The Government today said it has not directed public sector banks to cut exposure in real estate following the housing-finance bribery scam. "No why should we say this," Financial Services Secretary R Gopalan told reporters when asked if the government has given such directions to the state-run banks.
Naved Masood, former secretary in the Ministry of Corporate Affairs and Sebi board member; TV Mohandas Pai, chairman of Manipal Global Education and Dinesh Kanabar, CEO, Dhruva Advisors have ceded their position on the NSE board following end of their tenure.
According to media reports, CBI conducted raids in prominent finance companires -- LIC Housing Finance and Central Bank of India with regards to a multi crore housing scam.
LIC is also working on a new model to scan loan applications.
Several banks and housing finance companies have come under the scanner of the competition watchdog for imposing penalty on pre-payment of loans.
Following a cut in the interest rates by banks, LIC Housing Finance Ltd on Friday announced a special rate of 7.75 per cent on home loans for all terms.
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
With public sector banks reducing interest rates on home loans up to Rs 20 lakh (Rs 2 million), housing finance companies (HFCs) might be under pressure to follow suit in order to stay competitive.
LIC Housing Finance on Thursday slashed interest rates for new housing loan customers, intensifying the war for cornering a major pie of the now reviving home loan market.
'Loan approvals have increased at a much higher pace. And this growth has been driven by retail, not project finance,' says R R Nair, director and chief executive, LIC Housing Finance.
In the last five months, the Reserve Bank of India (RBI) announced four rate cuts, primarily to ease the liquidity crisis that has besieged the financial markets. These cuts have encouraged the public sector banks to slash rates.
Say cost of funds too high to lower lending rates.
"Our target is to disburse at least Rs 2,000 crore this year. Retail business constitutes 94 per cent of our business. Our total disbursal last year was Rs 7,100 crore and we plan to grow by 40 per cent this year," says LIC Housing Finance's new CEO and director, R R Nair.
Leading home loans provider LIC Housing Finance on Friday cut interest rates for new loans by 0.5 per cent effective from August 1.Another home loan lender HDFC has also cut interest rates on loans between Rs 30 lakh and Rs 50 lakh by 0.50 per cent from August 12.
'Had there been no war, maybe, we would come out with a 7.5 per cent stake sale.' 'At this point in time, a 3.5 per cent stake sale looked good.'
LIC Housing Finance on Thursday announced it will launch reverse mortgage schemes for senior citizens in a couple of months.
Tata Capital will offer home loans at lower rates to women borrowers, on the lines of similar offerings being made by state-run institutions like SBI and LICHF.
Companies which have been dropped from the list include Tata Motors, Hindustan Unilever, MRF, Glaxo SmithKline Consumer Healthcare, Pfizer, Dr Reddy's Labs, Glenmark Pharmaceuticals, HDFC and Kotak Mahindra Bank
There are three important issues which one needs to consider before opting for one type of a loan over the other. Check them out.
Immediately after Reserve Bank hiked key short-term interest rates by 0.25 per cent on Tuesday, LIC Housing Finance announced that it will raise home loan rates.
Canara Bank on Wednesday announced 0.5-0.75 per cent cut in housing loans rates to 8.5-9.25 per cent with monthly installment payments coming down to Rs 911 per lakh for 20-year loan from February.
'We try to pick up stocks early and hold onto them for the long term.' 'We are not someone who buys and sells on a daily basis.'
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
'In the short term, we may see some disruptions due to Covid, but in the medium-to-long term, we should keep an eye on US inflation and 10-year bond yields.'
A lot of work is needed to be done on the part of the insurance sector behemoth, and the government, before it is ready for its market debut.
The RBI on Friday said it will give banks Rs 1 trillion through targeted long-term repo operations (TLTROs), of up to three-year maturity, to deploy in "investment-grade corporate bonds, commercial paper, and non-convertible debentures over and above the outstanding level of their investments in these bonds as of March 27, 2020."
'Kindly advise about the following stocks. Can I hold or exit?'
Chartered accountant and Sebi registered investment advisor, Harsh Vardhan Roongta, answers your home loan queries
Liquidity has improved, but 20 out of 24 NBFC stocks are staring at an over 5% reduction in 12-month target prices.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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