In an effort to boost credit flow to the housing sector, public sector banks are going to finalise the new interest rate regime for home loans up to Rs 20 lakh (Rs 2 million) on Thursday.
Leading mortgage financier LIC Housing Finance on Monday cut its home loan rates by 75 basis points for existing customers effective from April 1.
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.
Is your lender not reducing interest rate on your floating rate home loans? Here's what you must do.
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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.
Finance Minister P Chidambaram has asked public sector banks to hold interest rates for housing loans at the current rate.
If you can afford to make larger payments towards your home loan, perhaps because of a promotion or because of a bonus, then making prepayments towards your home loan is a very good idea as it will save you a lot of money over the term of the loan.
Applying for a home loan may seem like an Herculean task, but it need not be so. We list six easy steps on how to go about applying for a home loan.
HFDC Ltd on Saturday unveiled a Diwali bonanza offering home loans at 7.75 per cent for up to 20 years under floating basis.
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.
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.
Here's the answer to a dilemma faced by many home loan borrowers: To prepay your home loan or not when you get a one-time substantial bonus.
SBI, ICICI Bank and PNB reduce interest rate for loans above Rs 75,00,000
The long list of terms and conditions often contains clauses which can have a significant bearing on your loan repayment.
Public sector lenders Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLRs) unchanged. ICICI Bank Managing Director and Chief Executive Officer K V Kamath has indicated that the country's second largest bank would review interest rates only in 2008-09.
These clauses are overlooked by most home loan borrowers and some of them eventually end up paying interest rates
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.
It has been decided to reduce home loan rate by 20 basis points.
Before applying for a home loan, make sure you have not been delinquent in the past six months at least.
Canara Bank has reduced the floating and fixed home loan interest rates, as also rates of auto loans and other personal loan products, with effect from Wednesday.
Tata Capital will offer home loans at lower rates to women borrowers, on the lines of similar offerings being made by state-run institutions like SBI and LICHF.
'In the case of corporate credit, especially to AAA borrowers, lenders will have to take a fresh look at pricing.'
How do you claim tax benefits on your home loan amount? What if you have clubbed your income with that of your father to increase the loan eligibility? Get Ahead tax expert Mahesh Padmanabhan answered these and other tax related issues in a chat on April 9.
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 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.
A taxpayer paying rent to his/her spouse is entitled to claim HRA benefit under relevant sections and within prescribed limits.
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.
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 the long run, the amended Securities Bill may partly determine the interest rates that you pay on your home loans. However, some technical issues still need to be resolved
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.
As per the deal, the processing, disbursement and servicing functions for all home loans sourced by IndusInd Bank will rest with HDFC, a press release issued here stated.
Here are some important factors to consider before you consider applying for a home loan.
SBI said it could give discount to new housing credit seekers and might cut home loan rates. SBI is currently offering home loans at 12.75 per cent on fixed interest rate basis. The floating interest rate ranges between 10.75-11.25 per cent.
The proportion in which a joint home loan is taken is important.
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