Home Loan News Aapke Interest Ki. MyLoanCare India
24th Mar 17 latest Home Loan news on interest rate, loans, rates, charges
18th Mar 17 Citibank India cuts processing fees to zero
Citibank India decision to introduce zero processing fees has brought in good news for borrowers. The bank has revised its loan processing fees to nil from 0.50 percent earlier for its home loan and loan against property borrowers. Loan segments including home loan and loan against property.
18th Mar 17 Home loan revives post demonetization
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
18th Mar 17 Axis Bank kept its MCLR for March 2017 unchanged
Axis Bank has kept its marginal cost of lending rate unchanged for the month of March 2017. The bank has kept its overnight and six month MCLR unchanged at 7.90 and 8.15 percent respectively. Similarly, Axis Bank did not change its one year MCLR that stands at 8.25 percent. With the unchanged MCLR, interest rate for home loans continues to be at 8.65 percent.
18th Mar 17 Bad loans of Indian banks rise to Rs. 9.64 trillion
Banking industry is getting increasingly burdened with the rising quantum of bad loans. As per statistics released by Finance Ministry, stressed loans of Indian banks have reached Rs. 9.64 trillion during December, 2016 as compared to Rs. 8.97 trillion in September, 2016.
17th Mar 17 SBI Chief says the merger with associate banks may lead to small rise in costs
Chairman of State Bank of India has stated that the merger of SBI with its associate banks may lead to marginal increase in the costs for the bank, especially till the third quarter of FY18. Post merger, the bank expects to report higher growth in its business across all loan segments including home loan and personal loans.
16th Mar 17 SBI signs MoU with realty body, CREDAI
State Bank of India has signed a memorandum of understanding (MoU) with the largest realty body of India CREDAI to jointly roll out various initiatives for the development of real estate sector. Under the MoU, the bank will provide easy home loans to potential borrowers and loans to real estate developers for constructing homes.
16th Mar 17 Government allows EPF members to withdraw of up to 90 percent of their PF account to buy their dream house
Government has made an amendment in the existing EPF scheme guidelines to enable the members of EPF Scheme to withdraw up to 90 percent of their funds for making down payments while buying homes. EPFO subscribers can use their 90 percent of funds for paying EMIs of their home loans. As per the new amendment, a member of EPF being a member of housing society or a cooperative society with at least 10 members of EPF, can withdraw up to 90 percent from the fund for purchasing or construction of house.
11th Mar 17 SBI sign Rs. 1,800 crore deal with KFW Development Bank to facilitate loans for affordable housing
State Bank of India has signed a deal worth Rs. 1,800 crore (274 million dollar) with German Bank KFW Development Bank to support loan facility for affordable housing. Under the deal, the bank will provide home loans to Economic Weaker Sections (EWS) and Lower Income Group (LIG) with an aim of meeting the objective of “Affordable Housing for All” under the flagship of Pradhan Mantri Awas Yojna Scheme.
10th Mar 17 DHFL eyes 35 percent growth in its education loan book at Rs. 12,000 crore
Avanse Education Loans, education loan arm of housing finance company DHFL expects to witness a significant growth of 35 percent in its education loan business in FY18. The NBFC targeting a portfolio of Rs. 12,000 crore of education loans FY18 that stands at Rs.900 crore in FY17.
10th Mar 17 DHFL raises funds of Rs. 1,500 crore via debentures
Deewan Housing Finance Limited has raised funds worth Rs. 1,500 crore by issuing non-convertible debentures to LIC. The debentures with a maturity period of 10 years will carry a coupon rate of 8 percent.
10th Mar 17 India Mortgage Guarantee Corporation (IMGC) launches guarantee cover for Pradhan Mantri Awas Yojna
IMGC, a leading mortgage firm of India has launched a guarantee cover for Pradhan Mantri Awas Yojna to cover and lower the risk on home loan portfolio of banks including SBI lending under the scheme. Under the new scheme, home loan buyers registered under PMAY Scheme can extend loans with tenure of up to 30 years with an option of extending the repayment by 7 years beyond retirement age. The product is expected to help government in meeting the objective of Housing for All by 2022.
09th Mar 17 Indiabulls approves allotment of equity shares under ESOP scheme
Indiabulls Housing Finance has approved allotment of 61,605 thousand shares of face value of Rs. 2 each under its ESOP scheme. After the allotment, shares of the NBFC rose to Rs. 858 on stock exchange.
08th Mar 17 Joint campaign by SBI and Magicbricks generates over 75 crore home loan requests
A joint campaign by State Bank of India and an online real estate portal, Magicbricks named Seal the Deal received an overwhelming response from potential home buyers in India. As per Magicbricks, the campaign received fresh home loan requests worth Rs. 75 crore. The online property carnival commenced on 28th February, 2017 which saw participation from 109 real estate developers with 200 plus housing projects across 12 cities.
07th Mar 17 PNB likely to sell 7 percent stake in PNB Housing Finance
Punjab National Bank is planning to sell its 7 percent stake in PNB Housing Finance. As per sources, the bank is likely to raise Rs. 1,200 crore from the deal. PNB currently holds 39 percent stake in PNB Housing Finance.
06th Mar 17 Centrum Housing Finance targets fresh home loan disbursements of Rs. 250 crore in 1st year of its operations
The newly launched arm of Centrum Group, Centrum Housing Finance has planned to meet its target of loan disbursements of Rs. 250 crore through its 37 branches planned by March, 2018. The housing finance firm expects to target tier 2 and tier 3 towns in four states of Maharashtra, MP, Gujarat and Rajasthan with an average ticket size of up to Rs. 20 lakh under affordable housing segment.
03rd Mar 17 PNB Housing Finance organized its first Dream Home Expo
PNB Housing Finance organised its first dream home expo, Ghar Utsav on 25 and 26th February, 2017 for home developers and new home buyers. The expo was aimed at providing a sales platform to leading developers to exhibit their properties and easy home loans to potential borrowers. During the expo the NBFC sanctioned home loans on spot to potential home loan borrowers at low interest rate of 8.50 percent with zero processing fees.
03rd Mar 17 CARE upgrades credit rating of India Home Loan
India Home Loan has announced that Credit Analysis Research Limited (CARE) has upgraded its credit rating to CARE BBB minus from CARE BB plus earlier. The rating of home finance company has been upgraded due to its healthy operational and financial performance in 2016.
02nd Mar 17 Housing approvals within 60 days in Delhi and Mumbai soon
Union Minister of Urban Development has announced that real estate developers in Delhi and Mumbai can now get the approval for constructing new housing units within 60 days of filing an online application. The Central government has also invited other states to discuss the road map for expanding this initiative to other states in the country.
28th Feb 17 Amansa sells its 2.56 percent stake in Cholamandalam for Rs. 388 crore
Foreign fund Amansa Holdings has offloaded its 2.56 percent stake in financial arm of Murugappa Group, Cholamandalam Investment and Finance Company for Rs. 388 crore via open market transaction. Cholamandalam is an investment firm that primarily deals in home loans, home equity loans and SME loans.
27th Feb 17 Private Equity Firm True North plans to buy major stake in Home First Finance Company for Rs. 600 crore
Private equity firm, True North is likely to buy a major stake in a mortgage firm Home First Finance Company (HFFC) for Rs. 600 crore. True North is expected to invest half of the amount in the company and remaining funds will be paid to the existing shareholders of the company. HFFC primarily deals in providing affordable home loans to low and middle income customers who are first time home buyers.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
17th Feb 17 Affordable housing segment to get better returns in FY18
Government has recently introduced a series of reform to encourage affordable housing segment in India. Several measures such as granting infrastructure status to real estate and launch of new regulatory act for realty sector are likely to benefit the real estate developers and investors operating in the affordable housing segment.
17th Feb 17 Scheme with interest subsidy on housing loan to be applicable from 1st January, 2017
Prime Minister of India had announced a special home loan interest subsidy of up to 4 percent for buyers or owners of affordable and middle income houses on 31st January, 2016. The scheme is expected to be operational from 1st January, 2017. Home loan borrowers with loans of less than Rs 18 lakh sanctioned after 1st January, 2017 can avail the benefit of interest subsidy under the scheme. Unmarried and earning young adults intending to acquire a new house including repurchase are also eligible for the benefit. Under the scheme, flats measuring up to 960 sqft and 1,184 sqft will attract interest subsidy of 3 and 4 percent respectively.
