Friday, November 24, 2006
What is a credit card ?
A credit card system is a type of retail transaction settlement and credit system, named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the users' account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user). It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to 'revolve' their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard.
How do I make an insurance claim?
How do I make an insurance claim?
* Keep any evidence: Depending on the situation either get the names and addresses of any witnesses, keep any relevant receipts, or take photographs.
* Contact the broker/ insurer: Give them a ring then follow up with a letter, keeping a copy for yourself. They should send you a claim form, which you should fill out and send back ASAP. Send 2-3 professional estimates for the repairs with the form.Who can I complain to?
If you aren't happy with the way your insurance company is acting you can contact the financial ombudsman service who offer a free, independent service for resolving disputes with insurance firms.
* Keep any evidence: Depending on the situation either get the names and addresses of any witnesses, keep any relevant receipts, or take photographs.
* Contact the broker/ insurer: Give them a ring then follow up with a letter, keeping a copy for yourself. They should send you a claim form, which you should fill out and send back ASAP. Send 2-3 professional estimates for the repairs with the form.Who can I complain to?
If you aren't happy with the way your insurance company is acting you can contact the financial ombudsman service who offer a free, independent service for resolving disputes with insurance firms.
What is travel insurance ?
Travel: Holidays can be dangerous occasions - especially abroad. If someone falls ill it is much more difficult than it would be at home to cope with the situation. Medical treatment is expensive.
What is Private medical insurance ?
Private medical insurance: This covers the costs of private medical treatment for curable short-term illness or injury. It means that should you become ill you could be treated immediately privately rather than being put on an NHS waiting list.
What is accident insurance ?
Accident, sickness and unemployment cover: According to Moneyextra: "In 1999, 30,000 properties were re-possessed by mortgage lenders... Many lost their homes because they could no longer afford to pay their mortgage payments through an accident, sickness or unemployment." If you are planning on buying a house it may be sensible to think about getting some mortgage payment protection insurance.
What is Critical illness insurance ?
Critical illness insurance: This allows you to insure your income/ health were you to become too ill to work later on in life, and protects any dependents/ loved ones from the financial consequences of such unexpected events.
What is Motor insurance ?
Motor insurance
Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance.
The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident.
The person who is injured is known as the third party. The first and second parties are the car driver and their insurance company respectively. The third party may be a pedestrian, a passenger in the car driven by the insured person, or the driver or passenger in another vehicle.
The injured third party can claim compensation from the driver of the offending car. The driver then relies on his or her insurers to pay the other person's claim.
Different Types of Motor Policy
The law says that drivers must have insurance against third party injury or damage claims and that the insurer must give to the insured a certificate of motor insurance. However, most motor insurance policies provide far more extensive cover than this. There are four basic types of cover available in Britain:
* Act only - This brings only the minimum required by law - third party liability risks incurred on public roads. Policies of this type are very rarely issued. Few motorists would be content to rely on them unless, because of a poor driving record, they could not obtain any other cover.
* Third party - As well as covering the insured when driving on public roads, this type of policy applies on private property. It covers third party claims and provides protection against other legal liabilities. For example passenger indemnity, covering the possibility that a passenger in the car may cause an accident perhaps by carelessly opening the door and knocking a cyclist over. It also provides cover against certain legal costs.
* Third party fire and theft - In addition to the protection given by third party insurance, this type of policy covers loss or damage to the insurer's own car as a result of fire, theft, or attempted theft.
* Comprehensive - The widest form of cover available, although it cannot protect against every conceivable risk. In addition to the covers described in 1, 2 and 3, comprehensive cover protects in other valuable ways. The most important of these is accidental damage cover -policyholders can have their own damaged vehicle repaired or replaced. Comprehensive policies also include personal accident insurance, providing payments for death and specified serious injuries such as the loss of a limb or sight. Such payments are usually restricted to the policyholder and his or her wife or husband. Other cover with a comprehensive policy can include small amounts of medical expenses cover for anyone in the insured car, who is injured in an accident, and for loss or damage to personal effects in the car.
Most people know something about motor insurance. This is because any vehicle driven on public roads must have a certain level of insurance.
The Road Traffic Act ensures that drivers must meet liabilities they incur should they injure other people or cause damage in an accident.
The person who is injured is known as the third party. The first and second parties are the car driver and their insurance company respectively. The third party may be a pedestrian, a passenger in the car driven by the insured person, or the driver or passenger in another vehicle.
The injured third party can claim compensation from the driver of the offending car. The driver then relies on his or her insurers to pay the other person's claim.
Different Types of Motor Policy
The law says that drivers must have insurance against third party injury or damage claims and that the insurer must give to the insured a certificate of motor insurance. However, most motor insurance policies provide far more extensive cover than this. There are four basic types of cover available in Britain:
* Act only - This brings only the minimum required by law - third party liability risks incurred on public roads. Policies of this type are very rarely issued. Few motorists would be content to rely on them unless, because of a poor driving record, they could not obtain any other cover.
* Third party - As well as covering the insured when driving on public roads, this type of policy applies on private property. It covers third party claims and provides protection against other legal liabilities. For example passenger indemnity, covering the possibility that a passenger in the car may cause an accident perhaps by carelessly opening the door and knocking a cyclist over. It also provides cover against certain legal costs.
* Third party fire and theft - In addition to the protection given by third party insurance, this type of policy covers loss or damage to the insurer's own car as a result of fire, theft, or attempted theft.
* Comprehensive - The widest form of cover available, although it cannot protect against every conceivable risk. In addition to the covers described in 1, 2 and 3, comprehensive cover protects in other valuable ways. The most important of these is accidental damage cover -policyholders can have their own damaged vehicle repaired or replaced. Comprehensive policies also include personal accident insurance, providing payments for death and specified serious injuries such as the loss of a limb or sight. Such payments are usually restricted to the policyholder and his or her wife or husband. Other cover with a comprehensive policy can include small amounts of medical expenses cover for anyone in the insured car, who is injured in an accident, and for loss or damage to personal effects in the car.
What is Buildings Insurance ?
Buildings Insurance
Buildings insurance covers the structure of the house including fixtures and fittings, together with garages and outbuildings. There is limited cover for boundary walls, gates, paths, drives and swimming pools. In general, anything that would be left behind if the occupier moved is included in buildings insurance. If you're renting, buildings insurance is paid by the landlord, not you.
The policy should cover damage caused by fire, explosion, lightning, earthquake, the impact of aircraft vehicles or animals, theft or attempted theft, the breakage of aerials, and oil leaking from a central heating system. It also covers damage caused by riot and malicious persons, storm, flood, the escape of water from tanks or pipes, subsidence, landslip or heave, and falling trees. The cover for subsidence involves an excess and many policies have an excess on other sections such as theft or flood.
Buildings insurance can't cover everything. Exclusions often include storm or flood damage to gates and fences, and frost damage. If the home is left empty or unoccupied for over 30 days malicious damage, water leakage and theft won't be covered. Other exclusions are damage caused by war, rebellion and revolution and damage caused by sonic booms and contamination from radioactive fuel or waste. Householders can be compensated for damage from this last cause through special arrangements with the Government.
The Sum Insured
* When householders buy contents or buildings insurance they must decide the right value to put on the items covered. This amount is known as the "sum insured". The premium to be paid depends upon this amount. Premium rates may be higher for certain special risks - for example for a home in an area where burglary happens frequently or for a thatched cottage.
