State Bank of India alone has extended a majority of the 1,900 loans. The National Housing Bank, which developed the scheme that is meant for people aged above 55 years, feels that the poor show is due to the lack of awareness among senior citizens, who number stands at 76 million according to the 2001 census data, and lack of enthusiasm on the part of the banks.
Even before the first salary is credited, there is an EMI to be paid.
Most banks led by the State Bank, have or are going to declare DHFL account as NPA in the third quarter.
The loss of income has severely dented the loan repayment ability of small borrowers
Banks have issues with their balance sheet profiles, say PSB executives.
National Housing Bank, the refinancing and regulatory authority of housing finance companies in India, is of the opinion that reverse mortgage would fall under the tax bracket unless the government clarifies on exempting reverse mortgage.
Competition watchdog CCI has asked about two dozen banks and housing finance companies, including HDFC, ICICI Bank, and LICHF, to explain their imposing penalty on borrowers for pre-payment of home loans. The Competition Commission of India, according to official sources, has sent notices to major home loan players after examining a report of Director General (Investigations) which found evidences against banks for misusing their dominant position.
Ask rediffGURU and PF expert Nitin Narkhede your mutual fund and personal finance-related questions.
Always be clear about the clauses and conditions laid down by your bank or housing finance company. If at all you skip this task then you may face a major problem during the entire tenure of your loan or may be even beyond that.
'The people let off by the NBFCs have little bargaining power and willingly settle for a 20% to 25% cut in their existing salaries when hunting for new jobs.'
The initial public offering (IPO) market has seen some momentum of late with robust responses to recent issues. However, only some have been able to ride the wave. So far in 2023, 23 companies have let their approval granted by the markets regulator - the Securities and Exchange Board of India (Sebi) - lapse.
Share prices of Dewan Housing, Indiabulls Housing, and PNB Housing have declined 30-80% in the past one year
Akansha Dixit, who works in a firm in Mumbai, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
The National Housing Bank plans to allow senior citizens to mortgage their residential property to a bank or a housing finance company while retaining the right to stay, with an aim to providing a steady income to them.
The financial services sector, including NBFCs and housing finance companies (HFCs), have historically been the largest borrowers from MFs.
During 2023, the Indian real estate sector - both housing and commercial - witnessed buoyancy fuelled by demand, supply, and absorption, and the sector is banking on the upcoming Budget to keep the momentum going. Mumbai-based Sattva Group wants the government to focus on the critical pillars for long-term growth. The company emphasised on the infrastructure boom with increased allocation, lower goods and services tax (GST) rates, incentives for affordable housing and single-window clearance to fast-track projects and support liquidity.
In yet another move to close the regulatory gap between banks and shadow banks, the Reserve Bank of India (RBI) has mandated exposure limits to the non-banking finance companies, in line with commercial banks. In the large exposure framework released on Tuesday, the regulator capped aggregrate exposure of NBFCs which are in the upper layer toward one entity at 20 per cent of capital base. The limit can only be extended by another 5% with board's approval. For a particular borrower group, the cap is at 25 per cent, with additional 10 per cent if exposure is towards infrastructure.
Banks and housing finance companies (HFCs) are trying to figure out their exposure to real estate projects in Noida Extension, which have come under cloud after courts cancelled land acquisition in several villages by Greater Noida authorities.
Stocks of smallcap and midcap companies, which had caught the fancy of retail investors, also feature in the portfolio of leading politicians in addition to bluechip stocks.
The much awaited Credit Information Bureau (India) Ltd was launched on Wednesday with a database of 55 consumer credit records which would help creditors to evaluate risks, reduce incidence of defaults and non-performing assets.
If you had opted for floating rate home loans in 2003 and have recently switched to fixed rates then now is the time to revisit your decision.
We asked colleagues, present and past, to reflect on a man who has made such a difference to their lives and careers. Here it is then, a rich collection of memories that offer enchanting glimpses of the enigmatic Ajit Balakrishnan.
Ramalingam Kalirajan dives into the specifics of NPS withdrawal rules to help you understand the conditions under which and when partial withdrawals are allowed.
Finance Minister Nirmala Sitharaman on Tuesday announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled the Modi 3.0 government's first budget after the general elections.
There will be tripartite pact with member, bank/housing agency and EPFO.
According to an Andhra government statement, Naidu 'reposed confidence' in the PM's leadership.
Country's leading housing finance company HDFC chairman Deepak Parekh said on Friday that he expects interest rates to soften by 0.25-0.50 per cent if there is no hike in the cash reserve ratio.
'Like every Budget, this time, too, there is chatter around tinkering with the long-term capital gains tax.' 'Investors may not want to jump into the markets until there is clarity on this front.'
This is probably the best time for consumers to take a home loan. Interest rates have hit rock bottom and fierce competition among housing finance companies has ensured that consumers are being offered loans at very attractive rates.
Gaurav Mohta, chief marketing officer, Home First Finance Company, answers home loan queries.
Real-estate consultants and housing finance companies say the number of deals has dropped in suburbs such as Bhandup, Malad, Vasai, Kharghar and Panvel.
Using the Mahabharat reference as a leitmotif, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday claimed that an atmosphere of fear prevails all around with a group of six trapping the entire country in a 'chakravyuh' he promised would be broken by the INDIA bloc.
Look at those offering 100-300 bps more and have good rating; it will improve your portfolio's returns.
While the lender has Rs 17,000 crore of retail assets and land parcels in Juhu, Borivali, Worli, and Chembur in Mumbai, there may be a disconnect between the quality of DHFL's books and the value bidders ascribe to it.
The teaser home loan rate, the interest rate which is set artificially low for the initial period, could give a 'payment shock' to borrowers as the equated monthly installment (EMI) shot up on lenders charging regular interest rates, according to Fitch officials.
For the renovation loan to be sanctioned, a quotation must first be obtained from a qualified civil contractor/engineer/architect
Tata AIG, ICICI Lombard and Nippon Life have evinced interest for the profit-making insurance arm of Reliance Capital (RCap), joining several prominent financial companies from India and abroad in the race for RCap's assets. The final day to submit an expression of interest (EoI) was March 25 and the bidders will now get access to the latest information about RCap before they make financial bids.
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