Friday, 25 September 2015

Do You Make These Simple Mistakes in Installment Loans?

In 2012 The Central Bank of UAE decided to issue unified forms across all type of banks and loans, ending years of controversy over such contracts and persistent complaints by borrowers. These forms are binding to all the 51 banks and other financing firms operating in UAE. This is as per the report published by Emirates 24/7. Due to such standardized procedures it is easier to avoid common mistakes while getting loans of different types. If you are planning to get an investment loan in UAE here are common mistakes to avoid.

Not Looking Around

The biggest mistake for obtaining such a loan is to settle on the first company you like. When you need to borrow money for any type of loan, you must go through hours of research and compare policies by at least three different companies. After browsing for an installment loan in various companies, you can manage to get the most appropriate deal on your terms.

Not Checking your Credit Score

If you are planning to get a loan make sure to check your credit score. Not doing so can result in more expenditure. However if you have a decent credit score, you may not need to worry about it. In case you have a low score, opt to postpone your installment loan and get it only after you have fixed your credit score. In the mean time you can catch and rectify errors in your score. Credit bureaus are obligated to investigate any errors or questionable transactions in a short time frame. In case of apparent inaccuracies you can report them with proper documentation of the problem.

Asking No Questions

If you are borrowing money from a third party, it is always a good idea to ask as many questions as you can to get more insight into the various terms and conditions. Express all your thoughts and concerns in a truthful manner to get the added benefit of personalizing your loan.

Closing Long Term Credit Lines and Opening New Ones

If you have been conscientious about your payments and low balance, it can harm your score. Once you close a particular credit line, your overall score can be severely impacted. For example, if you close a credit line functional for the past 10 years, you automatically erase a decade of your credit history. Once a credit line is closed, it will no longer add to your score. This is true even if you have paid off your debt on time. Statistically, people with six enquirers or more on their credit report can be 8 times more likely to declare bankruptcy than people without any enquirers.

Wednesday, 23 September 2015

How To Look Younger

Every woman is pleased when somebody compliments her on her looks. She won’t admit it, but nothing thrills her more than people thinking she is younger than her actual age. But her mood is a complete contrast to this elated one when people mistake her for a much older woman. 

And why shouldn’t you a woman be upset? Her precious skin is supposed to mirror her true age (or a younger one!), it should not tell lies about her. Looking older is actually the result of dull, tired skin that has developed lines and age spots. Crow’s feet and wrinkles on the face, loose skin on the arms and neck…these belong on an older woman.

It is possible to retain one’s young, radiant looks with some lifestyle adjustments. Follow this guide to know how to lookyounger:

* Follow a daily beauty routine. The years will roll off your face if you follow a daily cleansing-toning-moisturising routine. This regimen keeps the skin clean and hydrated, thus helping it renew and repair itself faster. Responsive skin is able to retain its youth for a longer time.

* Maintain strict sleep timings. We always take sleep for granted, often sleeping less and poorly. Adults need at least 7 hours of sleep every night, in a quiet and comfortable environment. Sleeping less affects the body’s functioning, and the first casualty is our skin. You can attribute sudden hair loss or an acne breakout to lack of sleep.

* Eat healthy food. Given a choice between a bowl of salad and a pizza, most people would pick a pizza. Pick the salad if you want to look younger. The food we consume has a direct effect on our skin. Sugary, salty and high fat food will reveal itself with excessively oily skin, acne, dandruff and other problems. Eat balanced, healthy meals that provide all the essential nutrients and food groups in a day.

* Exercise daily. The need for exercise goes up dramatically as one ages. The primary benefit of exercise is that physical activity releases ‘endorphins’, which are known as the ‘feel good hormones’. Endorphins elevate the mood, cause a surge of energy in the body and help the brain focus on tasks. Besides, exercise helps the heart and lungs work better, while helping the skin release toxins through sweat.

* Plan your week but relax on the weekends. The stress of daily life can age us much faster than usual. Stress actually prompts the body to release larger amounts of ‘cortisol’, the stress hormone. This hormone can age the skin and hair, upset digestion and interfere with the body’s healing process. To keep stress under check, you must plan your work day well in advance to stay ahead of deadlines. But over the weekends, you must simply go with the flow and catch up on leisure activities to maintain a good balance between work and personal time.

You can crack the age-old ‘How to look younger?’ question with these rules. Add a few of your own and reap the benefits of younger-looking skin.

Thursday, 17 September 2015

Avail Of The Best Credit Card Offers

There are a multitude of benefits that credit cards offer in the UAE. Little wonder then, that the country is increasingly buying them.

A credit card is a useful monetary tool for the times when one needs cash, without having to carry cash. It allows one the freedom to make large purchases even when one does not have the cash for it, with the rider that the user will repay the money ‘credited’ at a later date.

Banks in the UAE are widening their customer base for credit cards like never before. Seeing customers’ interest in credit cards, banks are including a host of benefits that users can avail of when they use their credit cards. Customers can avail of such benefits as discounts for shopping at select outlets in the UAE, or in certain product categories. Further, there are cash back offers on shopping above a certain limit. In the UAE, credit card usage normally attracts discounts during the holy month of Ramadan.

