'In India, there is this first generation migrant, say from a small village in UP. He didn't go to the Gulf to buy a big house but make the life of his family better.' 'He may have paid 1 lakh rupees to an agent to go to the Gulf. Imagine what will happen to him and his family if he has to come back. He and his family will become poor again.' 'He went to the Gulf to come out of poverty, but this war will make his family trapped in poverty once again.'
How housing finance companies evaluate individuals who are employed 'on contract basis' and the rationale behind it.
Home loans portfolios of swelled over the past couple of years as banks used the opportunity to expand their size, but in the process the Reserve Bank of India (RBI) was left worried.
More interest hike shocks are to come with no signs of the rates having peaked up.
Home loan expert Harsh Roongta discusses how to cope with rising EMIs as floating rates move up.
Here's how to go about applying for a home loan.
Ask rediffGURU Reetika Sharma your insurance, mutual fund and personal finance-related questions.
Cuts loan rates for third homes to regular rates.
The monthly saving that the individual can use to service his EMI (Rs 25,000, in this example) is divided by the monthly EMI on a Rs 1-lakh loan. This ratio is multiplied by Rs 1 lakh, to arrive at the final loan amount.
ICICI Bank Home Loans is recruiting Sales Executives.
Sensitive issues remain. Water sharing of the Ganga and Teesta rivers. Treatment of minorities, particularly Hindus. Border management. Trade imbalances. Connectivity projects.What happens next will shape not just bilateral ties, but the balance of South Asia itself, points out Ramesh Menon.
Finance Minister P Chidambaram on Wednesday asked public sector banks not to increase interest rates for home loans up to Rs 30 lakh (Rs 3 million) and lend more to consumers even as the Reserve Bank of India is trying to moderate credit growth to contain inflation.
Home loan expert Harsh roongta answered home loan queries of Get Ahead readers. Here's the chat transcript for those who missed the chat.
New borrowers should go for banks over housing finance companies as the new benchmark -- MCLR -- is more transparent.
The new DDA flat buyers, who will pay between Rs 700,000 and Rs 77 lakhs (Rs 7.7 million), will gain from the 9.25 per cent interest rate ceiling on new home loans of up to Rs 20 lakhs (Rs 2 million). But a majority of the existing borrowers of private and public sector banks and housing finance companies will miss out on the government-driven initiative.
Falling interest rates and availability of cheaper housing finance have proven to be the proverbial "dream come true" for those planning to take home loans.
In a chat with readers on July 1, home loan expert Harsh Roongta said readers must go for a home loan now if they are planning to buy their dream homes.
The present home loan non-performing asset figures of banks understate the extent of delinquency in the sector as loans given in the last three years
State Bank of India has raised interest rates on the domestic term deposits by 0.25 to 0.50 per cent across various maturities effective from November 29.
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.
Though the Reserve Bank of India decided to reduce the risk weight for home loans between Rs 20 lakh (Rs 2 million) and Rs 30 lakh (Rs 3 million) to 50 per cent, the possible benefit for banks seems to be more than neutralised by 75 basis point rise in cash reserve ratio and increase in the cost of resources, which is linked to yields on government bonds and competition, bankers said.
Understanding the calculations involved while computing the home loan eligibility has seldom been easy for individuals
As part of proactive management of mortgage portfolios, some banks have started asking customers uncomfortable with the substantial increase in EMIs to make pre-payments of around Rs 1 lakh.
Rising rates prompt extension by 10 more years; others may follow suit.
The bank raised it floating rates from 12 per cent to 13 per cent, with the fixed rate being raised to 16.5 per cent from October 10.
It is clear as daylight to anyone that a charge or a cost to simply reduce interest on a floating rate loan is extortion, but this is exactly what the RBI has officially sanctioned, says Debashis Basu.
Applying for a home loan may seem like an Herculean task, but it need not be so. We list six easy steps on how to go about applying for a home loan.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
The chairman of the country's largest private sector bank felt 80 per cent of the consumer loans were back, the remaining 20 per cent mostly unsecured loans had taken a back seat.
Individuals need to bear in mind the actual costs of borrowing on a home loan. This will help them in their tax planning exercise with respect to investments in other tax-saving avenues falling under the Section 80C gamut.
Aston Villa and Chelsea drop crucial points in the Premier League as Leeds and Burnley earn draws; James Milner sets appearance record.
What should you do in such a situation? Here are a few things that every home loan borrower must remember now that home loan rates are expected to increase further.
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