* The sum insured must be sufficient to cover the total value of the goods and buildings concerned. Many people unfortunately underestimate the cost of replacing or repairing their homes and their contents. If the sum insured is set too low then, when damage occurs, the householder will find that the insurance could cover only a part of the cost.
* For buildings, insurance must cover the full cost of rebuilding the property including architect and surveyors fees and the cost of clearing away the debris and meeting any new building regulations or by-laws. This is not the same as the market value of the house.
* Rebuilding costs often rise at times when house prices are not moving and vice versa. Take the case of two identical houses in the same town. One is next door to a noisy factory in a crowded industrial area while the other house is on the outskirts of town with pleasant country views. The houses will command very different market prices but the rebuilding cost will be the same.
* For contents, the full value is the cost of replacing the house as new. If a everything in new policy is replacement as not taken, then an allowance should be deducted for wear and tear. The sum insured must be reviewed regularly, particularly at times of high inflation. Otherwise the householder will soon find that the sum insured is too low. Most insurance companies offer index-linked policies where the sum insured is automatically adjusted in line with general rises in costs.
Accidental Damage
Policies spell out clearly the risks they cover - like fire, theft and flood. For "accidental damage" cover you have to pay much more premium. Then, you are covered against such risks as spilling paint on a carpet, or dropping a camera and breaking it.
Indemnity or Replace-as-new?
Indemnity policies take full account of the wear and tear on goods so that any claim payment would reflect the age or condition of damaged items. For example the policy would pay less for a ten-year-old carpet damaged by fire than for a carpet which was only a few months old. Replacement-as-new policies provide for the full replacement of badly damaged or destroyed goods with new. There are usually some exceptions such as clothing and household linen.
Clearly, with such a policy, the sum insured (on which the premium is based) must be higher. For a replacement-as-new policy, the contents of the house must all be valued at their new price. Mixed policies can also be bought. These provide replacement-as-new cover for some items such as furniture, carpets and electrical goods which are less than a certain number of years old and indemnity cover for the rest.
Buildings insurance covers the structure of the house including fixtures and fittings, together with garages and outbuildings. There is limited cover for boundary walls, gates, paths, drives and swimming pools. In general, anything that would be left behind if the occupier moved is included in buildings insurance. If you're renting, buildings insurance is paid by the landlord, not you.
The policy should cover damage caused by fire, explosion, lightning, earthquake, the impact of aircraft vehicles or animals, theft or attempted theft, the breakage of aerials, and oil leaking from a central heating system. It also covers damage caused by riot and malicious persons, storm, flood, the escape of water from tanks or pipes, subsidence, landslip or heave, and falling trees. The cover for subsidence involves an excess and many policies have an excess on other sections such as theft or flood.
Buildings insurance can't cover everything. Exclusions often include storm or flood damage to gates and fences, and frost damage. If the home is left empty or unoccupied for over 30 days malicious damage, water leakage and theft won't be covered. Other exclusions are damage caused by war, rebellion and revolution and damage caused by sonic booms and contamination from radioactive fuel or waste. Householders can be compensated for damage from this last cause through special arrangements with the Government.
The Sum Insured
* When householders buy contents or buildings insurance they must decide the right value to put on the items covered. This amount is known as the "sum insured". The premium to be paid depends upon this amount. Premium rates may be higher for certain special risks - for example for a home in an area where burglary happens frequently or for a thatched cottage.
* The sum insured must be sufficient to cover the total value of the goods and buildings concerned. Many people unfortunately underestimate the cost of replacing or repairing their homes and their contents. If the sum insured is set too low then, when damage occurs, the householder will find that the insurance could cover only a part of the cost.
* For buildings, insurance must cover the full cost of rebuilding the property including architect and surveyors fees and the cost of clearing away the debris and meeting any new building regulations or by-laws. This is not the same as the market value of the house.
* Rebuilding costs often rise at times when house prices are not moving and vice versa. Take the case of two identical houses in the same town. One is next door to a noisy factory in a crowded industrial area while the other house is on the outskirts of town with pleasant country views. The houses will command very different market prices but the rebuilding cost will be the same.
* For contents, the full value is the cost of replacing the house as new. If a everything in new policy is replacement as not taken, then an allowance should be deducted for wear and tear. The sum insured must be reviewed regularly, particularly at times of high inflation. Otherwise the householder will soon find that the sum insured is too low. Most insurance companies offer index-linked policies where the sum insured is automatically adjusted in line with general rises in costs.
Accidental Damage
Policies spell out clearly the risks they cover - like fire, theft and flood. For "accidental damage" cover you have to pay much more premium. Then, you are covered against such risks as spilling paint on a carpet, or dropping a camera and breaking it.
Indemnity or Replace-as-new?
Indemnity policies take full account of the wear and tear on goods so that any claim payment would reflect the age or condition of damaged items. For example the policy would pay less for a ten-year-old carpet damaged by fire than for a carpet which was only a few months old. Replacement-as-new policies provide for the full replacement of badly damaged or destroyed goods with new. There are usually some exceptions such as clothing and household linen.
Clearly, with such a policy, the sum insured (on which the premium is based) must be higher. For a replacement-as-new policy, the contents of the house must all be valued at their new price. Mixed policies can also be bought. These provide replacement-as-new cover for some items such as furniture, carpets and electrical goods which are less than a certain number of years old and indemnity cover for the rest.
What is Contents Insurance ?
Contents Insurance
Everyone needs contents insurance, even if living in rented accommodation or sharing with friends. Tenants are responsible for their own property and they should make sure they have insurance against the risk of damage by fire, storm, or flood. There are of course other dangers which affect rented as well as owner-occupied homes, think of burglary for example. Unfortunately many people, particularly those living in rented property, ignore these dangers. About one in four households in Britain has no contents insurance at all.
Policies vary between insures. They give cover to the contents while they are inside the home and, in some cases, while they are outside in the immediate surroundings of the home. Most policies extend to give limited cover for contents which are temporarily away from the home. For example in the UK they may be at your place of work or at a holiday hotel.
Contents insurance covers damage from a very wide range of risks. These include fire; theft; escape of water from tanks or pipes; oil leaking from fixed heating systems; storm; flood; riot or malicious damage; explosion; lightning may impact by aircraft, vehicles or animals; falling trees; subsidence and earthquake. A contents policy also covers the loss of rent or the additional cost of alternative accommodation if the home is made uninhabitable. Contents cover includes accidental breakage of mirrors and glass in furniture and there is some cover for damage to rented property where the tenant is liable for this.
An important extension of contents insurance covers the legal liability of the occupier. Liability could arise if other people are injured or their property damaged as a result of the occupier's negligence. This is a little known but very important fringe benefit of household insurance. If, for example, a householder carelessly let a dog run free and caused a serious road accident, then the householder ... and not the car drivers ... could be legally liable and face an expensive bill for damages and legal fees. Many household policies also offer cover for any legal expenses to sue someone or if you are sued.
Everyone needs contents insurance, even if living in rented accommodation or sharing with friends. Tenants are responsible for their own property and they should make sure they have insurance against the risk of damage by fire, storm, or flood. There are of course other dangers which affect rented as well as owner-occupied homes, think of burglary for example. Unfortunately many people, particularly those living in rented property, ignore these dangers. About one in four households in Britain has no contents insurance at all.
Policies vary between insures. They give cover to the contents while they are inside the home and, in some cases, while they are outside in the immediate surroundings of the home. Most policies extend to give limited cover for contents which are temporarily away from the home. For example in the UK they may be at your place of work or at a holiday hotel.
