In an online chat with readers on August 3, home loan expert Harsh Roongta provided answers to how home loan borrowers should cope with their rising equated monthly installments.
It is believed that removal of foreclosure charges or prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and the competition among banks will result in finer pricing of home loans with the floating rate.
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Public sector lenders Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLRs) unchanged. ICICI Bank Managing Director and Chief Executive Officer K V Kamath has indicated that the country's second largest bank would review interest rates only in 2008-09.
In case the repo rate keeps trending downwards, borrowers can expect a downward revision of their MCLR-linked loans.
Despite intermittent attempts by lenders to come out with fixed rate home loan products, the high interest rates (as compared to floating rate home loans) ensured that they were not considered as a real option by consumers.
Despite these advantages consider your options carefully and make a decision based on your abilities and your financial goals, says Abhishek Agarwal.
Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from April 1.
The long list of terms and conditions often contains clauses which can have a significant bearing on your loan repayment.
Are you planning to prepay your expensive home loan partly or fully? Do you know what you should keep in mind before doing this? Read this for the answers.
Are there any existing provisions that restrict you from claiming tax deduction on a number of houses you own? Can you and your spouse claim tax deductions on the house bought jointly by you?
ABN Amro Bank on Monday announced its foray into the housing loan segment with the lowest interest rate of 6.0 per cent in the first year and 6.5 per cent in second year under its 'Super Saver Loan Package.'
You must remember to choose the right home loan if you do not want to face the hassles in the process.
Harshala Chandorkar of CIBIL answered readers' queries on home loan on Monday, October 21.
Housing Development Finance Corporation said on Wednesday the interest rates on home loans will not go up till March 2005, subject to developments in the financial markets.
A younger co-borrower may help you get a longer tenure loan, while income of a non-taxpayer co-borrower can be shown as savings to get a bigger loan. Women are seen as more responsible when it comes to repaying loans.
'Transparent floating' home loan rates are better than fixed rates believes home loan expert Harsh Roongta.
ICICI Bank is offering the salaried having an account with it, credit from Rs 500,000 going up to Rs 1 crore against property owned by them
SBI said it could give discount to new housing credit seekers and might cut home loan rates. SBI is currently offering home loans at 12.75 per cent on fixed interest rate basis. The floating interest rate ranges between 10.75-11.25 per cent.
Can you take action against your home loan lender if the bank gives loans to new borrowers at lower rates and doesn't reduce rates on your loan? If yes, then what action can you take? Get Ahead home loan expert Harsh Roongta sheds some light on these and many other home loan issues.
Public sector Punjab National Bank on Friday said it had no plans to raise the rate of interest on home loans, after two leading private sector banks hiked interest rates by 0.5 per cent across the board.
The country's second largest lender ICICI Bank on Tuesday said it has not raised home loan rates from August 1 and will take a view only if cost of funds goes up.
Offset home loans are available under different names. But do you know if they are beneficial to you or not? Read on.
If floating rates are too risky for you then should you go for a mix of fixed and floating rate of interest on your home loans? Home loan expert Harsh Roongta answered your home loan queries on August 14.
How and why too many credit inquiries can hurt your CIBIL score and hence make lenders wary of lending to you
Will the intense rate cut war help Indian consumers of home loans? What are the pros and cons of availing home loans that have fixed rates for the first two to three years and then switch to floating rates?
Individuals applying for a home loan get upset when their applications are turned down. Of course, there are reasons for the same, but they are not adequately conveyed to the individual.
A critical factor that can ensure easier and hassle-free access to home loans is keeping a watchful eye on your Credit Information Bureau India Ltd (CIBIL) Report and CIBIL TransUnion Score.
With HDFC also jumping on the dual-rate bandwagon, a home buyer has some good options.
Did you know these options existed? Their pros and cons? Here's a lowdown...
If you can afford to make larger payments towards your home loan, perhaps because of a promotion or because of a bonus, then making prepayments towards your home loan is a very good idea as it will save you a lot of money over the term of the loan.
A mortgage is a great responsibility that you must bear on able shoulders for a long period of time. If you already have a mortgage or are planning to avail of one soon, you are obviously confident of your finances, but a few tips to save money on your home loan couldn't hurt, right? Read on to find out more!
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