Worried about your tax returns? Want a home loan but confused about its impact on your tax returns? Confused about the ideas of tax rebates?

Don’t worry! The answers to these questions lie in the Income Tax Act of India!

Tax rebate is an amount that reduces the tax to be paid by the full amount of the rebate. Tax rebates treat all taxpayers equally by giving the same amount of rebate regardless of income...

Are you troubled about the high floating rates on your home loans, inspite of being regular with your EMIs?

Ever wished you could shift to another lender?

Yes! That is possible! If you have taken home loans and feel are paying much more than you should be, then you can shift to another lender. However, this is not as easy as it sounds. If you are regular with your repayments, then you can consider the...

Have you ever wondered how a bank decides how much amount to lend to you?

Ever wondered why is there a different cap on different loans?

Credit appraisal is the step which decides everything. Credit Appraisal is the process by which a lender appraises the creditworthiness of the prospective borrower. It is a very important step in determining the eligibility of a loan borrower for a loan. Every potential borrower has to go through the...

A boom in the retail sector has seen an immense increase in the home loan interest rates over the past 4 years. Home loan rates have doubled over the past 4 years. The present problem of inflation has also had a negative effect on the consumers as the fixed and the floating rate of interests have soared to an alarming degree. This in turn has certainly affected the loan eligibility for home loans in India....

Buying your own home might be one of the foremost dreams you might have. But, what has been the effect of the hike in the home loan interest rates on you? What should you do? Will the interest rates on the home loans ever come down?

Since 2004, India has been in a booming economy. The retail and housing sector has seen the most of these good times. The property rates and demand for houses...

The last few years have seen a rise in the income of the people. As a result of this, many people have moved up on the income ladder. With the increase in income, there has been seen an increase in demand. One of the core necessities of human beings is a house of their own. The increase in the demand for houses, flats and properties has lead to an altogether new dimension. Just like a...

A person generally buys his/her dream home only once in their lifetime. These days, most of the people buying their house, do that with the help of a home loan. However, what are the important characteristics of a home loan?

The answer to this question brings us to two very key terms: interest rates and home loan tenure. Generally, the home loan tenure isn’t given as much importance as the interest rate, or even the...

The shine of India is dimming. With high inflation, plunging stocks and a weakening rupee, the Indian growth story appears to have gone a little out of track.

Banks confirm the bad news. The first quarter bank loan numbers surely point towards a slowdown in the economy. Bank loans do continue to grow, but at a very slow pace. Even though speaking in absolute terms, loans, in the first quarter of (Q1) 2008-09, have done...

Following the increase in the interest rates, the country’s largest lender, State Bank of India decided to hike the processing fee on loans. State Bank of India (SBI), as part of its strategy to enhance the non-interest income, has decided to increase the processing fee on loans. This new fee hike would hold for both corporate and retail loans.

Talking about this hike, Mr Ashok Mukand, Deputy Managing Director, State Bank of India said...

Following the 24th June decision by the Reserve Bank of India, the country’s largest bank, State Bank of India, has decided to increase its floating home loan rate by 50 basis points across all tenors. This new rate has been into effect from 27 June, the day on which the bank had increased its PLR by 0.5 per cent.

SBI said in a release that for home loans of up to Rs. 30 lakh with...

After the hike in the BPLR would have hit the home loan customers, Allahabad bank is trying to heal their wounds by providing term loan facilities for housing loan customers of their bank. For this purpose, Allahabad Bank has tied-up with Tata AIG Life for providing term loan facilities for housing loan customers of the bank on a credit basis.

The Kolkata based bank has tied up with Life Insurance Corporation of India (LIC) for...

The foundation day of the State Bank of India came with a pinch of salt for its customers as the bank’s chairman hinted at a home loan rate hike in a week. The bank was celebrating its foundation day on 1st July, when it launched 101 branches and also became the first public sector bank to utilize mobile banking services.

Speaking on this occasion, State Bank of India (SBI) chairman, OP Bhatt, said that the...

Following the lead of various public and private sector lenders, including the highest public sector lender, SBI, the Canara Bank, has decided to hike its benchmark prime lending rate (BPLR) by 50 basis points. However, Canara Bank has done this with a difference. Announcing it on Friday, the bank has decided to leave home loans and auto loans out of the purview of the hike in the interest rates.

Talking on behalf of the...

LIC Housing Finance Ltd is entering new sectors of business. It has decided to start a subsidiary for the purpose of selling financial products. These would include home loans, mutual funds and insurance policies. The new company would be called LIC Financial Services Ltd (LIC HFL) and is expected to start operations in the next two to three months.

Mr R.R. Nair, newly appointed Director and Chief Executive, LIC Housing Finance Ltd (LIC HFL), said,...

Defending the RBI’s move, the government said that the decisions to hike key rates on Tuesday would not affect investment, as is being alleged. The government said that it would not hurt growth and investment demand. However, they have found few takers for this proposition. Most analysts and bankers are of the opposite view.

Trying to ease the growing tension, the finance ministry, said in a statement, "The objective of the RBI is to moderate...

If there is one sector which has been hit most severely by the inflation, then that is the small savings schemes. However, the RBI’s move of a double hike, which as most experts believe, would lead to an increase in the deposit rate of banks, would worsen their problems. Investments in small savings schemes are already at a very low level. Not only have they slowed down, but now as bank deposit rates will rise,...

As was expected, the RBI’s double hike, in CRR and repo rate, is going to percolate down to the consumers. However, this might happen sooner than people would anticipate it. As soon as Wednesday, bankers were meeting to decide on their banks’ stand on this new RBI move. On Tuesday night, the central bank, had hiked the repo rate and the CRR by 50 basis points. This will have an effect on every type of...

The after effects of the double digit inflation that India was dreading are becoming worse. If hike in lending rates wasn’t enough bad news, there is a feeling that home loan rates might also increase. With the current status of inflation, having crossed the 11% mark, it is possible that the commercial banks might increase the home loan interest rates.

Two years ago, Navin Jaiswal, a senior executive in a private company, had taken a...

In a shocking incident that has gripped West Bengal people and police alike, it was learnt that a 45-year-old city-based entrepreneur has duped 6 banks of over 5 crore rupees. Indrajit Chatterjee, who is a citizen of West Bengal, is on the run after the police realized that he was responsible for allegedly duping six banks of more than Rs 5 crore in the last two years.

The search is on for Chatterjee, who introduces...

Hyderabad police have come across a trio who use their intelligence to cheat banks. The police have nabbed a software engineer, who is the brain behind the whole cheating process, while a search is on for his two accomplices. The three of them have already cheated banks to the tune of Rs 28 lakh by submitting fraudulent documents. The software engineer, Bandi Durga Prasad was working in a firm at Panjagutta in Hyderabad. He joined...