16th Feb 17 Home loan growth is likely to be lowerat 16 to18 percent in FY17
ICRA, a leading credit rating agency has revised its home loan growth targets downward by 2 percent from its earlier projections of 18 to 20 percent to 16 to 18 percent in FY17. As per its report, total housing credit outstanding in India in September, 2016 witnessed an 18 percent growth on a year on year basis and stood at Rs 13.3 lakh crore as compared to 19 percent in March, 2016 when it stood at 12.4 lakh crore. The growth could be impact by investors and buyers are expected to defer their purchase decision in expectation of a decline in real estate prices.
15th Feb 17 HDFC Ltd to raise Rs. 5,000 crore via Masala Bonds
HDFC Ltd is planning to raise funds worth Rs. 5,000 from international investors via Masala Bonds. The bonds with a tenure of three years are expected to be issued in FY17. The bank plans to utilise the funds for funding growth in its home loan business.
14th Feb 17 Sunteck Realty to invest Rs. 1000 crore in affordable housing segment
Suntech Reality, Mumbai based realty firm, is planning to invest funds worth Rs. 1000 crore in affordable housing projects, its new business vertical. The new vertical is likely to bring higher volumes for the company and also help in business diversification. The realty firm is expected to focus on the geographies of Navi Mumbai, Thane, Kalyan and the locations near Mumbai.
13th Feb 17 Housing Finance companies will offer low home loan interest rate with insurance cover
National Housing Bank in association with Insurance Institute of India is working on home loan scheme to offer home loan at low interest rate along with an insurance cover to new home loan borrowers. The scheme is aimed at reducing the default risk for HFCs.
11th Feb 17 Fairfax Holdings India increases its stake in IIFL Holdings Ltd.
Fairfax India Holdings, an investment firm has purchased an additional stake of 4.99 percent in a leading financial services company, IIFL Holdings Limited. Fairfax group now holds a total stake of 35.44 percent in IIFl Holdings. IIFL Holdings provides financial and loan services including personal, business and home loan.
10th Feb 17 Edelweiss Financial registers 47 percent growth in its net profit in third quarter of FY17
Edelweiss Financial has reported a growth of 47 percent in its net profit at Rs. 155 crore during the third quarter of FY17 as compared to Rs. 106 crore for the corresponding period a year ago. The housing finance company also registered a healthy growth of 18 percent in its total income at Rs. 1,609 crore during the quarter as compared to Rs. 1,361 crore a year ago.
09th Feb 17 PNB plans to sell its stake in PNB housing finance and PNB Gilts
Punjab National Bank is planning to sell its stake in PNB Housing Finance and PNB Gilts in FY18. The bank expects to increase its capital base via selling. PNB holds stake in various entities such as UTI, PNB Housing Finance and PNB Gilts.
08th Feb 17 PNB Housing Finance signs MoU with CREDAI to train construction workers in West Bengal
PNB Housing Finance Limited has signed memorandum of understanding with CREDAI West Bengal to provide skill based training to 1,000 construction workers in Kolkata. As per the MoU, 50 percent of the training cost will be borne by PNBHFCL and the state government with the remaining 50 percent borne by the developer of the construction site. The training program is expected to increase the number of skilled workers in West Bengal and speed up the pending construction work.
07th Feb 17 Qatar Holdings to invest 219 million dollars in an Affordable Housing Fund in India
Qatar Holdings, a subsidiary of sovereign wealth fund Qatar investment Authority is planning to invest funds worth 219 million dollars in an Affordable Housing Fund managed by an Indian firm named Arthveda Fund Management. The decision follows the announcement made by Finance Minister in the Union Budget 2017 to grant infrastructure status to affordable housing sector.
07th Feb 17 IDBI Bank cuts home loan interest rates
IDBI Bank has reduced its home loan interest rates by 60 basis points for new home loan borrowers. The revised home loan interest rate now stands at 8.55 percent as compared to 9.15 percent earlier. The new rate is effective from 1st February, 2017.
06th Feb 17 Home loans expected to get cheaper
Officials at State Bank of Patiala expect a decline in home loan interest rates by up to 75 basis points over the next 12 to 18 month. Banks are likely to reduce home loan interest rate due to availability of surplus cash deposits and the consequent reduction in deposit rates. The bank believes that retail credit is less riskier than other credit segment and hence, offer a scope to lower lending rates.
04th Feb 17 IDFC Bank cuts home loan interest rates
IDFC Bank has reduced its home loan interest rates for new home loan borrowers. The revised home loan interest for loans up to Rs. 30 lakhs now stands at 8.7 percent as compared to 8.9 percent earlier. The bank has also reduced its home loan interest rate for loans of more than Rs. 30 lakhs to 8.75 percent. The new rates are effective from 1st February, 2017.
02nd Feb 17 Home loan interest tax break for home loan borrowers on rented house capped at Rs 2 lakh
Union Budget 2017 has curbed the tax benefit on interest paid on home loan in case of rented properties. The amount of deduction as a tax benefit on interest paid on housing loan is now restricted to Rs. 2 lakhs, compared to no such limit earlier.
01st Feb 17 Kotak Mahindra Bank reduces home loan rate by 35 basis points
Kotak Mahindra Bank has reduced its home loan interest rates for new home loan borrowers. The revised home loan interest rates for salaried employees now stands at 8.75 percent as compared to 9.10 percent earlier. The bank has also reduced home loan interest rates for self employed borrowers by 35 basis points to 8.80 percent. The new rates are effective from 1st February, 2017.
31st Jan 17 PNB Housing Finance to raise funds worth Rs. 1,025 crore via NCDs
PNB Housing Finance is planning to raise funds worth Rs. 1,025 crore via non convertible debentures (NCDs) on a private placement basis. The debentures with a tenor of 3 years and 3 months will carry a coupon rate of 7.46 percent, payable semi annually.
31st Jan 17 HDFC Ltd registers a 12 percent growth in its net profit during third quarter of FY17
HDFC Ltd has reported a growth of 12 percent in its net profit at Rs. 1,701 crore in third quarter of FY17 as compared to Rs. 1,521 crore for the corresponding period a year ago. The increase in profitability is contributed by the healthy growth in net interest income. Loan disbursements to individuals grew by 14 percent during the quarter.
30th Jan 17 HDFC Ltd is expected to register a decent growth in its net profit in FY17
Analysts at CNBC have forecasted a decent growth in net profit of leading housing finance company, HDFC Limited in third quarter of FY17. As per the polls, the bank is expected to witness a growth of 11 percent in its net profit to Rs. 1,681 crore on a year on year basis. The housing finance company is yet to announce its Q3 results of FY17.
27th Jan 17 Lower home loan interest rates likely to boost real estate sector
Leading real estate companies have forecasted a healthy growth of realty sector in future. Banks have reduced home loan interest rates post demonetisation which is expected to be drive new home purchases. State Bank of India is offering home loan at the lowest rate of 8.65 percent for new home loan buyers.
25th Jan 17 PNB Housing Finance registers growth of 53 percent in its net profit in third quarter of FY17
PNB Housing Finance has reported a growth of 53 percent in its net profit at Rs. 137 crore in third quarter of FY17 as compared to Rs. 90 crore for the corresponding period a year ago. Gross non- performing assets of the NBFC have risen to 0.37 percent during this quarter as compared to 0.35 percent during the same quarter a year ago.
24th Jan 17 PNB Housing Finance to invest Rs. 300 crore in a realty developer commercial project
PNB Housing Finance has entered into an agreement with the realty developer, Parinee Group to invest Rs. 300 crore in its commercial project. The funding is expected to be done in instalments with tenure of four years. The commercial project is an office complex being built in Andheri, western suburb of Mumbai.
23rd Jan 17 Indiabulls Housing Finance reduces home loan interest rate for existing borrowers
Indiabulls Housing Finance has reduced its home loan interest rate for existing home loan borrowers by 15 basis points. The revised floating rate of interest for home loan now ranges between 8.90 to 10.50 percent for different borrowers. The new rates will be effective from February, 2017.
