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An Reverse Mortgage is a beneficial option
The life expectancy in India has been rising steadily in the last few decades. However, so have the costs of medical treatment. For senior citizens, who have a lack of regular income or financial support from children, this could lead to a financial crisis. Further, gone are the days when the elderly lived with their sons and daughters, depending on them for their amenities and medical needs. The Reverse... [Read more]
SBI withdraws teaser home loans and car loans
Barely a fortnight after Pratip Chaudhuri took charge as the chairman, State Bank of India (SBI) has decided to withdraw one of the most controversial, yet popular, products in the Indian banking sector in recent times. Introduced by Chaudhuri’s predecessor, O P Bhatt, in early 2009, the teaser loan scheme will be withdrawn from May 1. The scheme charges a lower rate in the initial years. Teaser... [Read more]
Special home loan plan Continues: SBI
The Reserve Bank of India and State Bank of India may still be arguing on whether the fixed-cum-floating rate home loans should be termed ‘teaser’ or ‘terraced’. But small borrowers such as Kamlesh, a nurse in a government hospital, say that they couldn’t have asked for a better deal at a time when rates are soaring. Not only did she get a Rs 15 lakh home loan at a time... [Read more]
What to consider increasing your home loan eligibility?
LTV is a key factor in calculation of eligibility. Banks finance only up to 70-80% of the property value as evaluated by the bank’s evaluator and the rest has to be arranged by you. There is an option to sanction an in-principle amount, which helps to know the amount a bank would be able to give out before you choose the property. Consider the following: Clubbing income - Income of your spouse... [Read more]
PF up 1% to 9.5%, interest rates may rise
There is good news for more than 4.7 crore provident fund subscribers and those with bank deposits, but for home loan borrowers or those looking for auto or business loans, the signals coming from the Reserve Bank of India are not too positive. On Thursday, the government approved an increase in interest rates on provident fund balances to 9.5% for the current financial year, from 8.5% in the past... [Read more]
