The Reserve Bank of India's (RBI's) latest order on unsecured loans is set to hit the banking sector's growth in the near-term, cautioned analysts, as they see banks slowing down on aggressive retail lending. Besides, cost of funds for non-banking finance companies (NBFC) is expected to inch up as banks will pass on higher capital charge to NBFCs. "We believe the fallout of the RBI action will be mainly on growth, given the rising dependence on unsecured retail loans and lending to NBFCs for growth.
For the renovation loan to be sanctioned, a quotation must first be obtained from a qualified civil contractor/engineer/architect
Anuj Puri, chairman and country head, Jones Lang LaSalle Meghraj, tells Business Standard that high prices and hardening of mortgage rates may act as a dampener.
A pre-approved housing loan is essentially an in principle sanction given by a bank for a particular loan amount. A fairly robust process is followed by the banks to determine the loan amount.
rediffGURU T S Khurana answers readers' personal income tax queries
From buying a new home or property to renovating or extending an existing home or property, the home loans market has been witness to the arrival of more customised packages.
Spain face Ronald Koeman's Netherlands away on Thursday before returning home for the second-leg on March 23.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
On the extent of cut in lending rates, the SBI chief said 'it is difficult to say at this point of time' but indicated that it would not be less than 25 basis points. SBI earlier reduced the benchmark PLR by 75 basis points to 12.25 per cent with effect from January 1. Bhatt is in the capital to attend a meeting of state-owned bankers called by external affairs minister Pranab Mukherjee, who is also holding the finance portfolio.
Home First Finance will be answering readers' home loan queries. Mail your queries to getahead@rediff.co.in with the subject line 'Home Loan Query' and we will have your queries answered by Home First Finance.
In Kerala's society, known for its high material standard of living, plunging into a state of having nothing overnight can be terrible for one's social standing and sense of self-esteem. Rehabilitation entails piecing a community back together after a disturbance and while its aim is noble, the act of reassembling will bring alive disparities and inequalities, explains Shyam G Menon.
Direct tax expert Vikas M Gandhi replies to readers' queries on tax and investments.
For those looking for more affordable options, purchasing an under-construction property could be a smart move, as these generally cost less than ready-to-move-in properties.
With a game in hand, Hansi Flick's Barca are top on 66 points, three ahead Real in second
Haryana Chief Minister Nayab Singh Saini announced that the state will provide 20 percent reservation for Agniveers in the recruitment of state police. The move aims to secure the future of Agniveers by providing them with jobs after their service period in the armed forces. This builds upon a previous announcement by the state government to provide a 10 percent reservation for Agniveers in various government positions. The state government is also offering various other benefits for Agniveers, including financial assistance, job training, and priority in obtaining gun licenses.
'At least 25 Olympic-sized swimming pools worth of plastic chewing gum gets dumped.' 'And because the way people spit it out, there's no possible way this plastic can be recycled.'
The Reserve Bank of India (RBI) has given HDFC Bank six months to migrate HDFC's home loan customers to external benchmark linked lending rate (EBLR), top sources in the bank told Business Standard. Almost half of HDFC's 5.4 million customers are home loan customers. It is mandatory for banks to link retail loans and loans to micro, medium and small enterprises to an external benchmark. Non-banking financial companies do not have such a mandate.
Wealth tax is exempt upto Rs.1500000/-. Any excess wealth will attract tax at the rate of 1 per cent of the net wealth. This rate is irrespective of the slab rate of income tax in which you fall, says tax expert Vikas Gandhi.
The notice requested Rashid or a representative of his to appear before the district expenditure monitoring committee within two days to address the discrepancy and ensure timely submission of the expenditure report to the Election Commission of India.
Mortgage lender HDFC on Wednesday said it has approved the highest ever retail home loans of over Rs 2 lakh crore in 2021-22. The demand for these loans was from across the country, HDFC said in a statement. HDFC managing director Renu Sud Karnad said, "In over four and half decades, I have not seen a better time for the housing sector than now due to lower interest rates, stable property prices, government's thrust on affordable housing, improved affordability, favourable demographics, increasing urbanisation and rising aspirations." The residential real estate segment will continue to see strong traction going forward, as the demand for housing is not just pent up demand but is a structural one, she said.
Many house owners are not aware of this option and hence end up taking personal loans to renovate their homes
Prepaying a loan is usually a good idea. And, part-prepaying the principal part of the loan makes even more sense. The reason is that it reduces the total amount of interest you have to pay out and, possibly, the loan tenure. But before doing so, you must look at some factors.
Families of illegal immigrants from Punjab who were deported from the US are facing a crushing debt they took to facilitate their travel to America. They allege that travel agents used unfair means to facilitate the youths' travel without their knowledge and are seeking strict action against them. The families are burdened by the debt they took on hoping for a better future and are appealing to the government for help.
We, as loan borrowers never try to find out the intrinsic details while applying for loan as we are in hurry but find certain policies strange and betrayal by bank when we actually encounter them.
If you do not have an appetite for risk, we recommend you go in for a truly fixed-rate home loan.
To begin with, these are among the cheapest in the loan market.
Standard draft for sharing agreement between two individuals taking a home loan
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
Harshala Chandorkar of CIBIL on why you must not delay your credit card payments
Prime Minister Narendra Modi received a tri-services ceremonial welcome in Colombo, Sri Lanka, marking the first time such an honor has been bestowed upon a foreign leader. The welcome took place at the historic Independence Square, the venue for national day celebrations. Modi's visit comes as Sri Lanka shows signs of recovery from a recent economic crisis, with India playing a significant role in providing assistance. During the visit, both leaders are expected to discuss a range of issues, including defense cooperation, energy, and digital initiatives.
Financial success isn't about making impulsive moves -- it's about making informed choices, asserts Ramalingam Kalirajan.
Housing finance major HDFC on Monday reported a 16 per cent growth in standalone net profit to Rs 3,700 crore for the January-March quarter, helped by record loan sales on the back of benign interest rates and the resultant fall in cost of funds along with the near-total repayments that culled provisions and credit costs. For the full year, the company, which is working on a reverse merger with its banking subsidiary, has booked a net profit of Rs 13,742 crore, up from Rs 12,027 crore in FY21, vice-chairman and chief executive Keki Mistry said on Monday in an earnings call with analysts. On a consolidated basis, net profit for the quarter surged 21.6 per cent to Rs 6,892 crore on-year and for the full year it jumped 21 per cent to Rs 22,595 crore, Mistry said and guided towards better days.
A summary of Thursday's Europa League quarter-finals second-leg.
'In the case of corporate credit, especially to AAA borrowers, lenders will have to take a fresh look at pricing.'
Dear Finance Minister, We don't expect magic, just a little understanding and some tax relief that feels like a real reward, not a bare minimum. A little extra fuel in our wallets could go a long way, pleads Vatsal Ramaiya
The Enforcement Directorate (ED) has filed a chargesheet in the National Herald case, accusing Congress leaders Sonia Gandhi and Rahul Gandhi of a "criminal conspiracy" to "usurp" properties worth Rs 2,000 crore of its public company AJL by transferring 99 per cent shares for just Rs 50 lakh to their private company Young Indian. The ED has named Sonia Gandhi as accused no 1 and Rahul Gandhi as accused no 2 in the chargesheet, which was filed under various sections of the Prevention of Money Laundering Act (PMLA).
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
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