21st Jan 17 DHFL expects a growth of 25 percent in home loan disbursements in Kerala
Dewan Housing Finance is expecting a healthy growth of 25 percent in loan disbursements in Kerala over the next three financial years. . DHFL has registered a growth of 20 percent in its loan disbursements during first three quarters of FY 17.
20th Jan 17 HDFC Limited reduces retail prime lending rate (RPLR) by 15 basis points for existing home loan borrowers
HDFC Limited has reduced its retail prime lending rate (RPLR) by 15 basis points for existing home loan borrowers. The revised PLR now stands at 16.15 percent as compared to 16.30 percent earlier. Home loan rates are calculated by reducing the spread from PLR.
19th Jan 17 HDFC Limited with Duville Estate launches a subvention scheme for new homebuyers in Pune
HDFC Limited in association with Duville Estate Estate has launched a subvention scheme for their new home buyers in its new project Riverdale Heights in Pune. Under the scheme, buyers can make an initial down payment of less amount of Rs. 51, 000 in addition of statutory payments such as service tax, VAT and stamp duty.
19th Jan 17 DHFL expects 30 percent growth in home loan business in Telangana and Andhra Pradesh
DHFL, a leading housing finance company is expecting a 30 percent growth in its home loan disbursements in the state of Telangana and Andhra Pradesh during the current financial year. The company has disbursed home loans of Rs. 1700 crore during FY 2016 in these two states. The growth is expected to be driven by a steady demand for affordable houses.
18th Jan 17 JM Financials is likely increase its stake in affordable housing firm India Home Loan
JM Financials is likely to further increase its stake in India Home Loan, affordable housing finance firm. JM Financials currently holds a 24.50 percent stake in the company. India Home Loan is a housing finance firm that primarily provides home loan product under affordable housing loan segment.
17th Jan 17 LIC Housing Finance registers a 19 percent growth in its net profit in third quarter of FY 17
LIC Housing Finance has reported an increase of 19 per cent in its net profit at Rs. 499 core for third quarter ending on 31st December, 2016 as compared to Rs. 419 crore for the corresponding period a year ago. Non performing assets of the company have declined to 0.56 percent from 0.58 percent during the same period a year ago.
16th Jan 17 Home loans are likely to get additional tax incentives in the upcoming union budget for FY17
Union budget for FY 2017 is expected to bring higher tax benefits for middle class home loan borrowers. The benefit is expected to provide an increased tax deduction to home loan borrowers which may go beyond the annual amount of Rs. 2 lakh. The additional tax benefit is likely give a boost to the faltering reality sector that has been adversely hit by demonetisation.
16th Jan 17 Demonetization hits real estate market adversely with sales reduced by 50 per cent
Developers in real estate market have experienced a significant fall in sales of houses by 50 percent during October to December, 2016. Developers in Delhi NCR region alone are estimated to have incurred a revenue loss of around Rs. 22, 600 crore during this period. The effect could also be seen on state government finances in the form of estimated reduction in stamp duty collections of around Rs. 1, 200 crore.
14th Jan 17 Tata Capital Housing Finance reduces home loan interest rates
Tata Capital Housing Finance has reduced its home loan interest rates. The revised home loan rates for loan amount up to Rs.75 lakhs now stands at 8.70 percent for women borrowers. The NBFC has also reduced its home loan rates for other borrowers to 8.75 percent.
13th Jan 17 Standard Chartered Bank reduces home loan interest rates
Standard Chartered Bank has reduced its home loan interest rate by 45 basis points. The revised home loan rate now stands at 8.90 percent as compared to 9.35 percent earlier. The new rate is effective from 8th January, 2017.
12th Jan 17 Banks will offer CIBIL Score based home loan interest rates
Banks have introduced risk based pricing for new home loan borrowers. Banks will now consider CIBIL Score of the borrowers to offer the best home loan interest rate. Bank of Baroda has become the first bank to introduce CIBIL score based pricing to its home loan borrowers. Borrowers with a CIBIL score of above 760 are eligible to get home loan at rate of 8.35 percent, while those with a CIBIL Score of below 724 will have to pay an interest rate of 9.35 percent.
10th Jan 17 Bank of Baroda reduces home loan rate to 8.35 percent
Bank of Baroda has reduced its home loan interest rate by 70 basis points. The revised home loan rate for loan amount up to Rs. 50 lakhs now stands at 8.35 percent as compared to 9.05 percent earlier. The rates are effective from 7th January, 2017.
10th Jan 17 PNB Housing reduces home loan rates by 40 basis points
PNB Housing Finance has reduced its home loan interest rates for salaried employees to 8.90 percent. The revised home loan rate for self employed professionals now stands between 8.9 to 9.4 percent. The rates are effective from 6th January, 2017.
09th Jan 17 Bank of India cuts home loan rates to 8.65 percent
Bank of India has reduced its home loan interest rates by 65 bps to 8.65 percent for women. The bank has also reduced home loan interest rates for other borrowers to 8.70 percent as compared to 9.30 percent earlier. The rates are effective from 7th January, 2017.
09th Jan 17 Citibank India cuts home loan rates to 8.80 percent
Citibank India has reduced its home loan interest rates by 70 basis points to 8.80 percent for salaried employees. Similarly, home loan interest rate for self employed borrowers now stands at 9.05 percent as compared to 9.75 percent earlier. The rates are effective from 9th January, 2017.
05th Jan 17 DHFL cuts home loan rates by 0.5 percent
Dewan Housing Finance Corporation Ltd (DHFL) has reduced its home loan lending rates by 0.5 per cent for new home loan buyers. The new home loan rates are reduced to 8.60 percent as compared to 9.10 percent earlier. The revised rates are effective from 4th January, 2017.
05th Jan 17 Axis Bank cuts home loan rates to 8.85 percent
Axis Bank has reduced its home loan rates upto 0.30 percent for new home loan buyers. The new home loan rates are reduced to its half yearly MCLR rate to 8.85 percent as compared to 9.10 (upto Rs. 75 lakh) and 9.15 percent (above Rs. 75 lakh) earlier. The revised rates are effective from 3rd January, 2017.
05th Jan 17 Axis Bank reduces interest rate for loan against property by 0.65 percent
Axis Bank has reduced its rate of interest for loan against property by 0.65 percent. The revised lending rate now stands at 10.75 percent as compared to 11.40 percent earlier. The new rates are effective from 3rd January, 2017.
04th Jan 17 HDFC Ltd cuts home loan rates by 0.45 percent
HDFC Limited has reduced its home loan rates by 0.45 percent for new home loan buyers. The new home loan rate for female borrowers is reduced to 8.65 percent for loan amount up to Rs. 75 lakhs as compared to 9.10 percent earlier. Similarly, home loan rates for other borrowers up to loan amount Rs. 75 lakhs now stands at 8.7 percent. The rates are effective from 4th January, 2017.
04th Jan 17 Indiabulls Housing Finance cuts home loan rates to 8.65 percent
Indiabulls Housing Finance has reduced its home loan rates by 45 basis points. The revised home loan rates for female borrowers for loan amount up to Rs. 75 lakhs now stands at 8.65 percent. Similarly, home loan rate for other borrowers is reduced to 8.70 percent as compared to 9.10 percent earlier. The new rates are effective from 3rd January, 2017.
03rd Jan 17 ICICI Bank reduces home loan rates by 45 basis points
ICICI Bank of India has reduced its home loan interest rates by 45 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakh now stands at 8.65 percent as compared to 9.10 percent earlier. Similarly, home loan rates for other borrowers up to loan amount Rs. 75 lakhs are reduced to 8.70 percent. The rates are effective from 3rd January, 2017.
02nd Jan 17 PM announces upto 4 percent subsidy on home loan
The Prime Minister has announced a special home loan subsidy scheme. This scheme is targeted at affordable and middle income category of the housing sector. As per the scheme, in urban areas, 4 percent interest subsidy will be given on home loan upto Rs. 9 lakhs and 3 percent subsidy on housing loan of upto Rs. 12 lakhs. Similarly, 3 percent housing loan interest subsidy will be given on loans of upto Rs. 2 lakhs availed for renovation of existing houses in rural areas. The scheme is applicable on home loans obtained from 1st January, 2017.
