While a lot of borrowers want to prepay their loans to save on the interest cost, they need to calculate the implications in advance to avoid last-minute surprises.
In India, home loan tenure depends on the kind of property you are investing in. Typically, the home loan tenure ranges between two to 30 years, depending on the lender.
Taking a home loan has costs beyond just the interest rates. One also needs to look at the processing fee, conversion charges and stamp duty. Some of these are negotiable.
Paying off existing debt and showing more sources of income increase your chances of getting a bigger home loan. Adding a co-applicant who’s working, boosts your home loan eligibility.
Experts say interest rates seem to have bottomed out so if buying assets such as a home or car is on your cards, borrowers should go ahead.
Almost every bank is trying to lure customers with attractive offers, from low interest rates to zero processing fees.
LIC HFL joins the league of HDFC, Bank of Baroda, Kotak Mahindra and Punjab National Bank, with its decision to slash home loan rates.
The financial services firm has had co-lending pacts with ICICI Bank, Central Bank of India and Standard Chartered Bank
SBI also introduced special deposit scheme for senior citizens with higher interest rate.
While the MCLR reduction is effective October 10, the revision in savings bank deposits rates will be from November 1, the bank said in a statement.
According to the police, the incident occurred late on Thursday in Dundehera. The victims -- 31-year-old Vikram Singh lived in a rented accommodation along with his wife -- and their son.
Finance Minister Nirmala Sitharaman also proposed that 25 per cent corporate tax will apply on companies with up to Rs 400 crore turnover; covering 99.3 pc of corporate India.
The apex court also asked the real estate company to file a detailed proposal on selling of its assets to raise Rs 4,000 crore to ensure completing the housing projects.
In another development, the President has promulgated an ordinance recognising home-buyers as financial creditors, thus giving them greater say in insolvency of defaulting builders.
The bench headed by Chief Justice Dipak Misra also directed the Insolvency Resolution Professional (IRP) to consider the representation of JAL on revival plans as per law.
Now, loans for upto Rs.30 lakh, the new rate will be 8.4%, up 5 bps, while for those between Rs.30 lakh and Rs.75 lakh, the new rate will be 8.60%, up 20 bps.
While the SBI raised its one-year MCLR (marginal cost of fund-based lending rate) by 20 basis points (bps) to 8.15%, PNB increased its loan prices by 15 bps to 8.30%.
Earlier, the maximum borrowing limit was Rs 7.50 lakh with interest rate slabs ranging from 6 per cent to 9.50 per cent.
A farmer sits near his red chillies at a deserted APMC market, during the weekend curfew imposed by the Karnataka government to curb the spread of COVID-19, in Hubballi.PTI Photo
Delhi Chief Minister & AAP National Convenor Arvind Kejriwal being welcomed by women supporters during his door-to-door campaign ahead of the Goa Assembly elections, in Goa.PTI Photo
A health worker collects swab sample of a woman for COVID-19 test, amid concerns over rising Omicron cases, in Gurugram.PTI Photo
Traffic jam on a road at Shalimar Bagh during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
The Lajpat Nagar market wears a deserted look during the weekend curfew imposed by the Delhi government to curb the spread of Covid-19, in New Delhi.PTI Photo/ Shahbaz Khan
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