home loan
Banks must effect any change in floating rate loans only at the agreed-upon reset date, RBI suggested. This aims at ushering in transparent and appropriate pricing of credit, according to an RBI working group. It was suggested by the group that floating rate loan agreements can have interest rates reset monthly, quarterly, half-yearly, etc. This [...] Continue Reading »
A senior official of the bank informed that the State Bank of India (SBI) will hold on to its home loan rates. Arundhati Bhattacharya, SBI Chairperson and Managing Director said on the sidelines of the IIM Calcutta’s 49th convocation, that home loan rates will remain unchanged. Recently RBI kept unchanged policy rates whereas lowered the [...] Continue Reading »
Nachiket Mor, central board member of RBI suggested the National Housing Bank (NHB) to work on a benchmark index for floating interest rates in housing loans. He also said that such indexes could result in the expansion of unoriginal market based on it. He also added that the indexes must be customer oriented. He also [...] Continue Reading »
The biggest advantage of purchasing a property on your wife’s name does not only impress the family, being seen as a trendsetter in a patriarchal society but the main strawberry part is that you might shear off 1-2 per cent of the property value. Women buyers get discount on stamp duty by some state governments [...] Continue Reading »
Equated Monthly Installment or EMI can be defined as a fixed payment amount levied by a lender from a borrower at a specified date of each calendar month. According to the loan, the monthly installments are calculated to pay off both interest and principal each month, so that over a specified time period, the loan [...] Continue Reading »
Mumbai: On a move to step up real estate sales, Reserve Bank of India (RBI) has cut Repo Rate for the third time since January by 25 basis points. However, the lowering of the Repo rate by 0.25 percent may no sooner be beneficial to home loan seekers as it is too small to have [...] Continue Reading »
Despite cuts in interest rates in home loans by banks, the growth in this segment has dipped as against previous years, as per Reserve Bank of India’s credit data. The trend of availing home loan to the housing sector was 13.3 percent in January 2012 which has dipped down to 12.3 percent in January 2013. One reason for [...] Continue Reading »
The home loan incentive which was announced recently by the Finance Minister with the Union Budget 2013 has been the talk since its release. The real estate developers are the group who can cheer the most with the incentive. One can claim the tax deduction only if his/her loan amount is less than Rs 25 lakh. Also, it has [...] Continue Reading »
NBH is setting up an Urban Housing Fund with an allocation of Rs 2,000 crore to infuse liquidity for urban housing and to boost demand in the city. According to NHB, the budget will boost the affordable housing with an additional interest benefit of Rs 1 lakh on first-time home loans up to Rs 25 [...] Continue Reading »
With release of Union Budget 2013, the Finance Minister has proposed to offer deduction in tax on home loans to first time home buyers. This initiative has brought some cheer for the home buyers as there was no significant tax reliefs in the past. One can claim the deduction at tax only if your loan amount is [...] Continue Reading »