02nd Jan 17 SBI reduces home loan rates by 50 basis points
State Bank of India has reduced its home loan interest rates by 50 basis points for new home loan buyers. The new home loan rate for women up to loan amount of Rs. 75 lakhs now stands at 8.60 percent as compared to 9.10 percent earlier. Similarly, home loan rates for men up to loan amount Rs. 75 lakhs are reduced to 8.65 percent. The bank has announced a rate cut as a New Year festive cheer for home loan buyers. The rates are effective from 1st January, 2017.
30th Dec 16 SBI ties up with Magicbricks to expand its home loan business over internet
SBI has hired Magicbricks, a leading real estate property website to grow its home loan business via online portal. As per the arrangement, Magicbricks is likely to showcase the offers of 500 real estate builders whose projects are rated and approved by SBI on its portal. The portal will facilitate end to end loan processing and sanctioning for the prospective home loan buyers. SBI expects to target 80 lakh home loan buyers under this arrangement.
28th Dec 16 Home loan seekers to cheer in New Year as mortgage firms likely to cut lending rates
Mortgage firms are likely to cut home loan rates by 25 to 50 bps to revive growth in their home loan business. Demonetisation has helped the mortgage firms such as HDFC, Indiabulls Housing Finance in raising cheap funds from the market via bonds and commercial paper. Lower cost of funds is expected to allow HFCs to cut their lending rates and hence, bring cheer for new home loan borrowers.
27th Dec 16 SBI and other banks may cut interest rates in New Year
State Bank of India along with few other banks is expected to announce a cut in lending rates effective in early January 2017. The growth of loan business has significantly come down post demonetisation. However, cutting lending rates will boost the business of personal loan and home loan.
23rd Dec 16 Home loan enquires register a steep dip post demonetization
Indian banks have reported a major drop in the volume of home loan enquiries post demonetisation. As per the latest CIBIL report, number of home loan enquires for public sector banks have dipped to 4,876 between 9th to 30th November, 2016 as compared to 8, 690 earlier. Further average number of loan enquiries in state owned banks fell to 23, 660 during 9th to 30th November as compared to 46,784 enquiries per day, prior to demonetisation.
21st Dec 16 Reliance Home Finance to raise Rs. 3,500 crore via NCDs
Reliance Home Finance is expected to raise Rs. 3,500 crore by issuing secured and non secured debentures. The issue will open on 22nd December, 2016 and close on 6th January, 2017. The funding will be utilised for corporate purposes such as lending, financing and repayment of loans.
20th Dec 16 New HFCs in affordable home loan segment are registering high growth in their portfolio
The number of housing finance companies in affordable home loan segment has risen significantly. The existing HFCs are also expanding their portfolios of low cost home loans by broadening their distribution channels. The contribution of mortgages to banking industry has increased to 10 percent from 1.5 percent in the past ten years. Factors such as a large base of middle class families, rising disposable income and financial incentives on home loans have contributed to improved housing affordability and a strong demand for home loans.
16th Dec 16 Demonetization drags down the home loan market
Home loan market has seen a slowdown post demonetisation. The leading official of Canara Bank has said that the volume of disbursements for his branch has been reduced down to three cases in a month as compared to twenty earlier. Declining prices of real estate and low interest rates have decreased the number of purchases resulting into low volumes of loan disbursal.
15th Dec 16 Home loan to be available at 4 percent for Bihar MLAs
Bihar cabinet has approved a proposal of providing home loan to their MLAs at an extremely low rate of 4 per cent for loans up to Rs 40 lacs. The scheme is applicable to the current assembly members and pensioners from the previous houses with immediate effect.
12th Dec 16 Bank of Baroda is likely to buy stake in Cent Bank Home Finance
Bank of Baroda is in talks to buy a stake in Cent Bank Housing Finance, a subsidiary of Central Bank of India. Central Bank holds a 64 percent stake in CBHFL. The deal is currently in initial stages. . Bank of Baroda is expected to buy the entire 64 percent stake in the housing finance company in a bid to strengthen its position in the home loan segment.
06th Dec 16 Home loan securitization market to remain robust despite demonetization
CRISIL, a leading credit rating agency, has kept a positive outlook on home loan securitization in the post demonetisation market scenario. Mortgage backed securities with their long tenures and low delinquency rates are expected to continue attracting long term investors. Volumes in mortgage backed securities have already touched Rs. 19,000 crore in first half of 2016-17, significantly higher than the annual volumes of Rs. 15,000 crore registered in 2014-15.
06th Dec 16 JM Financial Products completes stake buy in India Home Loan
JM Financial Products, a subsidiary of JM Financial Limited, has completed an acquisition of 24.5 percent stake in India Home Loan Limited. The company has acquired 1,500,000 shares through preferential allotment route. India Home Loan provides home loan to individuals and families in the affordable housing segment.
05th Dec 16 IDFC Bank reduces its home loan rates by 10 basis points
IDFC Bank has reduced its simple home loan rate by 10 bps to 9.15 percent from 9.25 percent earlier. Revised short and sweet home loan rate has been reduced to 9.30 percent from 9.40 percent earlier. Home loan rate of IDFC Bank depends on six month MCLR rate which currently stands at 9 percent. The rates are effective from 1st December, 2016.
01st Dec 16 Government plans to launch a home loan scheme for first time borrowers in the upcoming Union Budget 2017
Government and RBI are working jointly to launch a new home loan scheme for first time borrowers. Under the proposed scheme, first time borrowers availing home loan of up to Rs 50 lacs might be able to avail home loan at low interest rates in the range of 6 to 7 percent. The scheme is proposed to be announced in the upcoming Union Budget 2017 scheduled on 1st February, 2017.
27th Nov 16 Demonetisation raises hope of cheaper home loans
Even as the secondary market for houses and developer-built small properties has come to a standstill, banks expect stability to be restored in the property market once home loan interest rates get reduced. Demonetisation is expected to bring in more deposits to banks and give them flexibility in reducing interest rates on various loan products.
23rd Nov 16 Cheaper housing loans for National Pension Subscribers
Housing loans may get cheaper for National Pension Scheme (NPS) subscribers. A committee has been formed under the chairmanship of former CEO of HDFC Life to study the matter. Committee will submit its first report within six weeks of the first meeting that was held on 19th November, 2016.The decision will be taken in consideration that pension and housing are the two important retirement assets.
22nd Nov 16 Loan borrowers to get additional 60 days to repay for bad loans up to Rs. 1 crore
Reserve Bank of India relaxed rules for loan borrowers and provided additional 60 days for repayment of their home, car, property and other loans for repayment due between 1st November and 31st December, 2016. The relaxation will be applicable on term loans such as business loan, personal loan and other secured loans with loan amount up to Rs. 1 crore.
18th Nov 16 Housing Finance sector to face rough path due to demonitisation
Housing Finance sector is one of the sectors that have been badly hit by money demonetisation. Reserve Bank of India is likely to cut rate in December by 50 to 100 basis points. Activity in the home loan sector can be expected to pick up, post reduction in interest rates.
16th Nov 16 PNB Housing Finance net profit in the second quarter increases by 78 percent
PNB Housing Finance, in its first quarterly result after listing, reported an increase in its net profit by 78 percent to Rs. 137 crore in the quarter ended on 30th September, 2016 as compared to Rs. 77 crores during the same period a year ago. Total income also rose by 50 percent to Rs. 970 crores.
11th Nov 16 Home loan market likely to expand due to demonetization
Demonetisation of Rs. 1,000 and Rs. 500 notes may lead to a reduction in property prices. This will be beneficial for banks and housing finance companies as the reduction in cash component in property deals will lead to more demand for home loan.
10th Nov 16 Good news for home loan borrowers: Housing society certificate is sufficient for tax exemption
Home loan buyers have ball in their court as income tax appellate tribunal passed an order to avail tax exemption easily. Borrowers who do not have the completion certificate can now claim for tax exemption by presenting a letter from housing society showing possession in their name. According to income tax rules, buyers could claim tax exemption only on the interest paid up to Rs. 2 lakh during construction period but this ruling will enable borrowers to claim exemption on the principal amount up to Rs. 1.5 lakh after obtaining possession even if the completion certificate is not available.
