Financial Consultants

We’ve just come to the end of a tough year, and you are probably more aware than ever that you need to get your house in order.  So, as you begin to tackle all those last minute things you do at year-end, here are a few items that should be at the top of your list.

Your Finances

One of the foundations of any solid financial plan is the periodic evaluation of your investment portfolio and retirement plans and making any adjustments necessary.  Have you taken full advantage of IRA, 401(k), SEP or other retirement plan? Does your portfolio still reflect your long-term goals?  Does it contain some solid, well-diversified core holdings?  How will any losses or gains affect your tax situation?

With increasing market volatility it’s important to take steps to help ensure that your investment strategy adequately meets your changing needs and objectives, and reflects proper planning.  Make sure that your investments are based on solid, long-term informed decisions, and not short-term fears and uncertainty.  If you are concerned about any aspect of your portfolio holdings or its tax implications, now is the time to ask your financial consultant, tax and legal advisors for help.

Your Insurance Coverage

Let’s face it, you can die, become ill or disabled at any age.  Do you have life, medical and long-term care insurance?  No matter your personal status, your life should be insured to cover, at the very least, the cost of replacing your talents and overall responsibilities — be they homemaker or wage earner.

If you already own life insurance, you should question whether or not you are getting the most out of your life insurance policy. Like all other investments, life insurance policies should be reviewed regularly.  If your lifestyle, family situation or personal and financial objectives have changed, it may be time that your life insurance policy changes also.*

Your Estate

Do you have a will?  If you haven’t already done your estate planning, you might want to make this the year that you do. The only way to be clear about whom you want to benefit from your estate or handle your business and personal affairs is to put it in writing.  If you don’t make these decisions, your state will.

If you already have a plan, it never hurts to give it a quick review to make sure everything is still as you would like it to be.  In fact, you should review your will each time there is:

* a the birth, adoption or death of a child

* the marriage, divorce or separation of anyone named in the will

* upon every major tax law change

* a move of the testator (the person for whom the will is made) to a new state

* a significant change in income or wealth of either the testator or a beneficiary

* any major change in the needs, circumstances or objectives of the testator or the beneficiaries

Keep accurate records.  Tell your executor where they are kept and be sure your executor can get access to all pertinent documents. Make a list of the names and phone numbers of advisors your family can count on and attach it to your documents. Whether you use a will, a family trust or a more complicated instrument to define your wishes, be sure that you discuss your plans with your family, before it becomes necessary.

Don’t put these items off until next year. The time you take now to re-examine your finances and personal affairs could help reassure your family.

Just as the knowledge sector such as IT, ITeS and bio-technology, the Indian construction industry, which is set to witness massive investments in the next five years, is also facing an acute shortage of skilled workforce. The construction industry in India is facing a huge shortage of manpower, especially those with skill-sets to sustain the burgeoning growth in infrastructure and housing sectors.

The real estate boom has increased the demand for construction workers manifold and hiring workforce is becoming a major task for construction companies. Shortage of construction workers has, in fact, slowed down the growth of industry in metros and major cities across the country.

Special technically skilled manpower and project managers having all round knowledge are in short supply. There is 30 per cent shortage of specially skilled workforce. The demand for civil engineers, too, is much more than the available strength. Most of them prefer taking up jobs in the IT sector or accept lucrative assignments in the Middle East.

Civil engineering graduates don’t find these jobs lucrative because construction companies don’t pay enough and the jobs are also temporary. After a project is finished in one state the company moves to its project in another state leaving the workers behind. In most cases the workers too don’t prefer to shift unless they get good salaries and perks like in the IT companies.

According to a study many huge projects in major industrial belts are getting delayed by 12 to 18 months because of non-availability of workers. According to the study cities like Mumbai, New Delhi, Gurgaon, Chennai, Hyderabad, Bangalore and Kolkata are facing severe shortage of construction workers. It has also been pointed out that the construction sector will account for over one fourth of new jobs to be created in the next eight years.

With pending projects and thousands of vacancies staring them in the face the developers are trying all tactics to get the required workforce.

However, turnover is not the only casualty of this shortage as several construction companies have also been forced to lower their recruitment standards. The companies, which earlier had stringent qualifying standards, have now lowered the bar.

Secondly, they are no longer insisting on hiring engineering graduates only as diploma holders too are welcome. Now construction companies are also approaching educational institutions for job placements.

So while on one hand the shortage of workers is alarming, on the other hand it also translates as a bagful of opportunities as it has opened up a sector with thousands of jobs just waiting for enterprising takers.

There is a growing level of interest among the NRIs in the Indian real estate sector. NRIs are interested in acquisition of property either for future occupation, rental income or for pure investment. To make such an investment, various banks and financial institutions in India offers NRI home loans in India.

A NRI has options of fixed rate and floating rate interest home loans. In a fixed rate scheme the rate of interest associated with the loan is fixed, i.e., a borrower cannot take advantage of a reduction in interest rates in future. And, if they wish to change over to the floating rate scheme, they will be levied some extra charges. On the other hand, in a floating rate scheme, the monthly repayment amount changes according to the fluctuation of rate of interest in the market.

Non-resident Indians can avail of NRI Home Loans India for purchase, construction or extension of a dwelling unit anywhere in India. The maximum amount of the NRI home loans is Rs. 1 crore, or can go up to 85 per cent of the cost of the dwelling unit whichever is lower. Borrowers may avail the benefits of the NRI home loans in India for a period maximum of 10 years. The minimum income norms associated with such loans depend on the country where the applicant is residing and also upon the tenure of the NRI home loans India.

Borrowers of NRI home loans India may repay the loan in EMIs (Equated Monthly Installments), which includes principal and interest. This form of repayment starts from the month following the loan disbursement month. EMI is payable every month, on or before the due date. If a borrower is unable to repay the due amount the property may be repossessed.

For enabling a NRI purchase home in India, every financial institute or bank in India has provision of NRI home loans India. A NRI may apply for such home loans in India by visiting the particular branches or may apply online. However, advent of internet and telecommunication has revolutionized the process of loan application to a greater extent. In it, an applicant just need to fill up a simple application form and within a few clicks the application for the loan is submitted.

With a number of financial institutions and banks offering NRI home loans in India, it will be advantageous on the part of the borrower to compare the interest rates and other charges applicable with this loan. Only after considering each and every facet of such loans, a borrower should apply and avail NRI home loans in India. Since a home loan also risks of repossession of the home if repayment is not made in time, a would-be borrower should calculate properly whether he or she could repay the borrowed sum.