In a move that would help a large number of home loan customers to reduce their interest burden, nation's largest lender State Bank of India has decided to allow them to reprice their existing loans at lower rates.
The bank has increased fixed rate home loans by 50-75 bps. While rates for loans of up to five years have been increased to 9.25% from 8.50% per annum, loans for above five years.
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.
RBI in talks with banks to fix charges at 0.5-1%.
State Bank of India's decision to freeze home loan interest rates at 8 per cent for a year has stirred a controversy with the country's largest mortgage player HDFC on Tuesday terming the move as a 'gimmick'. SBI executives retorted by saying that the package was not a 'teaser rate', as HDFC chairman Deepak Parekh described the move.
Join Rajiv Raj of Credit Vidya on how you can get good CIBIL score and home loan rates at 4.30 on Rediff ZaraBol.
Here are a few useful recommendations to help you close your home loan early and save on interest costs.
There are three important issues which one needs to consider before opting for one type of a loan over the other. Check them out.
Here, we present a case in favour of individuals insuring themselves so as to ensure that home loan.
Housing Development Finance Corporation is to raise the interest rate on its home loans across all maturities by 0.50 per cent after Diwali.
The real estate sector wants "high-impact" measures, like special schemes and tax breaks for developers, to revive the fortunes of the affordable housing segment in the country, multiple executives told Business Standard. This segment has been struggling since the Covid-19 outbreak, in contrast to larger and costlier homes which have been selling like hot cakes. The demand comes at a time when the government is taking suggestions from industry players before tabling the General Budget in the Parliament next month.
Borrowers burdened with increasing EMIs because of increasing interest rates can now heave a sigh of relief.
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"We have revised our interest rate by 1.5 per cent from 13 per cent to 11.5 per cent," an ICICI Bank spokesperson said. This cut will, however, be applicable for only new home loans, the spokesperson said.
In what could bring down home loan rates, the Employees Provident Fund board is toying with the idea of investing in mortgage-backed securities as part of its multi-pronged strategy to raise returns on its assets.
If you can handle risks and are willing to go the extra mile to benefit from any further fall in interest rates, floating rate home loans will be best suited for you.
Wiser from last year's free-fall, realty firms discovered a new mantra in 'affordable housing' and found help from banks who offered low interest home loans to build their businesses in 2009.
Instead of prepaying your home loan before the term ends it's better to invest the amount you would save on prepaying the loan and earn good returns on investing the same.
Are there times when you feel really impatient about the fact that you need to wait several more years to free your home from debt? Well, here is a thought for you.
There are many pitfalls that can turn this smooth process into a bumpy one. Here are some of those pitfalls that you should be aware of and avoid.
HDFC, the pioneer, ICICI, the game-changer, and SBI, the original teaser, turned the market on its head.
The government has no plans to increase the income tax ceiling on home loan interest payments, though there was a demand from the urban development ministry in this regard.
Most first time home loan borrowers have no idea about how to bargain for one. Here are a few important things that you should watch out for while bargaining for a home loan.
Interest on home loans is likely to remain low and the share of banks in the overall mortgage market is set to rise in the medium term.
If you are planning to buy a home loan there is some homework you need to do before going in for the deal.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
The bank has increased its spreads or mark-up over base rate paid by a borrower by 0.10 per cent.
The Reserve Bank has paved the path for increasing the liquidity for banks, enabling several positive steps in the real estate sector.
Mukesh Ambani's Jio Financial Services (JFS) is set to seek shareholders' approval for its leasing subsidiary to acquire telecom equipment and devices worth Rs 36,000 crore ($4.33 billion) from Reliance Retail. Jio Leasing Services Limited (JLSL), a wholly-owned subsidiary of JFS, plans to enter the device leasing business, and the equipment will be deployed in broadband wireless connectivity and other services.
The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.
Decided to buy your own house? There are many pitfalls that can turn this process into a bumpy one. Here are some of those pitfalls that you should be aware of and avoid.
Close on the heels of HDFC Bank, state-owned State Bank of India today hiked fixed interest rates on home loans by 0.25-0.50 per cent while keeping the floating interest rates intact.
State Bank of India is keen to encourage women to take home loans.
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