05th Nov 16 Indiabulls home loan at 9.15 percent
Indiabulls Housing Finance has reduced its home loan rates to 9.15 percent for loan amount upto Rs. 75 lakhs. The new rates will be effective from 4th November, 2016. With this, Indiabulls Housing Finance home loan are now available at same rate as SBI home loan and ICICI Bank home loan.
05th Nov 16 HDFC reduces home loan rates to 9.15 percent
HDFC home loan rates have been reduced by 0.15 percent for new customers. The rates are now 9.15 percent for female borrowers and 9.20% for male borrowers. The new home loan rates will be effective from 4th November, 2016. The floating rate loans would be benchmarked to HDFC PLR which is currently 16.30%.
04th Nov 16 ICICI home loan rate at 9.15 percent from 1st November, 2016
ICICI Bank has reduced its home loan rates by 0.15 percent to 9.15 percent for female borrowers and 9.20 percent for male borrowers. The revised rates are applicable for loan amount upto Rs. 75 lakh. The new rates will be effective from 1st November, 2016. With this, ICICI home loans are now available at same rate as HDFC and Axis Bank but 0.05 percent higher than SBI home loans.
04th Nov 16 Axis Bank home loan rates reduced to 9.15 percent from 1st November, 2016
Axis Bank has reduced its home loan rates by 0.20 percent and 0.15 percent. The revised home loan rate for salaried customers up to loan amount of Rs. 28 lacs is 9.15 percent and for loan amount more than Rs. 28 lacs is 9.25 percent. The new rates will be effective from 1st November, 2016.
03rd Nov 16 HDFC ARYA has extended its login date till 30th November, 2016
HDFC has launched HDFC ARYA scheme in September to benefit government employees. HDFC has now extended its login date from 31st October, 2016 to 30th November, 2016 subject to first disbursement by 31st January, 2017. Now, central government and defence employees can get the benefit of home loan at 9.30 per cent rate for one more month.
03rd Nov 16 ICICI Bank launches home loan overdraft scheme for salaried employees
ICICI Bank announced launch of home loan overdraft scheme for salaried employees. The scheme will provide benefits of home loan and overdraft simultaneously. T he lender will now provide overdraft option to customers with home loan. The minimum amount available for loan will be Rs. 5 lakh and maximum will be Rs. 1 crore. Customers can avail 10 percent of the total loan as term loan and the balance 90 percent as overdraft.
02nd Nov 16 SBI reduces its MCLR on Home Loans from 1st November, 2016
SBI has reduced its marginal cost of fund based lending rates (MCLR) by 0.15 percent to 8.90 percent for one year.The overnight and one-month MCLR are 8.65 and 8.75 percent respectively.As a festive cheer, the bank has cut the rates of home loans to the lowest in the last six years.The revised home loan rate is 9.10 percent for women and 9.15 percent for others.
14th Oct 16 PNB Housing Finance cuts home loan rates by 10 basis points
PNB Housing has reduced its home loan rates by 10 bps. The floating home loan rates have been reduced to 9.45 per cent from 9.55 per cent while fixed rates decreased to 9.4 from 9.5 per cent. PNBHFL has also cut its loan against property rates by 25 bps to 11 per cent from 11.25 per cent. This rate cut will be effective from 14th October, 2016.
14th Oct 16 SBI merger with its associate banks - the stage is set
The stage is set for the merger of State Bank of Hyderabad and four associate banks with SBI. There will no change in the interest rates on customer loans and the rates for new customers will be as per SBI rates. All the necessary instructions will be available in the SBI notice available on SBH website validating the existing cheques for the specified time period after the merger.
11th Oct 16 PNB makes home, auto loans attractive for government staff
PNB has launched a new scheme named PNB Pride for government employees. Under this scheme, the bank will offer home loans at an interest rate of 9.3 to 9.8 per cent and auto loans at 9.55 per cent effective from October 1, 2016. PNB will also offer loans without any processing fee and documentation charges.
07th Oct 16 DHFL Cuts Home Loan Rates by 0.2 per cent
Dewan Housing Finance Corporation Ltd (DHFL) has reduced home loan lending rate by 0.2 per cent to 9.35 per cent for a loan up to Rs. 30 Lakhs under the festival offer. The revised rate would be effective for its new customers from October 11. This offer is categorized under affordable housing that would enable home ownership to the low and middle income group.
07th Oct 16 HDFC plans to raise 1500 cr in debt to augment capital
HDFC Ltd will raise 1500 crore by issuing debt securities on a private placement basis. The secured non convertible debentures will carry the coupon rate of 7.5 costs per annum. HDFC will start issuing debt securities on October 13 and will end on 12th October 2018.
05th Oct 16 Home loans and EMIs may get cheaper with the cut in REPO rate
With the cut in repo rate to 6.25 per cent from 6.5 per cent in yesterday declaration by the newly formed Monetary Policy committee( MPC) headed by Governor Urjit Patel, RBI has raised the hopes for the cheaper home loans and EMIs as it will affect the Marginal Cost Based Lending Rate( MCLR) charged by the banks. It is expected that the banks may reduce the MCLR rates in future that will make the home loans and EMIs more reliable and cheaper.
05th Oct 16 ICICI Bank slashes the lending rates by 0.5 bps from 9.10 to 9.05 per cent
With the decision of RBI to lower the repo rate by 25 bps, second largest private sector lender ICICI bank also lowered the MCLR by 5 bps. Effective from 1st October, 2016, the one month MCLR will be 8.85 percent against 8.90 per cent, on the other hand the one year MCLR which is generally used to compute some of the products such as personal loans will be 9.05 percent as against 9.10 per cent.
01st Oct 16 PNB revises lending rates
Punjab National Bank has revised its Marginal Cost based Lending Rates by 5 basis points effective from October 1. The overnight, 1 month, 3 month, 6 month, 1 year, 3 year, 5 year MCLR has reduced by 5 bps to 9.05, 9.10, 9.20, 9.25, 9.30, 9.45, 9.60 percent. For borrowers who have taken a home loan from PNB after 1st April 2016, the reduction in MCLR will translate into a reduction in their home loan rates and hence their interest outgo.
01st Oct 16 SBI announces Hope Loans new financing scheme to avail credit at lower rates
SBI launches Hope Loans with the benefit of reduced interest rates including home loans and auto laons. The revised rates in home Loans will be 9.25 per cent for women and 9.30 per cent for men and auto laons will be 9.65 per cent respectively with no processing fees as an additional benefit.
22nd Sep 16 Ratnakar Bank has reduced its MCLR from 22nd September, 2016
Ratnakar Bank has reduced its Marginal Cost Based Lending Rates (MCLR) across maturities, effective from 22nd September, 2016. The overnight, 6 month and 1 year has been reduced by 15 basis points to 10.00, 10.35 and 10.40 per cent respectively. The 1 month and 3 month MCLR has been reduced by 20 basis points to 10.00 and 10.15 per cent respectively. Similarly, 2 year MCLR has reduced by 10 bps to 10.40 per cent and 3 year MCLR reduced by 5 bps to 10.50 per cent. For borrowers who have taken floating rate home loan from Ratnakar Bank after April 1, 2016, the reduction in MCLR will translate into a reduction in their home loan rates.
11th Sep 16 DHFL launches its new ad campaign Home Loan Dilse
DHFL has launched a new ad campaign Home Loan Dilse which is an extension of its earlier Ghar Jaisa Loan Campaign. This is the third ad campaign of DHFL to increase awareness and reverse the problem among the low and mid income segment in India. The Home Loan Dilse campaign deals with a very important question i.e. what is the right time to buy a home or avail home loan? The campaign talks about relatable instances from various stages in peoples lives and states that the right time to buy a house is when you dream of a home. The campaign messaging is appealing and connects with the real life common man problems and strengthening the borrowers trust and confidence in DHFL.
22nd Aug 16 Kotak Bank lowers home, business loan rates
Kotak Mahindra Bank has reduced interest rates on home loans and business loans as a part of its monsoon bonanza to capture the growing credit demand as economy revives. The new home loan rate is 9.35 percent per annum with interest rates on business loans/overdraft lower by up to 1 percent. The bank has also announced a 25 percent discount on the processing fees of these loans. The new rates are valid till September 10, 2016.
