The Indus Multicurrency Forex Card is secure, easy to use, and offers a host of benefits to the cardholder. Loading and reloading money on the card is simple, requiring only a few steps.

Overseas travel in the past was typically associated with the daunting prospect of carrying cash or travellers’ cheques. But today, thanks to forex cards, you no longer have to worry about the safety of your money or the hassle of currency conversion.  This prepaid travel card can essentially can be used like a credit or debit card in the local currency, making money management on a foreign trip a breeze. You may, in other words, use it to shop, pay for your expenses, or withdraw money from an ATM, just like you would in your own country!

The Two Types of Forex Cards

The forex card has two main variants:

• Single Currency Forex Card: It can only be preloaded with one specific currency.
• Multi-Currency Forex Card: It can be preloaded with multiple currencies, and thus can be used in various countries across the world.

The Best Forex Card

Globally accepted and recognised, a forex card lets you enjoy certain distinct advantages on an overseas trip. These are:

a) Ease and convenience; it spares you the hassle of exchanging or converting currency in foreign locations

b) Protection from fluctuating foreign exchange rates with its locked-in exchange rate feature

c) Safety and security; in the unfortunate event of theft or loss, the card can be hot-listed by the issuing bank

d) Saves costs; it is cheaper than a credit or debit card which requires you to pay a currency conversion charge on every use.

One of the best forex cards today is the Indus Multicurrency Forex Card from IndusInd Bank.  Available in 14 currencies and valid for 3 years, this 3D secure Chip & PIN technology-enabled travel card can be seamlessly used at point-of-sale POS terminals, international ATMs, and for online international transactions.

With services such as instant SMS alerts & email for every transaction, access to an online portal for checking your balance, and option of reloading the card while travelling abroad, the Indus Forex Multicurrency Card promises a high level of security and convenience.

How to Load Money the First Time?

The IndusInd Multicurrency Forex Card is incredibly simple to load, use, and reload.  Just follow the steps enumerated below to load cash the first time online:

Alternately, you could visit your nearest IndusInd Bank Forex-Enabled Branch to load your Multi-Currency Travel Card for the first time. You must submit a cheque specifying the amount you wish to load along with the application form and requisite documents. You may start using your IndusInd Multicurrency Forex Card once it is activated and the funds are loaded.

In addition to buying, loading, and reloading your forex cards, the IndusForex online portal takes care of all your forex needs. These include sending money overseas with minimal documentation, changing your card PIN & currency priority alogwith providing retail forex solutions at the lowest possible rates.

Get an IndusInd Multicurrency Forex Cardtoday to experience freedom from money-related worries on your overseas travels!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.  

Buying a house is one of the biggest financial decisions that we make, therefore it is critical to consider all the factors in play. When you take a home loan to buy a property, you look at the tenure and the interest rates that banks have to offer. But it is equally important to consider how much of your savings should you put into your home loan. Choosing between a bigger down payment amount or a bigger EMI is challenging, and this is exactly what Rahul is struggling with. Let’s take a look.

Rahul is a software developer who lives in a rented apartment in Gurugram with his wife and a 3-year-old kid. He now wants to buy a 3-bhk apartment in Gurugram so that his parents can also shift from their hometown in Kanpur and start living with Rahul. While scouting for houses, Rahul came across a flat which fits his preferences. The house will cost him 1 crore, of which, Rs. 15 lakhs have to be an upfront down payment. Across FDs, gold, and other investments, Rahul has Rs. 25 lakhs of savings.

Here, Rahul has two options:

1. He uses all his savings to make a bigger down payment and reduces the loan amount

2. He pays the minimum down payment amount and takes a bigger loan amount

Now, let’s take a look at the outcome of both the options to see which is a better deal for Rahul.

Option 1 – Putting all the savings into home loan

Rahul makes a down payment of Rs. 25 lakhs and avails the remaining Rs. 75 lakhs as home loan. With an interest rate of 8.6% and a tenure of 20 years, Rahul will pay:

If Rahul chooses to put all his savings in the down payment to reduce the amount of his home loan, he will be paying total Rs. 1.57 crore at the interest rate of 8.6%. 