Contents insurance covers damage from a very wide range of risks. These include fire; theft; escape of water from tanks or pipes; oil leaking from fixed heating systems; storm; flood; riot or malicious damage; explosion; lightning may impact by aircraft, vehicles or animals; falling trees; subsidence and earthquake. A contents policy also covers the loss of rent or the additional cost of alternative accommodation if the home is made uninhabitable. Contents cover includes accidental breakage of mirrors and glass in furniture and there is some cover for damage to rented property where the tenant is liable for this.
An important extension of contents insurance covers the legal liability of the occupier. Liability could arise if other people are injured or their property damaged as a result of the occupier's negligence. This is a little known but very important fringe benefit of household insurance. If, for example, a householder carelessly let a dog run free and caused a serious road accident, then the householder ... and not the car drivers ... could be legally liable and face an expensive bill for damages and legal fees. Many household policies also offer cover for any legal expenses to sue someone or if you are sued.
What is insurance ?
What is insurance?
Cut through the financial jargon to learn all the essentials about insurance.
Put basically, insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.
The contribution is known as the premium. Premiums are paid to insurers - these are institutions which accumulate the money into the fund from which claims are paid. The loss is in fact paid for by the policyholder making the claim and by all the other policyholders who have not suffered in the same way.
Insurers are professional risk takers. They know the probability of different types of risk happening. They can calculate the premiums needed to create a fund large enough to cover likely loss payments. Clearly, only a proportion of policyholders will require compensation from the fund at any one time.
So two important factors arise when calculating the premium. Firstly, the general likelihood that a loss will occur. Secondly, whether the particular policyholder is above or below average in risk.
Take three examples. In motor insurance a young person with a high powered car, or a driver with a long history of accidents will pay a higher premium than a mature and experienced driver with a modest saloon who has been accident free.
Similarly, the owner of a fish and chip shop will pay a higher premium for his fire insurance than, say, the owner of an office. The risk is greater, so the premium is higher.
Someone who is young, fit and in a risk-free job will find it easier to buy life insurance, and will pay lower premiums than someone who has a heart condition or is in a risky occupation.
Two kinds of Insurance
There are two different kinds of insurance - life insurance and general insurance. With life insurance you don't renew your policy each year. Instead, you agree to pay a fixed premium for a set number of years. In other words you enter a long-term commitment when you buy a life insurance policy.
What is the Difference?
General insurance pays out;
* if a car has an accident or is stolen
* if a house catches fire or is burgled
* if a holiday has to be cancelled
* if someone is careless and damages other people's property.
Most life policies, on the other hand, pay out when an event happens;
* when someone dies
* when someone survives beyond a specific date.
Anyone can buy life insurance but, of course, the premium will depend on your age, your health, and your occupation.
Husbands and wives can insure each other's lives. However, you cannot insure the lives of other people unless you have a financial involvement in their life. This principle of insurance is called "insurable interest".
Insurable Interest
Insurable interest is a fundamental principle of insurance. It means that the person wishing to take out insurance must be legally entitled to insure the article, or the event, or the life. In other words, the happening of the event insured against, or the death of the life insured must cause the policyholder financial loss. Mr Smith would not be able to insure Mr Brown's house because its destruction would not cause Mr Smith financial loss. Similarly, you cannot insure the lives of other people unless you have a financial interest in the life being insured. The principle of insurable interest demonstrates the difference between insurance and a wager or bet.
General Principles
Other principles apply to all kinds of insurance.
* Insurance can provide compensation only for the actual value of property. It cannot cover the loss of sentimental value, for example.
* There must be a large number of similar risks so that the likelihood of a claim can be spread among other policyholders. It must be possible for insurers to calculate the chance of loss so that a premium can be set which matches the risk.
* Losses must not be deliberate and not inevitable. Clearly, you could not buy fire insurance for a house which was already burning nor life insurance for someone on his or her deathbed.
* Lastly, there are some risks which have financial implications so vast that they can be dealt with only by the state. These risks (mainly those arising from war or the major escape of nuclear or radioactive material) are normally not insurable.
* Insurance takes the risk away from people's lives and businesses. It brings peace of mind to the policyholder. In return for paying premiums the policyholder knows that, if the unexpected happens, financial compensation will be available from the fund of premiums.
Cut through the financial jargon to learn all the essentials about insurance.
Put basically, insurance enables those who suffer a loss or accident to be compensated for the effects of their misfortune. The payments come from a fund of money contributed by all the holders of individual insurance policies. In other words, individual risks are pooled and shared, with each policyholder making a contribution to the common fund.
The contribution is known as the premium. Premiums are paid to insurers - these are institutions which accumulate the money into the fund from which claims are paid. The loss is in fact paid for by the policyholder making the claim and by all the other policyholders who have not suffered in the same way.
Insurers are professional risk takers. They know the probability of different types of risk happening. They can calculate the premiums needed to create a fund large enough to cover likely loss payments. Clearly, only a proportion of policyholders will require compensation from the fund at any one time.
So two important factors arise when calculating the premium. Firstly, the general likelihood that a loss will occur. Secondly, whether the particular policyholder is above or below average in risk.
Take three examples. In motor insurance a young person with a high powered car, or a driver with a long history of accidents will pay a higher premium than a mature and experienced driver with a modest saloon who has been accident free.
Similarly, the owner of a fish and chip shop will pay a higher premium for his fire insurance than, say, the owner of an office. The risk is greater, so the premium is higher.
Someone who is young, fit and in a risk-free job will find it easier to buy life insurance, and will pay lower premiums than someone who has a heart condition or is in a risky occupation.
Two kinds of Insurance
There are two different kinds of insurance - life insurance and general insurance. With life insurance you don't renew your policy each year. Instead, you agree to pay a fixed premium for a set number of years. In other words you enter a long-term commitment when you buy a life insurance policy.
What is the Difference?
General insurance pays out;
* if a car has an accident or is stolen
* if a house catches fire or is burgled
* if a holiday has to be cancelled
* if someone is careless and damages other people's property.
Most life policies, on the other hand, pay out when an event happens;
* when someone dies
* when someone survives beyond a specific date.
Anyone can buy life insurance but, of course, the premium will depend on your age, your health, and your occupation.
Husbands and wives can insure each other's lives. However, you cannot insure the lives of other people unless you have a financial involvement in their life. This principle of insurance is called "insurable interest".
Insurable Interest
Insurable interest is a fundamental principle of insurance. It means that the person wishing to take out insurance must be legally entitled to insure the article, or the event, or the life. In other words, the happening of the event insured against, or the death of the life insured must cause the policyholder financial loss. Mr Smith would not be able to insure Mr Brown's house because its destruction would not cause Mr Smith financial loss. Similarly, you cannot insure the lives of other people unless you have a financial interest in the life being insured. The principle of insurable interest demonstrates the difference between insurance and a wager or bet.
General Principles
Other principles apply to all kinds of insurance.
* Insurance can provide compensation only for the actual value of property. It cannot cover the loss of sentimental value, for example.
* There must be a large number of similar risks so that the likelihood of a claim can be spread among other policyholders. It must be possible for insurers to calculate the chance of loss so that a premium can be set which matches the risk.
* Losses must not be deliberate and not inevitable. Clearly, you could not buy fire insurance for a house which was already burning nor life insurance for someone on his or her deathbed.