20th Aug 16 6.5 percent Home loan subsidy under Credit Linked Subsidy Scheme (CLSS)
Government of India has announced a interest subsidy of 6.5 percent for home loan under Credit Linked Subsidy Scheme (CLSS). This subsidy will benefit economically weaker section (EWS) of people residing in urban areas. Home loan borrowers with annual household income, less than equal to Rs 3 lakh for marginalized sections of the society will be eligible. Apart from this lower income group (LIG) home loan borrowers with annual income between Rs 3 and 6 lakh will also be eligible. The people applying for the scheme should not have any other home-ownership in his own or family name to qualify. You can avail this scheme from HDFC, LIC Housing Finance, PNB Housing Finance, Dewan Housing, GIC, ICICI HFC, Tata Capital, L&T Housing Finance, Muthoot Finance, Yes Bank, Indiabulls, Axis Bank, DCB, Federal Bank and almost all PSU banks.
10th Aug 16 HDFC Ltd. customers can directly access their CIBIL Score and Report on its website
HDFC has implemented the CIBIL Consumer Connect solution which will facilitate customers to purchase their CIBIL Score and Report directly from HDFC website. This move will bring transparency in the loan appraisal process as CIBIL report is an important parameter based on which banks and HFCs decide the eligibility of borrowers. The move is expected to improve customer satisfaction and increase awareness on credit discipline.
01st Aug 16 SBI offers cheaper home loans to tap into 7th pay panel bonanza
As the 7th Pay commission came in effect from 1st August 2016, it resulted in increase in real income of government employees by 23.5percent which in turn resulted in increased demand in economy. To capture the increase demand for housing sector, SBI came up with lower interest home loan products for Central/ State government/ public sector undertaking employees and defence personnel. The bank has introduced Privilege Home Loan for government employees and Shaurya Home Loan for Defence Personnel with pensionable service. The government employees will get the benefit of repaying the loan over a longer period and at softer interest rates.
Under the scheme, bank will provide repayment facility on home loan up to the age of 75 years at interest rates that are lower by 5 bps compared to other home loan schemes of the bank. The bank has also announced full waiver of the processing fee under the scheme.
01st Aug 16 SBI reduces interest rates on Home loan by 0.05%
The largest public sector bank, State Bank of India(SBI), has reduced the Interest Rate on home loans by 5 bps or 0.05% . By this move, the interest rate on home loan for the general customer and SBI Flexipay customers will be reduced to 9.35% compared to 9.40% earlier. Whereas for women customers the new interest rate will be 9.30% compared to 9.35% earlier. These rates will be effective from 1st August and are linked MCLR . If you have taken home loan on or after 1st April 2016 at floating rate, then you will benefit by this move. But if have taken home loan at fixed rate you will not be effected by the rate cut.
01st Aug 16 Tata Capital Housing Finance launches Prapti home loan scheme
Tata Capital Housing Finance Limited (TCHFL) has announced the launch of a new Home Loan Scheme named Prapti to provide loan to the low income segment in the affordable housing space at an interest rate of 4 per cent. By launching this home loan scheme, Tata Capital has taken one step towards the Pradan Mantri Awas Yojna for providing houses to poor by the year 2022. Under this scheme, the people of low income group, economically weaker section, Scheduled Tribe, Scheduled Caste and women living in the edge of Metros, Tier 1, Tier 2 and Tier 3 cities with an income of up to Rs. 6 lakh per annum can avail loan.
25th Jul 16 Indiabulls Housing Finance Q1 net profit at Rs.630 crore
The company has posted a PAT of Rs.630 crore for the quarter ended June 30, 2016 , which is 23.21 % higher compared to first quarter previous year .Whereas the total income has increased to Rs.2597.4 Crore i.e. 28.3 % compared to first quarter previous year .
The Board of Directors of the Company has declared an Interim Dividend of Rs.9/- per equity share (on the face value of Rs.2 per share) for the financial year 2016-2017.
25th Jul 16 PNB Housing Finance plans to expand in tier 2, 3 cities
PNB Housing Finance is planning to expand its business to Pan India levelto meet the growing demand from tier-II and tier-III cities . At present, the company has 48 branches at 28 locations. The company is targeting 60 more locations that have a population of more than 8-9 million.
21st Jul 16 DHFL Q1 Net Profit increased by 16.23%
As per results of quarter ended June 2016, Dewan Housing Finance Limited Net Profit increased by 16.23% year on year to Rs. 173.3 Crore due to increase in demand for housing loan in semi urban areas. The Net Interest Margin reported is 2.91% . Whereas the Gross NPA stood at 0.98 % to Rs. 623.8 Crore . The company aims to focus on the demand from mid and lower income group from tier- 1 and tier 2 cities
20th Jul 16 DHFL to raise Rs. 6,500 crore via Debt
As stated in the regulatory filing of DHFL , The Board of Directors has approved issuance of non convertible / unsecured debentures , up to an amount of Rs.5,000 Crore , non convertible subordinated unsecured debenture of Rs. 1,000 Crore and non convertible perpetual unsecured debenture , up to an amount of Rs. 500 crore
18th Jul 16 LIC Housing Finance reports Rs 408 crore profit
LIC Housing Finance reported a marginal 7 per cent growth in net profit at Rs 408 crore in the quarter ended June due to higher provisioning. Net interest margins improved to 2.61 per cent from 2.41 per cent in the same period last year. Total income was Rs 3380 crore as against Rs 2965 crore during the same period previous year. The company took additional provisioning to the tune of Rs 90 crore due to aging of some NPAs in the project loans and hence provisions remained higher at Rs 116.5 crore.
07th Jul 16 Punjab National Bank waives processing fee for home, car loans till Sep 30
Punjab National Bank has waived processing fee and documentation charges for new housing and car loans till September end. The three month monsoon bonanza offer would end in September 30. During the period the bank will be offering full waiver of upfront/processing fees and documentation charges for housing and car loans sanctioned from July 1 to September 30. During this financial year, the focus of the bank is on retail, particularly housing, car and education segment.
05th Jul 16 PNB Housing Finance files draft papers for Rs 2,500 Crore IPO
PNB Housing Finance approached SEBI for an Initial Public Offer worth up to Rs 2,500 crore.
As stated in the Draft Red Herring Prospectus(DRHP), the company plans to raise up to Rs 2,500 crore through the initial share sale and a portion would be reserved for the employees.
The housing finance company plans to use the proceeds from share sale to strengthen its capital base and for general corporate purposes . The company plans to grow business by expanding into specific target markets such as the affordable housing segment.
At the end of March 2016, PNB had 51 per cent stake in the company. Post IPO, it would "continue to hold approximately 35-37 per cent of the issued and paid-up share capital", according to the DRHP
23rd Jun 16 Housing finance startup Khush Housing Finance enters Ahmedabad
Housing finance startup, Khush Housing Finance, provider of house loan of economically weaker sections and urban poor in India, opened its first office in the state of Gujarat at Ahmedabad. Its target customers are people would be availing central government scheme Pradhan Mantri Awas Yojana, where it allows Credit Linked Interest Subsidy component of 6.5 per cent is offered on housing loans availed up to a tenure of 15 years to EWS/LIG categories, wherein the subsidy pay out on NPV basis would be about Rs. 2.20 lakh per house for both the categories.
11th Jun 16 Magicbricks and SBI Launch India Biggest Home Buying Festival
Magicbricks and SBI have launched India biggest Home Buying Festival. This festival will highlight the prime investment hotspots across the metros. It features in depth analysis of properties, infrastructure updates, brief master plan information, as well as risk profile, capital growth forecast for the benefit of consumers looking to purchase real estate properties. SBI is giving two attractive offers to the consumers. The first offer is for the consumers who have existing home loans, can now transfer their home loan to SBI at 0% percent processing fee. While the other offer is for the consumers buying SBI approved projects on who can now avail a 50% waiver on processing fee.
02nd Jun 16 ICICI Bank cuts benchmark rate by 5 bps
ICICI Bank on Wednesday reduced its marginal cost lending rate (MCLR) by 5 bps to 9.15%, with immediate effect. With this reduction, ICICI Bank one year MCLR rate is now at par with that of SBI and HDFC Bank. This reduction in rates will impact home loan, personal loan and other loans rates too. The rate cut by ICICI Bank comes ahead of the monetary policy announcement by the RBI, slated for 7 June. Public sector lender State Bank of Bikaner and Jaipur too reduced its two year and three year MCLR by 5 bps each to 9.6% and 9.7%, respectively.
