Even as you fight the ongoing health challenge, here are some tips to strengthen your personal finance in the time of coronavirus.
Among the 30 Sensex companies, Kotak Mahindra Bank, Asian Paints, Reliance Industries, ITC, Sun Pharma, ICICI Bank, Axis Bank and JSW Steel were the major laggards. Larsen & Toubro, Tata Motors, Maruti, NTPC, Mahindra & Mahindra and UltraTech Cement were among the gainers.
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.
Do you have financial planning or income tax queries? Ask rediffGURU Anil Rego.
HDFC, the pioneer, ICICI, the game-changer, and SBI, the original teaser, turned the market on its head.
Despite the Finance Minister asking public sector banks not to hike home loan rates, top private sector lender ICICI Bank, accounting for 30 per cent of home loans, has said all lenders would have to increase rates for their own survival.
The managing director and CEO of India's second largest bank is already walking the talk by organising roadshows all over the world to showcase upcoming highway projects.
Lenders have lined up a number of home loan products that can fit every aspirant's annual income.
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.
Less than a week after Housing Development Finance Corporation re-introduced its teaser home loan scheme, the country's largest private sector lender, ICICI Bank, has followed.
Lenders have lined up a number of home loan products that can fit every aspirant's annual income.
ICICI Bank will offer car loans at 13-13.25 per cent on a floating basis. HDFC will offer home loans at 10.50 per cent and SBI is also expected to cut retail interest rates.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Look at effective interest rate on home loan offers. Availing of ICICI Bank's cashback offer will mean you lose the flexibility to switch or prepay the loan, reports Sanjay Kumar Singh
A National Commission order held that the buyer was the borrower and so the bank was entitled to demand the EMI payments from him.
The S&P BSE Midcap and the S&P BSE Smallcap indices have managed to stay afloat in a volatile January that saw the frontline indices hit their respective 52-week high levels and then slip. While the S&P BSE Sensex has lost over 2 per cent thus far in January, the S&P BSE Midcap and the S&P BSE Smallcap indices have gained nearly 2.5 per cent and 4 per cent, respectively during this period.
Kaizad Bharucha, executive director of HDFC Bank, emerged the highest earning banker for 2021-22 (FY22). This was revealed in a remuneration assessment of the country's top bankers, according to annual reports. Bharucha, who oversees wholesale banking at HDFC Bank, received Rs 10.64 crore remuneration in FY22, mainly due to Rs 4.46 crore as performance bonus. Although earned between 2017-18 and 2020-21 (FY21), the bonus payout was partly paid in FY22.
Home loan expert Harsh Roongta tells you what you can do if your bank has increased the interest on your home loan.
Part of a focus on retail advances, as corporate demand remains subdued; could reverse if RBI raises repo next month
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.
The two entities' combined distribution network would comprise 4,182 banking outlets and 476 ATMs across 34 states and Union territories of India, with more than 31,000 employees serving about 15 million customers across the country.
Have a query regarding your home loan? Maybe we can help. Drop us a line and our expert, Harsh Roongta, will answer it.
It makes sense to shift to a home loan provider offering a lower interest rate or make occasional prepayments by using bonuses or other windfalls, says Sanjay Kumar Singh.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Since January this year, RBI has cut the repo rate - at which it lends to commercial banks -- to a gross of 1.25 per cent.
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
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.
SBI, ICICI Bank and PNB reduce interest rate for loans above Rs 75,00,000
The chairman of the country's largest private sector bank felt 80 per cent of the consumer loans were back, the remaining 20 per cent mostly unsecured loans had taken a back seat.
Though the Reserve Bank of India decided to reduce the risk weight for home loans between Rs 20 lakh (Rs 2 million) and Rs 30 lakh (Rs 3 million) to 50 per cent, the possible benefit for banks seems to be more than neutralised by 75 basis point rise in cash reserve ratio and increase in the cost of resources, which is linked to yields on government bonds and competition, bankers said.
Do you have financial planning queries? Ask rediffGURU Kirtan A Shah.
Among the Sensex firms, HCL Technologies, Tata Motors, Hindustan Unilever, NTPC, IndusInd Bank, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra were the major gainers. Bharti Airtel, Reliance Industries, ICICI Bank and Asian Paints were the laggards.
As yields on 10-year government bonds rose from 6.65% in April 2017 to around 7.50% now, liquidity pressures have increased the cost of funds for housing finance companies.
New borrowers should go for banks over housing finance companies as the new benchmark -- MCLR -- is more transparent.
Talking about home loan rates, there is good news for borrowers.
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