* Lastly, there are some risks which have financial implications so vast that they can be dealt with only by the state. These risks (mainly those arising from war or the major escape of nuclear or radioactive material) are normally not insurable.
* Insurance takes the risk away from people's lives and businesses. It brings peace of mind to the policyholder. In return for paying premiums the policyholder knows that, if the unexpected happens, financial compensation will be available from the fund of premiums.
What is life insurance ?
Life insurance: A means of providing for your dependents should you die early, but also a way to save cash through endowment policies or similar.
What is Vehicle insurance ?
Vehicle insurance (or Auto insurance, car insurance, motor insurance) is insurance consumers can purchase for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred as a result of traffic accidents. An insurance company may declare a vehicle totally destroyed ('totaled' or 'a write-off') if it appears replacement would be cheaper than repair.
How does a credit check work?
How does a credit check work?
The lender will use an approved credit reference agency to make a search on your name and address, and any previous addresses, which you give in your personal loan application.
This credit check involves calculating your credit rating, which shows how risky it will be to give you a personal loan.
Each time a credit check search is requested by a lender, it will be noted on your credit rating by the credit reference agency and detailed in any future credit checks.
If you have had no previous credit issues, a credit check should be very straightforward and you should be eligible for the majority of personal loans.
The lender will use an approved credit reference agency to make a search on your name and address, and any previous addresses, which you give in your personal loan application.
This credit check involves calculating your credit rating, which shows how risky it will be to give you a personal loan.
Each time a credit check search is requested by a lender, it will be noted on your credit rating by the credit reference agency and detailed in any future credit checks.
If you have had no previous credit issues, a credit check should be very straightforward and you should be eligible for the majority of personal loans.
What is an unsecured personal loan?
What is an unsecured personal loan?
Actually, a personal loan and an unsecured loan are the same thing, but providers use different names to describe the same product.
A personal loan is sometimes described as an unsecured loan because it allows you to borrow money without having to provide security against it, such as your home or car.
Instead, an unsecured (or personal) loans provider will base their decision on granting you a personal loan by using your personal credit history. This is verified by a credit check to determine your credit rating.
Actually, a personal loan and an unsecured loan are the same thing, but providers use different names to describe the same product.
A personal loan is sometimes described as an unsecured loan because it allows you to borrow money without having to provide security against it, such as your home or car.
Instead, an unsecured (or personal) loans provider will base their decision on granting you a personal loan by using your personal credit history. This is verified by a credit check to determine your credit rating.
What is secured loan ?
A loan which is backed by assets belonging to the borrower in order to decrease the risk assumed by the lender. The assets may be forfeited to the lender if the borrower fails to make the necessary payments.
What is Stamp Duty on Contract ?
Stamp Duty on Contract (also know as Transfer Stamp Duty)
A State or Territory Government tax (based on where the property is situated) payable by the purchaser of real estate and assessed on the purchase price of the property. Depending on the individual State legislation, the duty is payable to the Office of State Revenue anywhere from the day of settlement to three months after the date of exchange of contracts. Some first home buyers may be eligible for a concession on the stamp duty.
A State or Territory Government tax (based on where the property is situated) payable by the purchaser of real estate and assessed on the purchase price of the property. Depending on the individual State legislation, the duty is payable to the Office of State Revenue anywhere from the day of settlement to three months after the date of exchange of contracts. Some first home buyers may be eligible for a concession on the stamp duty.
What is construction loan ?
A short term loan that is used to finance the construction of a new home. During the term of the loan the lender makes payments to the builder as the work progresses and the borrower makes interest payments on only the funds that have been disbursed to the builder. Typically, the construction loan is refinanced into a permanent loan after the home is completed.
What is Market Value ?
Market Value: The highest price that a buyer, willing but not compelled to buy, would pay and the lowest price a seller, willing but not compelled to sell, would accept.
Is Zero Percent Financing a Good Deal?
Zero percent financing has worked very well for new car dealerships. In fact, it has worked so well that now other types of sellers, particularly furniture companies, electronics retailers and credit card companies are getting in to the act.
The truth is that zero percent financing is nothing more than a really good marketing tool that is dishonest, very misleading, and borders on qualifying as a credit scam. It is very similar to the old "bait and switch" tactics used by sales people for decades. They lure you in to the show room with the offer of zero percent, then they tell you you don't qualify and try to sell you the merchandise anyway.
Before you fall for their sales pitches, here are a few facts about zero percent financing --
(1) Only about 5% of all consumers qualify for zero percent financing. You must have an excellent credit rating and a certain amount of income to qualify. An acceptable
credit score would be at least 750 to qualify for zero percent interest.
(2) Zero percent interest rate offers always come with a relatively short pay-back period of probably not more than two years. Can you afford to pay off a new car you have financed in two years? Even with a zero percent interest rate, your monthly payments are going to be very high. So the answer is probably not, but they managed to lure you in to the showroom with the zero percent offer and they think there is a good chance you will buy anyway and accept whatever interest rate they offer you.
(3) If you don't pay for the merchandise you are buying within the agreed time period, you must pay an amount of interest agreed upon in the contract as if it had been accumulating from the date you signed the contract. For example, if you purchased furniture on a zero percent interest rate program and failed to make a monthly payment, the terms of the contract change, and the deal is off. You are now charged a very high rate of interest that began accumulating the day of your purchase and perhaps all kinds of penalty fees will be tacked on as well.
(3) Even if you do qualify for zero percent financing, sellers often make up for the lost finance charges by jacking up the price of the product. They can do this quite easily because the customer is so thrilled with the zero percent financing that he forgets or overlooks the fact that he is overpaying for the product. This is particularly true of automobile purchases. Very few people who qualify for zero percent financing will actually haggle with the car dealer or furniture store over the price since they think they're getting such a good deal with the zero percent interest rate.
The truth is that zero percent financing is nothing more than a really good marketing tool that is dishonest, very misleading, and borders on qualifying as a credit scam. It is very similar to the old "bait and switch" tactics used by sales people for decades. They lure you in to the show room with the offer of zero percent, then they tell you you don't qualify and try to sell you the merchandise anyway.
Before you fall for their sales pitches, here are a few facts about zero percent financing --
(1) Only about 5% of all consumers qualify for zero percent financing. You must have an excellent credit rating and a certain amount of income to qualify. An acceptable
credit score would be at least 750 to qualify for zero percent interest.
(2) Zero percent interest rate offers always come with a relatively short pay-back period of probably not more than two years. Can you afford to pay off a new car you have financed in two years? Even with a zero percent interest rate, your monthly payments are going to be very high. So the answer is probably not, but they managed to lure you in to the showroom with the zero percent offer and they think there is a good chance you will buy anyway and accept whatever interest rate they offer you.
(3) If you don't pay for the merchandise you are buying within the agreed time period, you must pay an amount of interest agreed upon in the contract as if it had been accumulating from the date you signed the contract. For example, if you purchased furniture on a zero percent interest rate program and failed to make a monthly payment, the terms of the contract change, and the deal is off. You are now charged a very high rate of interest that began accumulating the day of your purchase and perhaps all kinds of penalty fees will be tacked on as well.
(3) Even if you do qualify for zero percent financing, sellers often make up for the lost finance charges by jacking up the price of the product. They can do this quite easily because the customer is so thrilled with the zero percent financing that he forgets or overlooks the fact that he is overpaying for the product. This is particularly true of automobile purchases. Very few people who qualify for zero percent financing will actually haggle with the car dealer or furniture store over the price since they think they're getting such a good deal with the zero percent interest rate.