28th May 16 Rates cut 1.5%, banks passed on only 1/3rd to home loans
The Reserve Bank of India has cut key policy rates by 1.5 percentage points since January 2015 to signal lower interest rates in the economy, but home loan borrowers have got only around one third of the benefit. This may force RBI governor to hold off on a fresh cut next month, especially with inflation and global petroleum prices edging up.
26th May 16 Union Bank of India launches product to facilitate stamp duty and registration on property purchases
Union Bank of India launched e SBTR (Electronic Secured Bank Treasury Receipt), a facility for a single window payment facility of both stamp duty and registration fee for home purchase in Maharashtra. The e SBTR allows payment without any ceiling and is available on 24x7x365 through internet banking. The facility makes it possible to do the necessary paper work and formalities on line and get the endorsement of the final document at the branch level at one go.
18th May 16 ICICI Bank inaugurates a new branch at Panipat
ICICI Bank Ltd inaugurated a new branch at HUDA, Panipat in Haryana. This is the fourth branch of the bank in city. The branch also houses a ATM at its premises. It will offer a comprehensive range of loans and deposits including saving, current and term deposits; auto, home and gold loans; NRI services along with lockers facility.
13th May 16 SBI INTOUCH services launched in city
SBI has launched Vijayawada first SBI INTOUCH branch to offer digital banking facility for its customers. The SBI INTOUCH facility offers online self-service mode facilities such as instant account opening, where a customer can open an account in 12 minutes. SBI INTOUCH will facilitate services such as instant account opening with personalized debit cards, instant loan approval for car and home loans, remote expert advisers available via video links, along with interactive walls and table displays.
13th May 16 PNB Housing Finance net profit rises 66% in FY16
PNB Housing Finance reported a rise in net profit, income and loans sanctioned for the financial year 2015-16. While net profit rose 66 percent to Rs. 326 crore and total income grew 52 percent to Rs. 2,697 crore. Assets under management rose 59 percent to Rs. 27,555 crore as on March 31, 2016 and the company sanctioned loans worth Rs. 37,608 crore. Gross non-performing assets (NPAs) and net NPAs stood at 0.22 percent and 0.14 percent.
13th May 16 Indian Bank Revises Interest Rates On Home, Car Loans
Indian Bank has reduced the interest rates on home and vehicle loans by up to 0.20 per cent with immediate effect. As per the revised rate of interest, home loans for up to Rs 75 lakh, the interest rates has been revised from 9.65 per cent to 9.55 per cent while for loans above Rs 75 lakh it has been reduced to 9.75 per cent from 9.90 per cent. For loans towards purchase of new cars, the interest rates were cut to 9.95 per cent from 10.15 per cent.
12th May 16 PNB Home Loan Rate Cut
PNB Housing Finance has reduced interest rates on PNB Home Loans effective May 9th 2016. PNB will now offer home loans at floating rate of 9.55% to salaried and self employed professionals. For self employed businessmen, the rate of interest would range from 9.80% to 10.30%. The popular fixed rate home loans from PNB are now available at a fixed rate of 9.50% to 9.75% for 3, 5 or 10 years fixed period.
05th May 16 DHFL Q4 net profit at Rs 190 crore
DHFL registered a net profit growth of 17.37% to Rs 729.20 crore for the year ended March 31, 2016. Net profit increased by 16.86 % to 189.65 crore for the year quarter ended March 31. DHFL continues to witness a robust financial performance in FY16 on the back of buoyant demand for home loans from the affordable segment. This has been made possible further with their relentless focus on customer centric products and service innovations aimed at driving customer satisfaction, profitability and sustainability.
04th May 16 Yes bank revises lending rate downwards
Yes Bank on Tuesday cut its MCLR by 0.10 per cent across tenors, reacting to similar moves by competition. Yes Bank one year MCLR will now be 9.5 per cent as against 9.6 per cent earlier. The MCLR cut is effective from May 1. Once the MCLR is reduced, all loans linked to it, including home, car, personal, and education, become a bit cheaper.
03rd May 16 SBI revises minimum lending rate by 5 bps to 9.15%
SBI has reduced its MCLR rate by 5 basis points with effect from Sunday. SBI new MCLR has now been set at 9.15%, against 9.2% in April. With the reduction in MCLR, SBI home loan rate has fallen to 9.35% for women borrowers and to 9.4% for all other borrowers. Similarly, auto loan rates too have dropped 5 bps from what they were at in April. Processing fee for SBI Car Loan Scheme, SBI Combo Loan Scheme, SBI Loyalty Car Loan Scheme and NRI Car Loan is a flat fee of Rs. 500 or 2% of the loan amount which were waived till 30 April have returned as well.
29th Apr 16 ICICI Bank inaugurates a branch in Itawa
ICICI Bank inaugurated its branch at Itawa, the first branch of any private sector bank in the city. The branch also houses a round the clock ATM at its premises. It will offer a comprehensive range of deposits and loans including saving, current and term deposits, auto, home, gold and tractor loans; Kisan Kalpvriksha overdraft facility and Kisan Credit Cards. ICICI Bank has 4156 branches and 13372 ATMs in the country (as on December 31, 2015). It has more than 400 branches and over 600 ATMs in Rajasthan.
20th Apr 16 SBI will soon offer home loans with fixed rate for longer period
SBI chairperson says that if borrowers want to know what EMIs they have to pay, they can opt for a fixed rate loan for a longer period of time. SBI is betting big on technology, given that it has to service a few crore more customers without increasing costs.
19th Apr 16 LIC Housing Finance Q4 PAT up to Rs 448 Cr
LIC Housing Finance reported an 18.5% rise in its standalone net profit for the quarter ended March to Rs 448.02 Cr on the back of a rise in loan disbursement and improved operating performance. The company total income from operations for the quarter stood at Rs 3246 Cr, up over 14%. Income rose faster than expenses, which rose slightly over 12% to Rs 2579.67 Cr, thereby lifting the lender operating profit margin. The company earnings before interest, tax depreciation and amortization margin rose by 121 basis points year on year to 20.61% for the quarter.
08th Apr 16 SBI, ICICI Bank cut home loan rates
SBI and ICICI Bank on Thursday cut their home loan rates by 0.10 percentage points to 9.4% following implementation of a new interest rate calculation regime mandated by RBI. The lending rates of other banks may also fall soon with the MCLR system coming into force with effect from April 1. SBI has fixed its home loan interest rate at 9.45 per cent, which is 0.25 percentage point more than its one-year MCLR of 9.20 per cent. However, women borrowers would get the loan 0.20 percentage point above the MCLR at 9.40 per cent. The new rate came into effect from April 1.
06th Apr 16 Loans to become cheaper as RBI cuts key rate to 5 year low
Home loans and other borrowings are set to get cheaper by at least half a percentage point in the coming months following RBI governor decision to cut rates by 25 basis points to 6.50%, an over 5 year low. The shift to a new lending rate would provide the equivalent of an additional quarter to a half per cent rate cut.
01st Apr 16 Loans begin to get cheaper with new interest rate formula
Home loans have started becoming cheaper. EMIs will fall by over Rs 300 for those who avail Rs 50 lakh, 15-year loan. SBI has cut its home loan rate to 9.4% with effect from April 1 from 9.5%. The revision follows a shift in the way banks across the country calculate their lending rates. New rules announced by the RBI in December 2015 take away from banks the freedom to decide when to revise rates. Rates will have to be decided based on the marginal cost of funds.
31st Mar 16 SBI Home cheaper by 10 bps
SBI has announced a 10 bps reduction in home loan rates for new loans from 1st April 2016. This reduction is due to new MCLR base rate methodology being implemented by the bank as per RBI guidelines
19th Mar 16 SBI waives processing fee for loans
State Bank of India main branch organised a Town hall meeting to showcase the banks products and interact with customers. The bank waived the processing fee for car and housing loans till March 31. The SBI was focusing on housing and vehicle loans in the city.