Other credit card offers in UAE can include such freebies as film tickets as part of promotional activities, or increased talk time on their mobile phones. Customers also love the idea of getting points for shopping, which they can redeem at a later date for an attractive item of their choice.

What you should watch out for

While most credit card offers in UAE are genuine, customers can be confused about the basic premise of a credit card. The term ‘credit’ implies a certain credit up to which the user may spend money on purchases, provided the user repays the money at a decided payment schedule.

Also, if you are being offered a free credit card, it is important to note how far this claim goes. ‘Free’ credit cards are free only of taxes and other charges, their use does not imply that one does not repay the amount of money that the card was used for. Premier banks in the UAE offer free credit cards for a certain period of time only; they are clear in explaining that the credit card is not free over a lifetime. If the credit card being offered to you is ‘free’ for lifetime, investigate this claim thoroughly.

You must also be conversant with any terms and conditions applicable to any credit card offers in UAE. 

Wednesday, 16 September 2015

Awesome Ideas to Get Highest Returns in Bank Fixed Deposit

Credit needs to be given to the turbulence in the world bank markets for spurring Islamic lending in the past few years. The loan growth in UAE in the past 12 months was measured at 8.2%, outpacing the deposit growth at 2.2%. This is as per central bank data published at the Business Week. Investors too have a chance to capitalize on the current situation by investing in bank fixed deposits to get higher interest rates. This safe avenue of investing money is easy to get across multiple banks in UAE and the capital.  Here are a few tips to get high returns on your fixed deposit in UAE.

Pick The Right Policy

The interest rates for term deposits and recurring deposits may differ across banks. On a generalized basis the interest rates are higher in term deposits compared to recurring deposits. If a certain bank offers you low interest rates, then invest via term deposits in single lots each month to compensate. However in banks that offer stabilized interest rates, the better alternative remains monthly investments via recurring deposits.

Variable Recurring Deposit

This policy is offered by several banks and offers more choice to the investor. You get a chance to deposit a minimum amount each month; however in case you have a surplus amount, you can deposit any amount at any time without any restrictions. This is a good choice if you expect interest rates to go down in the near future, given that they are currently towards the higher side.

Reinvestment Plan

This is another great avenue for investing via bank fixed deposits. Reinvestment plans are of such nature that the amount gained gets reinvested without being withdrawn every year and an interest will be earned on the amount reinvested. With this policy the yield on the maturation of a policy would be much higher as compared to the normal rate of deposit.

Go for Auto Renewal

If you aren't good at keeping a tab on your personal accounts, after its maturity you can opt for this feature. Post maturity several investors fail to renew the bank fixed deposits and stand to lose their interest rate. To avoid such a situation, an auto renewal option is a great tool, since it will get renewed after the period of maturity automatically.

Apart from the above, you can look for ways to avoid paying too much TDS since it can cut into your interest rate. This is a great option for investors whose income has not exceeded the tax limit. 

Wednesday, 2 September 2015

Buying or renting commercial space in UAE?

Whether you choose to buy or rent commercial real estate in the UAE depends on your business objectives and funding options.

Last year, Dubai witnessed a spike in office rentals by almost 15% for premium commercial space. At the same time, secondary commercial space saw rentals rise by about 24% (Source: Cluttons Spring 2015 Dubai Commercial Property Outlook report). In the first quarter of 2015, however, rentals seem to have stabilised despite the high demand.

This is great news for both new and established businesses in the UAE. The country continues to attract new businesses every year, and these enterprises require office space. Though most business owners are more inclined to rent commercial real estate in the UAE than purchase it, the concept of owning one’s office space is also gaining ground.

The reasons for this are many, but chief among them is the fact that banks and financial institutions in the UAE are hugely supportive of business expansion plans for both residents and non-residents alike. Apart from a host of attractive office purchase loans at competitive interest rates, they are offering easy financing and repayment options to businesses. Several banks also offer loans that help businesses scale up their operations.

Should you buy or rent?

Renting commercial real estate in the UAE allows businesses the flexibility of moving locations if they dislike the premises, or scaling up main operations while working out of a cheaper back office. Though the rent money is one of the biggest overheads for the business, the office is insulated from rise in property prices during the lease period.

Another factor in favour or renting out office space is that the commercial real estate market functions differently from the residential one. The licensee of the space is expected to occupy the office for a longer time than his residential counterpart.

On the other hand, buying commercial real estate is beneficial for those looking to invest in property. If one does not have immediate need for it, one can rent it out and monetise the space. This helps pay off the bank loan EMIs as well. Additionally, since commercial space normally appreciates in value, the owner will make a profit when he sells the space later.

Additionally, one does not pay property tax or capital gains taxes on commercial real estate in Dubai and the UAE.

Even non-residents may purchase commercial office space

The UAE makes it easy for even non-residents to set up and operate businesses in the country. It is possible for expats and non-residents to purchase commercial real estate here, but only in areas designated for expat leasehold and freehold.

Banks and financial institutions extend loans to buy office space even to expats. Both private individuals and registered firms have the freedom to apply and secure commercial space loans in the UAE.