What is Agreement of Sale ?
Agreement of Sale: Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.
What is Certificate of Title ?
Certificate of Title: A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property which he is offering for sale. A certificate of title offers no protection against any hidden defects in the title which an examination of the records could not reveal. The issuer of a certificate of title is liable only for damages due to negligence. The protection offered a homeowner under a certificate of title is not as great as that offered in a title insurance policy.
What is Encumbrance ?
Encumbrance -- A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive convenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it.
What is down payment ?
Down payment -- The amount of money to be paid by the purchaser to the seller upon the signing of the agreement of sale. The agreement of sale will refer to the downpayment amount and will acknowledge receipt of the down payment. Down payment is the difference between the sales price and maximum mortgage amount. The down payment may not be refundable if the purchaser fails to buy the property without good cause. If the purchaser wants the down payment to be refundable, he should insert a clause in the agreement of sale specifying the conditions under which the deposit will be refunded, if the agreement does not already contain such clause. If the seller cannot deliver good title, the agreement of sale usually requires the seller to return the down payment and to pay interest and expenses incurred by the purchaser.
What is deed & deed trust ?
Deed -- A formal written instrument by which title to real property is transferred from one owner to another. The deed should contain an accurate description of the property being conveyed, should be signed and witnessed according to the laws of the state where the property is located, and should be delivered to the purchaser at closing day. There are two parties to a deed: the grantor and the grantee.
Deed of Trust -- Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few states have begun in recent years to treat the deed
of trust like a mortgage.
Deed of Trust -- Like a mortgage, a security instrument whereby real property is given as security for a debt. However, in a deed of trust there are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). In such a transaction, the borrower transfers the legal title for the property to the trustee who holds the property in trust as security for the payment of the debt to the lender or beneficiary. If the borrower pays the debt as agreed, the deed of trust becomes void. If, however, he defaults in the payment of the debt, the trustee may sell the property at a public sale, under the terms of the deed of trust. In most jurisdictions where the deed of trust is in force, the borrower is subject to having his property sold without benefit of legal proceedings. A few states have begun in recent years to treat the deed
of trust like a mortgage.
What is mortgage loan ?
mortgage loan -- an advance of funds from a lender, called the mortgagee, to a borrower, called the mortgagor, secured by real property and evidenced by a document called a mortgage. The mortgage sets forth the conditions of the loan, the manner and duration of repayment, and reserves to the mortgagee the right to repossess the pledged property if the mortgagor fails to repay any portion of principal and interest.
What is housing loan ?
housing loan" means an agreement for credit on the security of a mortgage of a freehold or leasehold estate or interest in a house where
( a ) the loan is made for the purpose of enabling the borrower to provide or improve the house or to purchase the said estate or interest, or
( b ) the loan is made for the purpose of refinancing a loan within the meaning of paragraph (a), or
( c ) the house is to be used or to continue to be used as the principal residence of the borrower or his dependants;
( a ) the loan is made for the purpose of enabling the borrower to provide or improve the house or to purchase the said estate or interest, or
( b ) the loan is made for the purpose of refinancing a loan within the meaning of paragraph (a), or
( c ) the house is to be used or to continue to be used as the principal residence of the borrower or his dependants;
What is loan ?
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the ' and the '. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.
Who is Krishna?
Who is Krishna?
Gopal KrishnaYou may be surprised to discover that Krishna is actually God Himself! This is confirmed by countless authorities throughout history.
God is unlimited and has many names like Allah, Jehovah, Govinda, Dinanath, Syamasundara.
Krishna translates to english as 'all attractive'. He is the original and most all attractive being!
Krishna appears with His name, fame, friends and paraphernalia to share love, devotion and eternal happiness.There are many amazing and powerful personalities. Of all of these Krishna is the topmost and original personality.
There are unlimited numbers of living beings and He is the most beautiful, the most famous, the wealthiest, the most knowledgeable, the most renounced, and the funniest!
As described in the Vedic literature of ancient India, Sri Krishna is the source, the energetic, the original of all emanations and creations.
"Of all controllers, Krishna is the supreme controller
His body is full of eternity, knowledge and bliss
He is without beginning
and is the cause of all causes"Krishna is famous for many things. One of the most well known is the Bhagavad-gita.
Bhagavad-gita literally means 'The Song of God'. It is a
conversation between Krishna and His friend Arjuna just before the great Battle of Kurukshetra.
Krishna had taken the role of chariot driver for His friend Arjuna who was a prince and warrior.
Bhagavad-gita is recognised as a philosophical and literary classic but is also the central teaching of the followers of the Brahma Gaudiya Vaisnava Sampradaya. Krishna is the hero in the timeless epic Mahabharata, India's classic story of world dominating dynasties.
Mahabharata tells the story of how the previous age of heroic princes and kings came to an end and how the present age began.
Bhagavad-gita is one chapter of the Mahabharata.
Although the main characters in the Mahabharata are the Pandava brothers, Lord Krishna is always there as their friend and counsel.
Krishna appears countless times throughout the narrative to help His friends in their journey towards destiny.Krishna is the original person and expands Himself into numerous personalities.
These personalities can have all the qualities and strengths of the original without reducing the power of the original.
Krishna's primary expansion is Lord Balarama from whom all further expansions emanate.
Some of the expansions are for the material world but most are for the spiritual world.
Krishna expands Himself for different reasons. He mainly expands to enjoy loving relationships with His dear devotees.
Gopal KrishnaYou may be surprised to discover that Krishna is actually God Himself! This is confirmed by countless authorities throughout history.
God is unlimited and has many names like Allah, Jehovah, Govinda, Dinanath, Syamasundara.
Krishna translates to english as 'all attractive'. He is the original and most all attractive being!
Krishna appears with His name, fame, friends and paraphernalia to share love, devotion and eternal happiness.There are many amazing and powerful personalities. Of all of these Krishna is the topmost and original personality.
There are unlimited numbers of living beings and He is the most beautiful, the most famous, the wealthiest, the most knowledgeable, the most renounced, and the funniest!
As described in the Vedic literature of ancient India, Sri Krishna is the source, the energetic, the original of all emanations and creations.
"Of all controllers, Krishna is the supreme controller
His body is full of eternity, knowledge and bliss
He is without beginning
and is the cause of all causes"Krishna is famous for many things. One of the most well known is the Bhagavad-gita.
Bhagavad-gita literally means 'The Song of God'. It is a
conversation between Krishna and His friend Arjuna just before the great Battle of Kurukshetra.
Krishna had taken the role of chariot driver for His friend Arjuna who was a prince and warrior.
Bhagavad-gita is recognised as a philosophical and literary classic but is also the central teaching of the followers of the Brahma Gaudiya Vaisnava Sampradaya. Krishna is the hero in the timeless epic Mahabharata, India's classic story of world dominating dynasties.
Mahabharata tells the story of how the previous age of heroic princes and kings came to an end and how the present age began.
Bhagavad-gita is one chapter of the Mahabharata.
Although the main characters in the Mahabharata are the Pandava brothers, Lord Krishna is always there as their friend and counsel.
Krishna appears countless times throughout the narrative to help His friends in their journey towards destiny.Krishna is the original person and expands Himself into numerous personalities.
These personalities can have all the qualities and strengths of the original without reducing the power of the original.