12th Mar 16 ICICI Bank launches home loan with subsidy under Pradhan Mantri Awas Yojana
ICICI Bank launched a subsidy scheme for home loans under the Pradhan Mantri Awas Yojana targeted at helping weaker sections of society build homes. Under the scheme, loan applicants can construct a brick and mortar house by paying significantly lower EMIs, compared to the prevailing market average. ICICI Bank has signed an MoU with the National Housing Bank to provide loans for eligible borrowers at a subsidy at 6.5% per annum on a maximum amount of Rs 6 lakh or the loan amount, whichever is lower, for a maximum tenure of 15 years.
07th Mar 16 Tata housing partners with SBI for Women Day offer
Tata Housing has partnered with SBI on the occasion of the International Women Day. Tata Housing will allow its women customers to pay only 20 per cent of the agreement value while the balance can be paid on taking possession of the property. SBI will be offering home loans to its women customers at a special interest rate of 9.5 per cent per annum under the SBI Her Ghar scheme as part of the International Women Day which will be celebrated between March 8 and March 13. Moreover the SBI has waived processing fees on the home loan under the scheme.
01st Mar 16 Home buyers to get additional deduction of Rs 50000 on interest for loan upto Rs 35 lakh
By introducing an additional deduction of Rs 50000 in the Budget 2016 proposal, Finance Minister has given some reason to cheer to the first time home buyers
23rd Feb 16 Karvy Finance to set up a Housing Finance company
Karvy Finance Services is planning to set up a separate housing finance company as the cost of funds that it can tap through the National Housing Board is lower
23rd Feb 16 Budget 2016: Steps for lower home loan rates, fillip to reits needed
Union Budget 2016-17 is expected to metamorphose the country real estate landscape from its current recessive state to a progressive sector
08th Feb 16 Home loan mela by CREDAI under way
A three-day home loan mela organised by CREDAI began on Saturday in which 9 banks participated with innovative offers to attract buyers.
02nd Feb 16 SBI Launches Flexipay Home Loan Scheme For Professionals
Under the scheme, the bank will offer higher loan amount eligibility and provide an interest moratorium for an initial period of 3 to 5 years
21st Jan 16 India Infoline cuts loan rates
India Infoline has cut its home loan rates to 9.55 per cent from 9.65 per and reduced the processing fee to a flat Rs. 5000.
18th Jan 16 ICICI Bank launches Express Home Loans
Under this scheme, online approval of home loans is available within 8 working hours which allows borrowers to complete the entire mortgage assessment online without visiting a branch.
12th Jan 16 IDFC Bank buys 10% stake in ASA International India for Rs 8.5 Cr
ASA International India is a division of Dhaka-headquartered ASA, which operates in over 12 countries and plans to disburse $2.5 billion in loans in 2015-16
08th Jan 16 PNB Housing Finance eyes repositioning with multimedia campaign launch
The company has launched a intensive brand campaign to showcase its efficient service delivery model and reposition itself as a new age contemporary HFC
31st Dec 15 Housing finance companies like LIC Housing, HDFC, Indiabulls Housing record robust growth
LICHFL, HDFC, Indiabulls, DHFL have grown their housing loan portfolio faster than that of banks as demand from smaller cities more than offset the slowdown in metros
28th Dec 15 Government allows 41 more HFCs to use SARFAESI law
The Finance Ministry has allowed 41 more HFCs to use the SARFAESI law, thus facilitating in recovery of their dues and reduce their NPAs
22nd Dec 15 PHDCCI urges a hike rebate on home loan to boost realty sector
PHDCCI has asked the government to increase the deduction of up to Rs 5 lakh from the current level of Rs 2 lakh for interest paid on a home loan
21st Dec 15 SBI to reintroduce processing fees for home and car loans from 1st Jan
SBI plans to introduce charges on a range of services including safe deposit lockers , select debit card issuances, and processing fees for home and car loans.
18th Dec 15 Banks may now give home loans for Rs 1 crore for 30 years
Banks have started offering home loans for as long as 30 years as they attempt to revive demand in high end home purchases which has come to a halt in the top 6 cities
17th Dec 15 Fullerton to put Rs 150 cr in housing finance unit
Fullerton, a NBFC will inject Rs 150 crore as equity capital in its new housing finance subsidiary. The new HFC will offer loans of more than Rs 20 lakh
17th Dec 15 Reliance Housing Finance targets Rs 50,000 crore AUM by 2020
Reliance is targeting AUM of Rs 50,000 crore by 2020 as it aims to join top-five league in the home loan market in 3 years
14th Dec 15 Reliance Housing Finance eyes slot in top 5
Reliance Housing plans to be amongst the top five HFCs in the next 3 years with a target AUM of Rs 50,000 crore by 2020
11th Dec 15 Sundaram BNP offers home loans at 8.5% for flood-hit TN residents
The company will offer housing loans up to Rs 10 lakh at a rate of 8.5% p.a. fixed with a tenure of 3-7 years to the flood-affected residents of TN
04th Dec 15 SBI launches home loan mela
SB Poranki branch in Andhra Prdeash has launched a three-day home loan mela at its branch
04th Dec 15 Soon, PM Modi housing scheme in 51 cities
The state government has decided to implement the Housing for All scheme in 51 cities in the state of Maharashtra
02nd Dec 15 Home loan rate cuts can be expected, despite no changes in credit policy
RBI maintained a status-quo by not lowering the policy rate, but it has sent a strong message to banks to lower rates
26th Nov 15 IFC may invest $60M in Tata Capital Housing via NCDs
IFC may invest $60 million (Rs 400 crore) in Tata Capital Housing Finance to help it expand its mortgage lending to smaller cities and towns
25th Nov 15 SBM launches soft loan for affordable housing
State Bank of Mysore launched a new home loan scheme aimed at promoting affordable housing among the lower income customers
24th Nov 15 Small towns drive 19% growth in home loans
Lower interest rates seem to be driving up housing loan growth in small towns, with housing loan growth at 19% till Sept 2015
22nd Nov 15 HDFC Realty unveils online home auctions
HDFC has tied up with a website ibidmyhome.com which allows customers to bid for houses at prices they are comfortable with.
17th Nov 15 Housing loan disbursal stands at Rs 1,012 cr in H1 in Orissa
Housing loans of Rs 1012 crore and education loan of Rs 106 crore were disbursed in 1st half of FY16 in Orissa
13th Nov 15 Indiabulls Housing Finance buys 40% in UK bank
Indiabulls Housing Finance has acquired about 40% stake in UK-based OakNorth Bank for $100 million (Rs 660 crore).
04th Nov 15 Tata Capital Financial Services to raise capital of Rs 500 cr via bonds
Tata Capital Financial Services plans to raise capital worth Rs 500 crore through tier-II bonds and scale up business in areas such as LAP and affordable housing.
04th Nov 15 Reliance Housing Finance lowers home loan rates to 9.55%
Reliance Housing Finance has announced a 25 basis point reduction in its lending rates to 9.55% matching with the rates offered by Indiabulls and DHFL
03rd Nov 15 HDFC women home loan at 9.50%
HDFC offering discount of 5 bps to female borrowers as part of Nov-2015 festive offer. Floating rate home loan at 9.50%, TruFixed 2/ 3 year at 9.50% and TruFixed 10 year at 9.70%.
02nd Nov 15 SBI chief wants teaser loans back, while ICICI Bank differs
SBI and ICICI Bank have different opinions on reintroducing the controversial teaser loans which were stopped by RBI 4 years ago due to asset quality issues.
25th Oct 15 NHB considering penalty for switching loans in first 2 years
NHB may allow lenders to levy pre-payment penalty on customers who transfer their home loan to another lender in the 1st two years. This will be setback to customers who are keen to take advantage of falling interest rates.
24th Oct 15 Festival Offer at 9.55%
HDFC festival offer home loan at 9.55% (any amount) for applications upto Nov 31, 2015 and first disbursement upto Dec 31, 2015.
06th Oct 15 ICICI cuts home loan rates
ICICI Bank revises home loan rate to 9.65% rate upto Rs. 5 crs and to 9.60% for female borrowers.
05th Oct 15 SBI Home Loan Offer at 9.50%
Home loan interest rate for women at 9.50% and for others 9.55%,