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HDFC raises home loan rates by 50 bps
Housing Development Finance Corporation (HDFC), India’s largest mortgage financier, today increased its retail prime lending rate (PLR) by 50 basis points (bps) to 14.25 per cent. This is the first time HDFC is increasing its PLR in two years. According to a senior HDFC official, 75 per cent of the mortgage financier’s lending is done at [...]
Continue reading...Banks hike home, car loan EMIs
17. August 2010
EXPECTED Inevitable after RBI raised rates to check inflation The EMI (equated monthly installment) you pay on your home or auto loan is set to rise again. ICICI Bank on Monday announced that its benchmark prime lending rate (BPLR) and floating reference rate (FRR) (that applies to consumer loans like home loans) would be raised by 50 [...]
Continue reading...LIC Housing Finance Q1 net up 72%
15. July 2010
LIC Housing Finance has posted a 72 per cent increase in net profit for the first quarter ended June 2010 over the same quarter last year. The profit after tax reported was Rs 212 crore as compared to Rs 123.8 crore in April-June 2009. The total income for the reporting quarter rose by 30 per cent [...]
Continue reading...HDFC reintroduces teaser rates on home loans to take on SBI
3. July 2010
Driven by competition from State Bank of India, HDFC has reintroduced teaser rates on its home loans. The new home loan product offers borrowers a fixed rate of 8.25% till March 2011 and 9.25% for the next 12 months. From April 2012, the prevailing home loan rates will apply. Although HDFC had announced its revised rates [...]
Continue reading...Home Loan rates now made transparent
30. June 2010
If you are looking for a home loan, this is the right time to get one. A new system for interest rates will kick in on Thursday, which will be transparent, called the `base rate’ system. This will serve as the minimum rate for all loans and will be calculated on the cost of deposits, the [...]
Continue reading...Bohris’ Rs 1,500-cr Bhendi Bazaar redevelopment plan nixed
18. June 2010
The ambitious Rs 1,500 crore proposal to redevelop Bhendi Bazaar through the state’s cluster redevelopment policy has been rejected by the BMC’s high-power committee. Of the 34 proposals submitted for approval, the committee rejected nine. Civic officials said these proposals had been rejected as the developers could not get the consent of 70% of either [...]
Continue reading...LIC plans to enter reverse mortgage space
15. June 2010
The country’s largest insurer, Life Insurance Corporation (LIC), plans to enter the reverse mortgage space. LIC is in initial discussion with the housing finance regulator, National Housing Bank (NHB), for introducing this scheme to its clients, a senior official in the company said. “Once we get clearances from within our organisation, we’ll explore opportunities with other [...]
Continue reading...Home loan rates likely to rise
7. June 2010
Home loan rates are expected to rise as the base rate regime comes into effect from July 1. Teaser home loan rates of some banks, including State Bank of India (SBI), which charges only 8 per cent for the first year may rise, as Reserve Bank of India (RBI) has not allowed banks to lend below [...]
Continue reading...HDFC relaunches loan against property scheme
5. June 2010
Housing Development Finance Corporation (HDFC) has re-launched a scheme where it provides loan against property. Loan against mortgage of property is seen as a riskier business compared to home loans, and therefore, attracts a much higher rate of interest compared to home loans. To reduce the risk in such loans, HDFC has said it will give [...]
Continue reading...Home-loan-swap window to help beat rate hikes
12. May 2010
The government may seek changes in the prepayment rules to enable a home loan borrower to shift to cheaper lenders if his bank raises interest rates soon after disbursing the loan. The government wants banks to provide a two-month window to their new borrowers to shift to some other bank without prepayment penalty if they have [...]
Continue reading...RBI SQUEEZES BANKS, BUT HOME LOANS SAFE FOR NOW
21. April 2010
Home loan borrowers and prospective car buyers can heave a sigh of relief. A quarter percentage point hike in signal rates by the Reserve Bank of India (RBI) on Tuesday is not big enough for banks to immediately jack up lending rates. But the honeymoon of soft rates is over, and experts said consumer loans could get [...]
Continue reading...HDFC lowers home loan rates to 8.25%
16. April 2010
BUCKING THE TREND Follows SBI’s special offer; experts predict rise in rates Home-buyers should look to close their home loan deals by the end of this month as HDFC comes ahead to join SBI in offering special rates till end of April.In a rising interest rate envi- ronment, HDFC on Wednesday made an interesting move by [...]
Continue reading...RBI Might Increase Loan Rates on Commercial Real Estate Projects Further
15. April 2010
The Reserve Bank of India (RBI) might make scrounging more costly for builders by asking banks to set apart more funds for loans to commercial real estate projects. A higher capital necessity will compel banks to increase interest rate on such loans. Senior bankers are of the view that RBI can either increase normal provisioning [...]
Continue reading...DHFL plans to float housing finance arm with IFC
13. April 2010
Leading mortgage lender Dewan Housing Finance (DHFL) plans to float a housing finance subsidiary targeting the low-income segment in a joint venture partnership with International Finance Corporation (IFC). The joint venture, in which Dewan Housing will have around 80 per cent stake, is expected to get operational in the next few months. Both companies are likely [...]
Continue reading...Read this before buying a home
7. April 2010
Buying home a major financial commitment Sunil had seen a lovely apartment and he was in a hurry to buy it. As he did not have sufficient money to purchase it, he settled for the lucrative loan offer from a bank. Unfortunately, after some time, he found out that he was paying more towards the loan [...]
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1. September 2010
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