Tag: home loan details

State Bank of Bikaner and Jaipur offers discount on online home, auto loans

20 Dec 2012, ET Bureau.

MUMBAI: Now, get discount on online purchase of home loan and auto loan. State Bank of Bikaner and Jaipur(SBBJ) is offering a 10 basis points discount on home loan and 25 basis points discount on online purchase of loan. The country’s largest bank State Bank of India is likely to follow its subsidiary.

SBBJ has seen increase in applications with the online offer. For auto loans above 10 lakh, the bank is offering 25 basis points discount. The bank is offering 10 basis points discount on home loans of any amount.

“We have seen good response after we rolled out this scheme,” said SBBJ managing director Shiv Kumar. “Large public sector banks are studying our model and would follow us soon.”

The bank has waived off processing fee and pre-payment penalty. It is sanctioning 200 auto loans and 70 home loans through online every month. Home loans have grown by 12.1% year-on-year in November, compared with 16.5% in the same month a year ago.

State-run banks are hit by high non-performing loans in the corporate sector. The focus has shifted to retail portfolio. To push retail loans, public sector banks are offering auto loan free with home loan.

NHB slashes refinance rates upto 100 bps for home loans

2 Aug 2012, ET Bureau.

KOLKATA: National Housing Bank has slashed its refinance rate by up to 100 basis points for home loans not exceeding Rs 5 lakh. A 100 bps is 1 percentage point.

NHB said it has reduced the rate to promote affordable housing finance for low income people in urban areas. It started a special refinance scheme for them since July this year.

It is expected that a lower refinance rate would prompt primary lenders like banks and specialised housing finance companies to reduce their lending rates for economically weaker section.

Low income people is one who earns less than Rs 15,000 a month. Workers in the informal sector are eligible for the facility.

The apex housing bank provides refinance support to primary lenders against their actual lending.

It has reduced the refinance rate to 9% for loans up to Rs 2 lakh and 9.25% for loans between Rs 2 and 5 lakh. The refinance rate was flat 10% for loans up to Rs 5 lakh prior to this. NHB will offer the refinance at fixed rates for 5 to 15 years.

Home buyers more keen on resale market; project delays trigger boom

10 Jul 2012, ET Bureau.

NEW DELHI: Home sales in new projects across the country may have dipped in the last few quarters, but this hasn’t affected the resale market where business is actually booming.

Even banks and housing finance companies are seeing a shift as homebuyers are not willing to take a chance with delayed projects. Nearly 70% of those taking loans are investing in ready or nearly-ready homes, which is in sharp contrast to last year’s when 70% customers took loans to buy new homes and only 30% entered the resale market, says Destimoney, a company which provides home loans.

“Enormous delays in execution, liquidity crisis, high cost of borrowings and growing rentals are reasons why home buyers now want ready properties,” says Sameer Jasuja, chief executive officer of property research and analytics firm PropEquity.

Home buyers, wary of delays, prefer to enter projects at a much later stage and are even willing to pay a premium rather than live with uncertainty. PropEquity’s research shows that nearly half of the 930,000 under-construction residential units in India, scheduled for delivery between 2011 and 2013, are likely to be delayed by up to 18 months.

“Buyers are scared of an indefinite wait and are trying to mitigate risk. It is a good signal for the industry and will put pressure on developers to finish projects on time,” says RV Verma, chairman and managing director of the National Housing Bank. “Developers should look at it as a caution signal.”

“Prudence has come in as people are being careful today,” says Renu Sud Karnad, managing director of India’s biggest mortgage lender HDFC Ltd, which is expecting a 18-20% growth in home loan take-up in the April-June 2012 quarter.

In the January-March 2012 quarter, new home sales dropped by 57% in the National Capital Region, 58% in the Mumbai Metropolitan Region, and 18% in Bangalore. According to real estate brokers and consultants, a good amount of this business has moved to the secondary market.

“People are willing to pay a premium for ready properties,” says Brijesh Parnami, chief executive officer, distribution, at Destimoney. In the past one year, along with property prices, rentals too have increased considerably. In Mumbai, rentals are up between 10%-20% depending on the location, while in Noida, rents have zoomed by 30% and above during the period.

“This is putting pressure on a number of prospective buyers who are jumping at the opportunity of buying a house they can move into so that they can save on rent,” says Sumit Joshi, director of Noida-based real estate brokerage firm Real Credit Consultancy. In Pune, most end users today want to buy ready property.

National capital suffers from accomodation crunch: Government

7 May 2012, PTI.

NEW DELHI: Finding a proper accomodation seems to be a problem in Delhi as a new government data shows that three or more couples sleep under one roof in around 1.37 lakh houses while more than nine people live together in a single house in over two lakh dwellings in the city.

According to ‘Houselisting and Housing Census 2011′ for Delhi released today, six to eight members live under one roof in 25.6 per cent of 33,40,538 households in the city while six per cent of the houses (around two lakh) have more than nine people living in a single dwelling.

In 3.7 per cent households, only a single person lives on an average while 7.6 per cent houses have two persons and 12.8 have three persons. Twenty-four per cent of the households have four members while 20.4 per cent have five members.

The figures suggested that 32.2 per cent of the households have one room each while 29.6 per cent had two rooms and 20 per cent have three rooms.

The statistics said 3.5 per cent (around 1.16 lakh) of 33.40 lakh houses have six or more rooms while three per cent of the households have five rooms.

Delhi also appears to be well-placed in providing electricity connections as the statistics suggested that 99.1 per cent of the houses in the capital have power supply while only 0.1 per cent does not have any source of lighting in their houses. 0.7 per cent households depend on kerosene for lighting purposes.

Delhi’s households also have highest number of latrines in houses. Eighty-seven per cent of the houses in the capital have bathrooms while 8.9 per cent or around 2.97 lakh houses do not have such a facility.

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