Chennai Times

The blogging Monster is back and with some scary news!! Yesterday's Express carries an article on home loans right on the front page that is terrifying. If you have taken a Home Loan after 2004, then you have a lot of unpleasant music to face. The rates of interest are going up up and away... and so are the EMIs! So pretty soon, i think we are going to have a lot of Crime in Suburbia...(committed by innocent middle class people forced to resort to any measure to pay astronomical mortgage payments). All the regular banks, such as Punjab National Bank, State bank of India, and so on and so forth have already upped the ante... Gear up and Chennai and be prepared to face cacophony of music thats headed away.. Of course if you are not ready, then you can just pack your bags and start blocking pavement space right away!

If the following financial express report is a true statement, we sound like a thoroughly insecure lot in this city. It is not surprising to find that 69% of conservative Chennai people restrict their deposits to their banks, but, more surprising that 12% retain their savings in their homes! No wonder, robbery in Chennai is high. It would be interesting to see how much of this 12% come from the elite class. CHENNAI, JUNE 25: A recent survey revealed that 99.9 per cent of households in Chennai believe they are financially at risk due to ineffective saving habits and misplaced financial optimism. Almost every household in the city felt that they could not survive for more than one year on their current savings in case of loss of major source of household income, said the survey findings. The study was jointly undertaken by the National Council of Applied Economic Research (NCAER) and Max New York Life Insurance Company Limited on 'How financially protected are Indian households'...