Krishna's primary expansion is Lord Balarama from whom all further expansions emanate.
Some of the expansions are for the material world but most are for the spiritual world.
Krishna expands Himself for different reasons. He mainly expands to enjoy loving relationships with His dear devotees.
Who is ayappa ?
The story of Mahishi: Leela and her husband Madhava were Lord Ayyappaboth children of learned Brahmins. They were very devout and in deep love for each other. After several years of married life, Madhavan felt that it was time for them to renounce worldly pleasures and turn entirely to spiritual ways. Leela did not agree to the proposal. She won't let him do so too. The dispute led to a hot arguement. Finally Madhava cursed her to become a she buffelo with devilish disposal.
Leela was reborn as Mahishi, the sister of Mahishasura. Both the sister and brother underwent severe penance and obtained boons from Brahma the Creator. As per the boons obtained, Mahishi could only be killed by a son born to Lord Shiva and Lord Vishnu. Since this was an impossible prospect Mahishi deemed herself to be indestructile and became very proud, agressive and arrogant.
She unleashed terror in all three worlds. The killing of Mahishasura by Durgadevi fanned the flames of arrogance. Mahishi became unstoppable. The gods under the leadership of Indra left Amarapuri not able to stop her. The rude and crude subjects of Mahishi devastated heaven.
On the earth all sacred rituals came to a grinding halt, as Mahishi would not allow any such thing. Learning and prayer became unheard of. The weight of crimes became unbearable for Mother Earth. She appealed pitiously to the Lords for redumption. They consoled her and promised proper action. Though confident in the Lords' abilities all wondered how a son will be born to two males. What they did not understand was that "Adwaitha Brahma" was beyond such sectarial considerations.
Vishnumaya: Earlier, ages before, on two occassions Lord Vishnu had taken the form of Mohini (Enchantress). The first was during "Amrithamanthana". Through the combined effort of all living beings the Sea of Milk was churned. This was necessiated by the urgent need of obtaining Amrith(Devine Nectar) to cure the gods of aging, forced on them by a curse from the irrepressible sage Durvasa. After prolonged hard work recovery of many precious items, when Amruth separated, the Asuras took it away. Lord Vishnu set off to recover it from them.
For this purpose the Lord transformed himself into a maiden of dazzling beauty. She appeared before the Asuras who were having a fight among them over the possession of the devine nectar. Dumbfounded by her beauty, the Asuras agreed to her proposals and sat in a row with closed eyes, waiting to be served. Meanwhile Mohini escaped stealthly with Amrith.
The second occassion when Lord Vishnu took the form of Mohini was with the urgent purpose of saving Lord Shiva from Bhasmasura.
Shoorpaka, an Asura performed sustained pennance and pleased Lord Shiva. The boon sought by him was that anybody whose head he touches should be reduced instantly to ashes. The boon was granted. The naive fellow wanted to put the boon to test immediately on his benefactor himself. The Lord had to take to his heels.
Lord Vishnu seeing Shiva's plight decided to take proper action. He transformed himself into the form of Mohini and appeared before Shoorpaka who was chasing the Lord. No need to say that his progress was arrested by what he saw. Temporarily his priorities changed. He wanted to have this beauty. Mohini agreed on one condition. If he wanted her, he would have to dance like her.
After a considerably long session of duet, Mohini slipped in a sequence which ended with her finger touching her own head. Deeply absorbed in Mohini's charm and the delights of dancing, Shoorpaka had forgotten all about the boon and touched his own head. He was reduced to ashes.
When Mother Earth and the gods requested for help against Mahishi, Lord Shiva remembered Vishnu Maya Mohini. Instantly Mohini appeared before Him. Her beauty was irressistaible even for the Lord. Their union resulted in the birth of a handsome child. He came to be known as Shastha. (Some texts mention the name Karthik Swami - not to be confused with Karthikeya).
Manikandha: Hariharasutha (The child born to Vishnu and Shiva) was obviously very handsome and with auspicious features. Mohini disappeared immediately, leaving the child to Shiva. He put an ornament with a beautiful jewel round the child's neck.
Aware of the purpose of the child's incarnation Mahadeva placed him on the banks of river Pampa. At about the same time the king of Pandalam, an erstwhile princely state, reached the place. He was on a hunting expedition and was separated from his retinue and was wandering in the woods. He was attracted by the child's voice. He rushed to where the child was lying. Finding a child left alone in the wilderness, far from the nearest human habitats, he decided that it was a God's gift to him. For he was childless, and had only one prayer to God, throughout his waking hours, "Lord bless me with a child!"
A sage suddenly appeared at the place and advised the king to take the child to the palace and rear him as his own. The king was delighted. So was the queen and the subjects. The king named the child Manikantha, inspired by the beautiful jewel he wore. Manikantha's arrival proved to be very auspicious for the royal house. The queen soon presented the king with a child, their own flesh and blood. However, the initial affection they had for Manikantha was not diminished. He grew up as their "First Born."
Manikantha was bestowed with all noble qualities one could wish for. He mastered all knowledge quickly. He became a master in martial arts too. In short, he was the unchallenged heir for the throne.
He started taking interest in the state's affairs and was eminently successful. When miscreants led by a muscleman named Babar (Vavar) created trouble in some parts of the state, Manikanthan was commissioned to end it. He not only defeated the opponent, but also won him over with love. An everlasting friendship started between the two. Thereafter Babar became Manikanthan's right hand in all his expeditions.
Jealousy has no discretion. It creeps in wherever good things prosper. Some of the courtiers grew jealous of the smart prince. They started spreading concocted stories to frame Manikanthan. However, the love and faith of the king in him was unfailing.
Soon the miscreants had an opportunity. The queen had a severe pain in the stomach, which none of the court's physicians could cure. The miscreants sent a man disguised as learned physician, who declared, "This can be cured only with the milk of *tigress."
The king was worried as to who will milk a tigress. One of the courtiers suggested, "There is nothing that prince Manikanthan cannot do."
The king would not agree. But the prince insisted that he would go. He loved the queen so much that he would risk even his life for her sake. While the king and many well wishers pleaded pitiously, Manikanthan set off into the forest.
In fact, fetching tigress' milk was just an excuse. He was prompted by the gods that it was time for him to attend to the purpose of his incarnation, namely, destroying Mahishi. As soon as Manikanthan was alone, the gods joined him as warriers. They soon set out for heaven to fight the fierce opponent who was occupying Indra's throne.
After a fierce battle, faught cosmically, Mahishi was killed. Her body fell at a place on the banks of river Azhutha. #The demon warriers sent by Lord Shiva to assist Manikantha covered the body with stones and pebbles from the river bed.
The soul of Mahishi trapped in the body of Mahishi was released. She instantly fell in love with her saviour and requested for reciprocation. But, Manikanthan had decided to be a Brahmachari. To console her he said, "Soon I will be settled at one shrine. I will give you a place near me. If and only if, no $first timer visits me during a whole year, I will accept you."
Soon a tigress with cubs, believed to be Indra himself in disguise, appeared before Manikanthan. He mounted the tigress' back and returned home. Two tigers joined them, on either flank. The cubs follwed. When the procession reached the capital, people fled in fear. The purpose over, Manikanthan let off the tigers into the forest.
Manikanthan declared, "It is time for me to leave the palace. But I will not leave you altogether. Make a shrine for me close to Shabari's Ashram Send the construction party to the locality. Let them search for this arrow of mine. The exact place shall be indicated by this arrow."
