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Monday, September 21, 2015

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ICICI Prudential Long Term Equity Fund Rename
Research FOR BETTER INTEREST RATES
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ICICI Prudential Long Term Equity Fund Rename

Posted: 21 Sep 2015 06:25 AM PDT

ICICI Prudential Mutual Fund has approved the change in the name of ICICI Prudential Tax Plan. The new name of the Scheme will be ICICI Prudential Long Term Equity Fund (Tax Saving).

The said change will be effective from September 14, 2015

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1.ICICI Prudential Tax Plan

2.Reliance Tax Saver (ELSS) Fund

3.HDFC TaxSaver

4.DSP BlackRock Tax Saver Fund

5.Religare Tax Plan

6.Franklin India TaxShield

7.Canara Robeco Equity Tax Saver

8.IDFC Tax Advantage (ELSS) Fund

9.Axis Tax Saver Fund

10.BNP Paribas Long Term Equity Fund

You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds

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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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Research FOR BETTER INTEREST RATES

Posted: 21 Sep 2015 05:37 AM PDT

A long-term mortgage should never be a sign-and-forget exercise. Keep your eyes and ears open about the new rules and changes in interest rates. The RBI is planning to change the base rate formula, which could change the way your bank calibrates its lending rates. Keep shopping around for the best rate and switch to a cheaper loan if possible. However, the difference should be at least 2 percentage points, otherwise the prepayment penalty

on the old loan and processing charges of the new loan will eat into the gains from the switch.

Also, switching will be more beneficial if done early in the loan tenure. Suppose you have a loan at 11.75% and are being offered a new rate of 9.9%. You can save up to 52 EMIs if the loan still has 18 years to go. But if the loan only has five more years to go, the new loan tenure will be only three EMIs shorter.

The same applies to prepayment of loans.The earlier you do it, the bigger is the impact on the loan tenure. The RBI does not allow banks to levy a prepayment penalty on housing loans but they may levy a penalty on other loans. Some lenders do not charge a prepayment penalty if the amount paid does not exceed 25% of the outstanding amount at the beginning of the year.