up their mood and will freshen them up.

You should regularly clean your house and make sure it is hygienic. Imagine they open the main door and everything is spick and span, everything is exactly at its position. Undoubtedly they will love it and will appreciate your service.

A Pro tip:

Make sure to clean your house surroundings as well.  A dirty garden is as disappointing as a dirty kitchen. So make sure your garden area, garage, back lawn, the surroundings of your place everything is clean. It might sound absurd but trust me cleanliness can help you earn more  3. money.

3. Bend your finger and lick the butter

No relation is one sided, it only works when both the parties are equally involved. And so does it happens in business, if you are providing a clean home to your clients then it is your right to get it back at least not in a bizarre condition. Be humble and ask your guests to do the basic cleaning. You cannot expect them to do all of it but yes they can do some basic tasks such as loading the dishes, drawing all the curtains, switching off electrical appliances like lights,fans, microwave etc, closing doors and windows, making sure that garbage is dumped into dustbins. You can help them in doing that by putting small reminder slips all over your place or a decorative chart with all the instructions written over it for the same. It depends upon you that how you will get things done with your own creativity. So wear your creative caps and blast it with your kick*ss performance. Make them work without botheration.

4. Safeguard your Rental Property (Deposit Fee)

Some of you might not find it appropriate but charging a deposit fee from guest is not at all a bad idea., Indeed it is a great idea. It will serve dual purposes. First of all you will be relieved from worrying about the damages that might be caused to your property by careless guests. Second, deposit fee will make your guests more cautious about how they handle your property and gadgets in your house. Therefore chances of damage will be less. Convince your guests that in case of any damage only the amount extended to that of the damage caused will be recovered and remaining will be given back plus in case there are no damages your money will be returned to you. A pro tip here is that you can tie up with any online shopping app and provide exclusive vouchers to your guests, if they book your property for a certain period and leave it without causing any damage.

5. Don’t be a bossy boss

A place where every time you find your boss yelling out at an employee is a jail. And such a place feels like a nightmare where you can’t escape the ghost and have to deal with his sh*t. So if you are a boss then treat your employees like family, and they will work more efficiently which in turn will improve your business performance. But it doesn’t limit your powers, you can scold them if they depict wrong attitude towards their work and everything is acceptable if it is done in certain limits. Manage your staff effectively and make them feel at home yet inspired to do their work. Don’t overload them and make sure you have as much direct contact with them as possible, especially your cleaning staff. Maintaining right quality and quantity of personnel is another major decision that a leader takes  which directly impacts your revenues. Over hiring and under hiring both will deplete your revenues. So choose optimally.

6. Go Solar… Go Green

 If you are lucky enough to have ample sunlight in your Vacation Rental Property and that too for almost around the year, then you can cut down your electricity bill to almost nil by installing solar panels. Yes, it will put burden on your pocket for sometime but in long run this is a win-win game. Because solar panels are eco friendly and they are long lasting. Second, your environment loving guests will love it too. And if you want to them to be overwhelmed by their choice of choosing your property, then keep your garden in upright condition. There are different flowering plants in your garden to give it a contrasting look. Make sure there are no mosquitoes breeding in or any other harmful creature residing happily in your garden area.  

You can further have segeragated waste management system so that recyclable waste can be recycled. Remember that mother earth is providing you with all of these resources therefore this is least what you can do for her. Make sure you harm you planet as less as possible. And if helping mother earth is increasing your bookings from your environmentalist friends then what’s the problem. Grab every opportunity dude.

Conclusion

Business is just like life, in order to grow you need to improve and keep going on. Similarly if you really want to achieve success in your rental business then never give up. Start with some small things and make huge difference because small pieces of puzzle makes a complete picture. Use these tips to improve and see the results. Every business is different just like our fingerprints. So understand your needs and work on it. Don’t stop at a point work hard and expand. And after expansion, try to maintain your position. That’s what matters. Many startups fail because they just don’t keep going on and want instant results. Be patient, have a muffin and work more without much load.

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Education

How Does The World Of Electrons Look

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The electron is the famous subatomic particle that is known to most of us. He is the hero in many disciplines of Science, especially in Physics. To understand how these electrons live, we must go to their scale. Quantum mechanics takes us from our macroscopic world to the microscopic world.

Let us see where an electron lives? Electron lives inside an atom, in fact, electrons along with neutrons and protons build an atom, thereby a molecule, cluster of which results as matter. Although they are so tiny, their movement induces an electric current.

Electrons are characterised by its mass, charge, spin etc. Mass tells how heavy the electron is. Charge speaks about polarity; that is negative. Spin is another intrinsic property. The spin of an electron is well explained through the Dirac equation.

Electron walks around the nucleus all the time along the definite orbits. The number of electrons residing in an atom varies from atom to atom. They jump from one orbit to another. Not just for fun but at a cost. When an electron jump from higher orbit to lower, it emits energy and when an electron jumps from a lower orbit to higher it absorbs energy.

When the atoms full of electrons subjected to macroscopic entities like temperature, pressure their configuration changes. When they collide they even shift their paths, they exchange their energies, momentum, direction etc. Their behaviour in the presence of magnetic fields and electric fields along with other parameters is explained by Maxwell relations.

Electrons are bit mysterious too. One electron can exists simultaneously at two different places at the same time. If you know their exact momentum, you will lose all the information about their position and vice versa. This is well explained by Werner Karl Heisenberg in his Heisenberg uncertainty principle.

To conclude, Electrons are the building blocks of everything around us; from the object next to you to the infinite universe. Understanding them and their complex characteristic is hard. Scientists across the globe work every day to know them better.

To learn more on such physics concept, you can follow the video link given below and also subscribe to BYJU’S YouTube Channel to watch interactive videos with 3D animations and in-air productions.

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