Thus the famous shrine came into being. At various occassions, Manikanthan had promised few others to be honoured by proximity to his shrine. They were also installed with due ceremony. These include, Ganapathi, Nagaraja, Vavar, Kadutha and of course, Leela who came to be known as Malikappurathamma.
Ayyappa: There are numerous legends behind the famous shrine. One of them is supported by historical facts too. This reveals how the deity is called Ayyappa. According to this story, Ayyan Pillai was a trusted warrier of king of Panthalam. His heroic deeds were almost super human. King Pandian of the neighbouring state Madurai had once attacked Pandalam and captured a large territory including Sabarimala. Ayyan Pillai was commissioned to fight with Pandian and recapture the territory.
A shrewd general, Ayyan launched a guerilla war against Pandian forces. The preparation took 41 days. All members of the troupe were required to observe strict Brahmacharya during as required by ancient martial arts. They carried warm blankets and enough provisions to last several days in the forest and wore dark coloured cloth.
The expedition was a big success and Ayyan became a super hero, nay a demi god. He was considered an incarnation of Dharmasastha himself. The king dedicated the entire recaptured territory to Ayyan.
After Ayyan's demise a shrine came up in the place. In spite of it being inside thick forest, annual visit to the shrine became regular, the number of visitors increased every year. With the launching of the nearby Paumpa-Kakki irrigation project, roads were constructed upto the banks of river Pumpa in the early sixties. This reduced the foot-track to just over five kilometers and there was a phenomenal increase in the number of visitors to the shrine. The latest assessment indicates close to 50 lakh visitors annually.
It is believed that Sabarimala receives the largest annual collection people on a single day (Makarasankrant), Mecca during Haj being a close second.
Leela was reborn as Mahishi, the sister of Mahishasura. Both the sister and brother underwent severe penance and obtained boons from Brahma the Creator. As per the boons obtained, Mahishi could only be killed by a son born to Lord Shiva and Lord Vishnu. Since this was an impossible prospect Mahishi deemed herself to be indestructile and became very proud, agressive and arrogant.
She unleashed terror in all three worlds. The killing of Mahishasura by Durgadevi fanned the flames of arrogance. Mahishi became unstoppable. The gods under the leadership of Indra left Amarapuri not able to stop her. The rude and crude subjects of Mahishi devastated heaven.
On the earth all sacred rituals came to a grinding halt, as Mahishi would not allow any such thing. Learning and prayer became unheard of. The weight of crimes became unbearable for Mother Earth. She appealed pitiously to the Lords for redumption. They consoled her and promised proper action. Though confident in the Lords' abilities all wondered how a son will be born to two males. What they did not understand was that "Adwaitha Brahma" was beyond such sectarial considerations.
Vishnumaya: Earlier, ages before, on two occassions Lord Vishnu had taken the form of Mohini (Enchantress). The first was during "Amrithamanthana". Through the combined effort of all living beings the Sea of Milk was churned. This was necessiated by the urgent need of obtaining Amrith(Devine Nectar) to cure the gods of aging, forced on them by a curse from the irrepressible sage Durvasa. After prolonged hard work recovery of many precious items, when Amruth separated, the Asuras took it away. Lord Vishnu set off to recover it from them.
For this purpose the Lord transformed himself into a maiden of dazzling beauty. She appeared before the Asuras who were having a fight among them over the possession of the devine nectar. Dumbfounded by her beauty, the Asuras agreed to her proposals and sat in a row with closed eyes, waiting to be served. Meanwhile Mohini escaped stealthly with Amrith.
The second occassion when Lord Vishnu took the form of Mohini was with the urgent purpose of saving Lord Shiva from Bhasmasura.
Shoorpaka, an Asura performed sustained pennance and pleased Lord Shiva. The boon sought by him was that anybody whose head he touches should be reduced instantly to ashes. The boon was granted. The naive fellow wanted to put the boon to test immediately on his benefactor himself. The Lord had to take to his heels.
Lord Vishnu seeing Shiva's plight decided to take proper action. He transformed himself into the form of Mohini and appeared before Shoorpaka who was chasing the Lord. No need to say that his progress was arrested by what he saw. Temporarily his priorities changed. He wanted to have this beauty. Mohini agreed on one condition. If he wanted her, he would have to dance like her.
After a considerably long session of duet, Mohini slipped in a sequence which ended with her finger touching her own head. Deeply absorbed in Mohini's charm and the delights of dancing, Shoorpaka had forgotten all about the boon and touched his own head. He was reduced to ashes.
When Mother Earth and the gods requested for help against Mahishi, Lord Shiva remembered Vishnu Maya Mohini. Instantly Mohini appeared before Him. Her beauty was irressistaible even for the Lord. Their union resulted in the birth of a handsome child. He came to be known as Shastha. (Some texts mention the name Karthik Swami - not to be confused with Karthikeya).
Manikandha: Hariharasutha (The child born to Vishnu and Shiva) was obviously very handsome and with auspicious features. Mohini disappeared immediately, leaving the child to Shiva. He put an ornament with a beautiful jewel round the child's neck.
Aware of the purpose of the child's incarnation Mahadeva placed him on the banks of river Pampa. At about the same time the king of Pandalam, an erstwhile princely state, reached the place. He was on a hunting expedition and was separated from his retinue and was wandering in the woods. He was attracted by the child's voice. He rushed to where the child was lying. Finding a child left alone in the wilderness, far from the nearest human habitats, he decided that it was a God's gift to him. For he was childless, and had only one prayer to God, throughout his waking hours, "Lord bless me with a child!"
A sage suddenly appeared at the place and advised the king to take the child to the palace and rear him as his own. The king was delighted. So was the queen and the subjects. The king named the child Manikantha, inspired by the beautiful jewel he wore. Manikantha's arrival proved to be very auspicious for the royal house. The queen soon presented the king with a child, their own flesh and blood. However, the initial affection they had for Manikantha was not diminished. He grew up as their "First Born."
Manikantha was bestowed with all noble qualities one could wish for. He mastered all knowledge quickly. He became a master in martial arts too. In short, he was the unchallenged heir for the throne.
He started taking interest in the state's affairs and was eminently successful. When miscreants led by a muscleman named Babar (Vavar) created trouble in some parts of the state, Manikanthan was commissioned to end it. He not only defeated the opponent, but also won him over with love. An everlasting friendship started between the two. Thereafter Babar became Manikanthan's right hand in all his expeditions.
Jealousy has no discretion. It creeps in wherever good things prosper. Some of the courtiers grew jealous of the smart prince. They started spreading concocted stories to frame Manikanthan. However, the love and faith of the king in him was unfailing.
Soon the miscreants had an opportunity. The queen had a severe pain in the stomach, which none of the court's physicians could cure. The miscreants sent a man disguised as learned physician, who declared, "This can be cured only with the milk of *tigress."
The king was worried as to who will milk a tigress. One of the courtiers suggested, "There is nothing that prince Manikanthan cannot do."
The king would not agree. But the prince insisted that he would go. He loved the queen so much that he would risk even his life for her sake. While the king and many well wishers pleaded pitiously, Manikanthan set off into the forest.
In fact, fetching tigress' milk was just an excuse. He was prompted by the gods that it was time for him to attend to the purpose of his incarnation, namely, destroying Mahishi. As soon as Manikanthan was alone, the gods joined him as warriers. They soon set out for heaven to fight the fierce opponent who was occupying Indra's throne.
