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.
Let us evaluate various possible situations an individual can find himself in and understand what the Income Tax Act permits him to do.
ICICI Bank, the country's second largest bank, has sold roughly 45 per cent of its sticky home loans to the Asset Reconstruction Company India Ltd (Arcil) in a first step towards creating a market for retail loans that have turned bad.ICICI Bank sold Rs 360 crore of non-performing home loans at a price around the book cost, confirmed Rajiv Sabharwal, senior general manager, ICICI Bank.
Home loan interest rates are likely to increase in the next six months. Should this be a cause enough for you to prepay your home loan?
ICICI Bank on Tuesday slashed home loan rate for both existing as well as new borrowers by 0.25 per cent.
IDBI Bank on Thursday said that its home loan portfolio size will cross Rs 5000 crore (Rs 50 billion) by the end of this fiscal.
Here are some important factors to consider before you consider applying for a home loan.
State Bank of India on Wednesday said it did not have any immediate plans to revise its home loan rates, including that of the 8 per cent special scheme originally slated to end this week.
For a loan of Rs 20 lakhs (Rs 2 million) from Axis Bank, Varadarajan was asked to pay Rs 31,630 at one go or under a single-premium insurance plan.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
The government is pushing state-owned banks to offer interest rates on housing loans up to Rs 20 lakh (Rs 2 million) at pre-2004 levels.
Reduced EMIs may be very appealing to borrowers because of a lesser burden on a monthly basis, but there is a catch to it. If the tenure remains unchanged, there is a higher interest outgo.
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.
For home loans up to Rs 30 lakhs (Rs 3 million) for 20 and 25 year period, the interest rate has been increased by 0.5 per cent to 11 per cent against 10.5 per cent, SBI said. Equated Monthly Instalment for 25 years would go up from Rs 945 to Rs 980 per lakh while for 20 years EMI would go up by Rs 35 to Rs 1,035. Housing loan with maturity between 10 and 15 years has gone up to 10.75 per cent. EMIs under these maturities would go up as much as by Rs 35.
For home buyers wondering whether to opt for increased EMI or tenure, here are some clues.
This is the first time in over two years that ICICI Bank has reduced any of its lending rates.
They are aggressive going through the financial details of the customers. All indications that life is going to get tougher for potential home loan borrowers.
The central bank said such loan products, popularly called 80:20 or 75:25 schemes, are likely to expose the banks as well as their home loan borrowers to additional risks.
The Reserve Bank of India (RBI) has said that any disorderly adjustments in the global financial markets may result in a sharp rise in interest rates. This, in turn, will result in an increase in defaults in home loan portfolios and mark-to-market losses on investments by banks in India.
Are you a first-time home loan borrower? Here are a few tips that can help you feel at ease.
ICICI Bank on Tuesday said it has witnessed a slowdown in home loan segment in the current fiscal, following the high realty prices in certain markets.
GE Money and international mortgage player Wizard announced on Thursday a joint venture 'Wizard Home Loans' that will offer 9.99 per cent interest rate on home loans to consumers. The prevailing market rate for is between 11 per cent and 12 per cent.
The sharp rise in home loan rates of private sector banks is forcing their customers to switch loyalties.
Usually buyers get bogged down by details. How wonderful it will be if someone can assure us with finances and all we have to focus on is to find a nice home.
Weird as it may sound, as far home loans in India are concerned, floating can be fixed and fixed can be floating.
Are you worried about your home loan EMIs? Get Ahead reader Anil Mishra suggests three ways that may help you overcome your EMI blues.
Banks are starting to fall in line with the Reserve Bank of India's position on so-called teaser home loans. Even as the country's largest lender State Bank of India stood its ground, several other banks have said they could go slow on teaser loans -- home loans bearing an introductory lower interest rate for a stipulated period of time.
There will be an automatic reduction in interest rates of all floating rate loans anytime soon.
The worst thing to do at this time is to switch to a fixed-rate loan.
Lower interest rate, lower stamp duty and higher chances of loan application being accepted give women an edge over men when fulfilling purchase of their dream home
In a chat with readers Get Ahead tax expert Mahesh Padmanabhan advised them on how to claim tax deduction on HRA and home loans taken by salaried employees.
Discrimination between old and new customers have come down after base rate.
Home loan expert Harsh Roongta answers your home loan queries.
NBFCs are allowed to include registration, stamp duty
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