Option 2 – Making only the minimum down payment

Rahul opts to make the minimum down payment of Rs. 15 lakhs. His home loan amount is now Rs. 85 lakhs. With an interest rate of 8.6% and a tenure of 20 years, Rahul will pay:

By taking a bigger loan amount, Rahul gets to keep his mutual fund investment of Rs. 10 lakhs intact. To take a look at the gains he makes from his mutual funds investment over the period of 20 years, let’s assume that the average annual rate of return stays at 10%. Then:

If we separate the gains that Rahul made from the total amount he paid to the bank, it comes up to Rs. 1.1 Crore. Looking at the above example, we can safely say that it is wiser to put only a portion of your savings into your home loan.

Conclusion: While making a bigger down payment does reduce the total payable amount of the borrower, there are several other factors at play that you need to consider when it comes to the home loan size and amount. Holding onto your savings is not only financially viable, but will also offer a safety blanket in case of unforeseen circumstances where you need emergency funds. Having an emergency fund can also come in handy for paying home loan EMIs during stressful financial periods. Hence, it is better to take a bigger home loan instead of spending all your savings in one go.

IndusInd Bank understands this and offers a wide range of home loan products that feature flexible tenure, quick disbursal, simplified documentation and attractive interest rates.  Avail a perfect home loan for your perfect home– Apply NOW!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.   

For decades, buying a home has been seen as the hallmark of success and a major life milestone. It’s likely to be the biggest purchase that one makes in their life. But buying your dream home can be a very expensive affair. The residential property prices across 8 major cities of India (Delhi-NCR, Mumbai, Bangalore, Chennai, Hyderabad, Kolkata, Ahmedabad and Pune) have seen a 5% average annual increase during Q1FY23. Experts have attributed the rise in housing prices to a hike in rates of key building materials as well as labour wages, besides some strong fundamentals.

Choosing the correct home loan – a checklist

In such scenarios, finding the perfect home loan becomes just as important as finding the perfect home. The correct home loan that matches your financial goals will make your repayment journey simple and stress-free. Similarly, a wrong home loan choice may push you in a debt trap & financial insecurity, and create obstacles for any future loans you want to take.

To help you select the home loan that meets your requirements, here are 5 things you must follow.

1. Compare interest rates – The home loan interest rate varies from bank to bank, and also changes from borrower to borrower based on repayment capability, credit score, loan amount, etc. IndusInd Bank offers attractive rate of interest on its home loans to make your dream home affordable and easy on the pocket.

2. Pick an optimal loan tenure – It is crucial to select the most appropriate tenure for your loan. A longer tenure reduces the EMI, but the interest outgo increases. Whereas a shorter tenure will mean higher EMIs and can be heavy on the pocket.

3. Verify processing charges – These are charged by the bank to cover cost incurred during the processing of loan application, assessing property value and verifying other details mentioned by you. The charges vary across banks.

4. Go through the foreclosure norms – Several banks charge the borrowers for closing their home loan early. However, with IndusInd Bank, you can pay off your loan at any time without paying any extra charges.

5. Look at the non-financial aspects as well – During your home loan tenure, you will be interacting with your lender several times. The lender should be easily accessible to the borrower for a stress-free experience on both ends. This is why IndusInd Bank offers superior post-disbursal service and is highly responsive to customer requirements.

Can I get a 90% home loan?

When paying for a house, you will have a mix of two components: –

1. Percentage of the property value that a bank will lend you as home loan

2. The remaining property value that you will pay upfront from your own pocket – the down payment.

Banks are not permitted to lend/finance the full property value, hence, you cannot avail 100% of your property purchase price as a loan. But you can avail a 90% home loan under certain circumstances.

According to the guidelines issued by the Reserve Bank of India (RBI), home loans can go up to 90% of the property value for loan amounts of Rs.30 lakhs and below. You can avail an 80% home loan for loan amount between Rs.30 lakhs to Rs.75 lakhs. If the property value exceeds Rs. 75 lakhs, you will have to pay the 25% of the total property value as down payment, and avail home loan of 75%.

Conclusion –

Home loan is an amount of money borrowed by individuals to buy a desired residential property, which they repay with interest amount over a period of time. To help you fulfil your dream of owning a home, IndusInd Bank offers attractive interest rates, longer home loan tenure, easy home loan application process, hassle-free documentation and customized repayment option. You can also transfer your outstanding housing loan, or avail a top-up on your existing home loan with minimum paperwork. Apply now!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision.  IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.