Sell the property if bought for investment purpose.
The battle in the home-loan market was sparked by the country's largest lender, State Bank of India (SBI), which announced a competitive package early this month.
HFDC Ltd on Saturday unveiled a Diwali bonanza offering home loans at 7.75 per cent for up to 20 years under floating basis.
Standard Chartered Bank on Tuesday announced a special variable rate offer of 7.49 per cent per annum for home loans across all tenures up to 20 years.
Is your lender not reducing interest rate on your floating rate home loans? Here's what you must do.
Housing Development and Finance Corp Ltd (HDFC), the largest mortgage finance company in the country, on Monday launched a fixed-cum-floating rate scheme which would offer home loans at a fixed rate for the initial three or five years and at a floating rate thereafter.
Wait for some days, as other lenders are likely to follow suit. You can also negotiate for a lower rate before deciding on a change of bankers.
'We need to give Pakistan something serious to think about on its eastern front -- that is the only way to actually help Afghanistan right now.'
Linking all new floating rate loans to an external benchmark won't impact existing borrowers, so customers who have taken long-term home loans recently should watch things carefully, say Joydeep Ghosh and Sanjay Kumar Singh.
Which is the best home loan? Advice from financial guru Harsh Roongta.
Where are interest rates expected to go from here? What should the new home buyers do? What should the existing home buyers be aware of?
The story of a common man who overcame hurdles posed by public sector banks and availed of a home loan to buy his dream house.
Finance Minister P Chidambaram has asked public sector banks to hold interest rates for housing loans at the current rate.
The growth in housing loans had fallen from a high of 31.2 per cent in December 2006 to 4.1 per cent in March 2009.
With banks competing for the ever-increasing pie of home loan borrowers with new schemes every second month we decipher what HDFC's latest teaser home loan scheme is all about and whether you should opt for it or not.
Banks offer to extend repayment tenures up to 25 yrs.
Here's how the cut in interest rates on home loans announced on December 15 by the Indian Banks' Association is likely to have an impact on you.
Do remember that though the banks insist that all co-owners of the property should also be co-applicants in a joint home loan, the reverse need not be true.
These clauses are overlooked by most home loan borrowers and some of them eventually end up paying interest rates
A Delhi Police SWAT commando died after allegedly being brutally assaulted by her husband, who reportedly announced the killing during a phone call with the victim's brother. The family alleges prolonged torture and dowry harassment.
Banks are witnessing a surge in hiring for sales staff in secured segments such as home, vehicle and gold loans as compared to the recovery category, driven by a boost in business growth, and a host of regulatory measures aimed at improving ease of doing business, according to industry experts.
The most common mistake is investing without assessing suitability and long-term implications.
The borrower is the real winner. The home loan rate war announced by HDFC and SBI is indeed good news for those who are looking out to buy a home.
Teaser and step-up home loans may look similar in the beginning, but they work out differently in the later years, says Arnav Pandya.
Public sector banks are likely to announce a 50 to 100 basis point cut in interest rates on home loans up to Rs 20 lakh. The government is also considering an interest subvention for loans below Rs 5 lakh.
Choosing to partially pay your loan can vastly reduce your interest burden. Find out how!
According to recent finance ministry data that captures the performance of public sector banks, instances of home loan defaults contributing to gross non-performing assets was the highest in the category of loans up to Rs 200,000.
The main culprit is the lack of transparency that your lending bank of housing finance institute employs in determining home loan rates.
Banks to also charge 50-100 bps more for a second home.
If you take some care you can avoid the common mistakes that most people make while taking a home loan.
With real estate prices dropping, action is hotting up in the home loan market. State Bank of India, the country's largest lender, said on Tuseday that it had improved upon its home loan scheme and would offer home loans starting at 8 per cent in the first year before rising 100-150 basis points in the second and third years.
NRIs cannot claim tax benefits on home loans in India as they have to pay tax in the nation where they work and earn. However, they need to file tax returns to become eligible for home loans. But if they pay tax in India for income earned in India, they can claim tax rebate for the home loan.
Puzzled by the way banks levy differing 'floating interest rates' from new and existing customers, the fair trade practices body MRTPC has initiated a probe into how lending institutions arrive at these rates.Monopolies and Restrictive Trade Practices Commission feels that the practice of banks using low interest rates to woo new customers while forcing the old ones to pay higher rates was discriminatory and restrictive under the MRTP Act.
If you decide to go for a step-up loan, select fixed rate option instead of floating rate option, as it will let you control your EMIs. Besides avoid over-borrowing on this kind of a loan, to prevent financial problems later on.
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