Tag Archive | "home loan"
Select home loan provider with care
Imagine a situation where you have identified a house you like to buy. You walk into a bank, provide some identification and the front-office executive offers you a special discounted rate based on your credit score thrown up by the bank’s computer. Not just that, the bank also feeds in details of the property that you [...]
Continue reading...Banks ask RBI to Clarify Pricing of Old Home Loans
Wednesday, February 24, 2010
Banks have sought clarity from RBI on pricing of old home loans once the new ‘base rate’ regime sets in. Loan agreements, stretching for 15-20 years, have no provision for replacing the prime lending rate (or PLR) — the anchor interest rate to which the floating rates are linked. However, RBI has told banks to [...]
Continue reading...Look at some legal formalities you will have to complete before moving into your home
Saturday, February 20, 2010
Here’s a look at some legal formalities you will have to complete before moving into your home After having got the home loan sanctioned from the bank, it’s time you look at documents you will be required to submit before moving into the apartment you’ve decided to purchase. We list some of them here. Stamp duty is a [...]
Continue reading...Floating vs fixed interest rates - How loans work
Saturday, February 20, 2010
There are two interest payment options you can choose from when applying for a home loan — fixed rate and floating rate. A fixed rate is where the rate of interest is fixed throughout the tenure of the loan. Generally, most banks keep the rates fixed for a maximum of 5 years. A floating rate is where [...]
Continue reading...CCI notice to banks on home loan penalty
Thursday, January 21, 2010
CCI has found substantial evidence that banks are colluding to fix penalty The Competition Commission of India (CCI) has issued notices to 20 banks and the Indian Banks’ Association (IBA) to explain why they charge a penalty for foreclosing housing loans. “We have given show-cause notices to 20 private and public sector banks as also IBA on [...]
Continue reading...Axis Bank to Offer Home Loans at 8.25 pc Irrespective of Loan Amount for 2 Years
Wednesday, January 6, 2010
Two months after it launched the 8 per cent home loan offer, leading private sector lender, Axis Bank on Tuesday came with a special scheme to give home loans at 8.25 per cent fixed rate for the first two years irrespective of loan amount. This scheme is open till March 31, 2010. After the offer [...]
Continue reading...Reverse mortgage: A concept with potential
Friday, December 11, 2009
he 2007 Union Budget gave the green signal for the launch of reverse mortgage – a widely-used instrument in the developed world by the elderly to derive cash flows from the houses they own. Namrata Kohli examines whether the concept is catching on here Reverse mortgage, as the name suggests, operates in a manner opposite [...]
Continue reading...HDFC goes SBI way, offers dual-rate home loans
Wednesday, December 2, 2009
Months after dismissing State Bank of India’s (SBI’s) special loan scheme as a gimmick, mortgage player Housing Development Finance Corporation (HDFC) today decided to follow the country’s largest bank. As part of “its regular festive offer”, HDFC said all new home loan applications filed till the end of January could avail of its dual-rate offer, under [...]
Continue reading...Some NEGOTIABLE CHARGES
Saturday, September 12, 2009
While choosing a home loan, a borrower should first analyse the conditions subject to which the loan is being offered. Many of the conditions make an impact on the total cost of the loan. In addition to the interest rate, many other costs and benefits should be analysed. Although individually these may look insignificant, the [...]
Continue reading...HDFC cuts rate to 9% for Rs 30-50 lakh loan
Friday, August 14, 2009
Housing finance major HDFC has upped the ante for market share in the home loan market by reducing rates by 50 basis points in the Rs 30 lakh to Rs 50 lakh segment. The development comes within a week of the country’s biggest bank SBI cutting rates by 50-75 bps for high-value loans and offering [...]
Continue reading...LIC Housing Finance cuts interest rates for existing borrowers
Tuesday, June 30, 2009
LIC Housing Finance, today announced a reduction in interest rates for its existing home loan borrowers. The floating interest rates for existing customers would be reduced by 0.50 per cent on EMIs falling due on July 1 and payable on August 1, a press release issued here said. The move follows a reduction in the company’s cost [...]
Continue reading...Home loan I-T relief cap may go up
Wednesday, June 17, 2009
Reddy Pushes For Doubling Tax Rebate Limit On Interest Payout To Rs 3 Lakh New Delhi: In what can hold out hopes for lakhs of home owners, the urban development ministry is pushing a proposal to double the income tax relief on home loan interest payout to Rs 3 lakh, triple the exemption on payment [...]
Continue reading...Joint loan and tax benefits
Friday, May 22, 2009
How co-borrowers can avail the tax benefits between them While purchasing property, you can opt for a joint loan with your spouse. In case both husband and wife are working or have separate sources of income, they can go in for a joint loan. This was the loan amount also increases. Under the Income [...]
Continue reading...PNB slashes home, consumer and corporate loan rates
Thursday, April 30, 2009
The country’s second-largest public sector lender, Punjab National Bank, today slashed benchmark lending rate by 50 basis points to 11%, a move that will benefit millions home, consumer and corporate loan borrowers. The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5% to 11% effective from tomorrow, the bank said in a statement. The announcement comes [...]
Continue reading...Home interest revives, deals rise 12-15%
Sunday, April 26, 2009
NEW DELHI: India’s housing sector is showing stirrings of growth with a marked increase in the number of transactions for the last quarter of fiscal 2009, as the interest rate cuts on housing loans announced by various banks begin to take effect. The number of residential transactions went up 12-15% for the quarter ended March 31, 2009, [...]
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Wednesday, March 3, 2010
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