After a fierce battle, faught cosmically, Mahishi was killed. Her body fell at a place on the banks of river Azhutha. #The demon warriers sent by Lord Shiva to assist Manikantha covered the body with stones and pebbles from the river bed.
The soul of Mahishi trapped in the body of Mahishi was released. She instantly fell in love with her saviour and requested for reciprocation. But, Manikanthan had decided to be a Brahmachari. To console her he said, "Soon I will be settled at one shrine. I will give you a place near me. If and only if, no $first timer visits me during a whole year, I will accept you."
Soon a tigress with cubs, believed to be Indra himself in disguise, appeared before Manikanthan. He mounted the tigress' back and returned home. Two tigers joined them, on either flank. The cubs follwed. When the procession reached the capital, people fled in fear. The purpose over, Manikanthan let off the tigers into the forest.
Manikanthan declared, "It is time for me to leave the palace. But I will not leave you altogether. Make a shrine for me close to Shabari's Ashram Send the construction party to the locality. Let them search for this arrow of mine. The exact place shall be indicated by this arrow."
Thus the famous shrine came into being. At various occassions, Manikanthan had promised few others to be honoured by proximity to his shrine. They were also installed with due ceremony. These include, Ganapathi, Nagaraja, Vavar, Kadutha and of course, Leela who came to be known as Malikappurathamma.
Ayyappa: There are numerous legends behind the famous shrine. One of them is supported by historical facts too. This reveals how the deity is called Ayyappa. According to this story, Ayyan Pillai was a trusted warrier of king of Panthalam. His heroic deeds were almost super human. King Pandian of the neighbouring state Madurai had once attacked Pandalam and captured a large territory including Sabarimala. Ayyan Pillai was commissioned to fight with Pandian and recapture the territory.
A shrewd general, Ayyan launched a guerilla war against Pandian forces. The preparation took 41 days. All members of the troupe were required to observe strict Brahmacharya during as required by ancient martial arts. They carried warm blankets and enough provisions to last several days in the forest and wore dark coloured cloth.
The expedition was a big success and Ayyan became a super hero, nay a demi god. He was considered an incarnation of Dharmasastha himself. The king dedicated the entire recaptured territory to Ayyan.
After Ayyan's demise a shrine came up in the place. In spite of it being inside thick forest, annual visit to the shrine became regular, the number of visitors increased every year. With the launching of the nearby Paumpa-Kakki irrigation project, roads were constructed upto the banks of river Pumpa in the early sixties. This reduced the foot-track to just over five kilometers and there was a phenomenal increase in the number of visitors to the shrine. The latest assessment indicates close to 50 lakh visitors annually.
It is believed that Sabarimala receives the largest annual collection people on a single day (Makarasankrant), Mecca during Haj being a close second.
Who is venkateswara ?
Lord Venkateswara is the Lord for this kali yug. He is famous with other names like lord balaji and govinda. Lord venkateswara is very kind to help any one who prays to Him for help. To know thyself properly , some of the common principles should be understood clearly. These common things will be complicated when analyze to understand. For example , great gurus, teachers say that you can not do business with God, or can not have a deal with God that you will offer some portion of your unexpected profits to him if He helps you. They strongly discourage this habit and they say it is foolishness to offer that way. But if you see in daily life, the pilgrims and devotees to Tirupathi balaji (Lord venkateswara) are increasing day by day by hundreds and the offerings to Lord venkateswara is raising millions by millions. No other God or temple in the world is getting that much income as Lord Venkateswara do,for the past hundred years. The reason is this: Tirupathi (tirupati) balaji is very famous as aapada mokkula vadu, vaddi kasula vadu, which means that he is the lord who hears to help you in misfortunes, Lord Venkateswara is the lord who likes to take interest, money as a tribute for his help. Normal pundits, normal preachers can not explain how god takes money from devotees. But the cosmic creation is such a wonderful thing that there are many places which human pundits can not explain.
Lord venkateswara has taken loan from the god of riches kubera so much money for his marriage and pledged that he would be paying off the interest on the loan from the collections of tirupati temple. So, if you pray to Him that you will offer some portion of the money from the doubtful deal , you may get it in such a way that it was possible only through his help and grace. So the devotee , who got such a benefit come and secretly drops millions of money in the donation box. This became a regular feature which became common to common man. But, we have to analyze and learn some thing from this. Though religious gurus say this is not possible, Lord venkateswara, or Tirupathi balaji likes to help his devotees in their business deals . This is possible only through the form of Lord venkateswara of Tirupathi and he is pleased when they visit Him and pay off his portion. No body can command God to be like this way or that way. We have to observe what is happening around and learn about His ways.This balaji temple is in Tirupathi, andhra pradesh, India. It is Vatican city of Hindu religion.
The story Of Tirupathi Temple: This i read and heard from some where and i am not sure of the facts. Around 300 AD, the shepherds found a big stone (black granite or so) in the forests of Tirupathi and who ever sits near the stone or on it , used to behave peculiarly and wisely. After some time, they made a sakthi (goddess kali) idol from it and used to worship. But the devotees used to become frenzy when they stand infront of the idol and used to cut many goats as sacrifice. After some decades, the great Hindu sage and saint ramanujacharya came there, saw the situation and wanted to avoid the animal sacrifice there. So, he changed the idol from sakthi to Venkateswara. Since the stone is powerful and divine, when you stand in front of it, even today, you feel the divine vibrations .
That's why the idol is specially worshipped on Friday also, which is very auspicious for sakthi . The idol still have some feminine marks and a ring on His nose. The worshipping methods are highest in standard and as per aagama Shasta (as per definitions in Vedas). He shows a sureway to know thyself , by practical things.
Lord venkateswara has taken loan from the god of riches kubera so much money for his marriage and pledged that he would be paying off the interest on the loan from the collections of tirupati temple. So, if you pray to Him that you will offer some portion of the money from the doubtful deal , you may get it in such a way that it was possible only through his help and grace. So the devotee , who got such a benefit come and secretly drops millions of money in the donation box. This became a regular feature which became common to common man. But, we have to analyze and learn some thing from this. Though religious gurus say this is not possible, Lord venkateswara, or Tirupathi balaji likes to help his devotees in their business deals . This is possible only through the form of Lord venkateswara of Tirupathi and he is pleased when they visit Him and pay off his portion. No body can command God to be like this way or that way. We have to observe what is happening around and learn about His ways.This balaji temple is in Tirupathi, andhra pradesh, India. It is Vatican city of Hindu religion.
The story Of Tirupathi Temple: This i read and heard from some where and i am not sure of the facts. Around 300 AD, the shepherds found a big stone (black granite or so) in the forests of Tirupathi and who ever sits near the stone or on it , used to behave peculiarly and wisely. After some time, they made a sakthi (goddess kali) idol from it and used to worship. But the devotees used to become frenzy when they stand infront of the idol and used to cut many goats as sacrifice. After some decades, the great Hindu sage and saint ramanujacharya came there, saw the situation and wanted to avoid the animal sacrifice there. So, he changed the idol from sakthi to Venkateswara. Since the stone is powerful and divine, when you stand in front of it, even today, you feel the divine vibrations .
That's why the idol is specially worshipped on Friday also, which is very auspicious for sakthi . The idol still have some feminine marks and a ring on His nose. The worshipping methods are highest in standard and as per aagama Shasta (as per definitions in Vedas). He shows a sureway to know thyself , by practical things.
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