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Home Loan

16 Personal Finance Changes in Budget 2013

Every budget changes lots of things in the personal finance space. Here is a list of 16 things that has changed for you. 1. Income Tax Slabs for FY 2013-14 The income tax slabs have largely remained unchanged for individuals. There are two major changes. People with income less than Rs. 5 Lakhs have to [...]

Budget 2013: Additional 1 Lakh exemption on Home Loan U/S 80EE

I have written earlier that this budget 2013 did not tinker much with income tax rates but thankfully has given incentive to buy your first house. The new section 80EE: Until now you could claim deduction on interest of your home loan to maximum of Rs 1.5 lakhs every year [under sec 24 of Income [...]

Lowest Home Loan Rates from SBI

With the recent policy rate cuts from Reserve Bank of India (RBI), State bank of India (SBI) has cut its home loan rates by 0.05%. This has made SBI home loan cheapest in the market. The new Home Loan rates from SBI are 9.95% for Loans below 30 lakh and 10.10% for loans of more [...]

Home and Auto Loan becomes cheaper

Last week Reserve Bank of India (RBI) had cut both repo rate and cash reserve ratio by 25 basis points each. This has lead to several banks lowering their base rates. This in turn has lead to cheaper Home and Auto loan rates. The good news is most banks have not yet started lowering their [...]

RBI Rate Cut Impact: Rush for Fixed Deposit and wait for your Loan

Reserve Bank of India (RBI) in its monetary policy presented on January 29, 2013 cut repo rate and cash reserve ratio by 25 basis points each. Repo rate, the rate at which banks borrow from the central bank, has been slashed to 7.75%; and the cash reserve ratio, the portion of bank deposits the banks [...]

How to sell a Mortgaged Property?

With increasing property prices and increased convenience of Home Loan, its hard to buy any property without taking home loan. Home loans are typically long term loans anywhere between 5 years to 30 years. In such a long period you might want to sell your property which still has home loan outstanding on it. Below [...]

12 Changes in 2012 that impacts your Investment

Today is the last day of 2012 and thanks to SEBI, RBI, and Finance Ministry among others which made some significant changes in your personal finance and investment. I have listed 12 of them. 1. One Scheme One Plan for Mutual Funds: Mutual Funds till now had multiple version of the same scheme – one [...]

How much can you gain by Home Loan Transfer?

Its speculated that the Reserve Bank of India (RBI) would cut interest rates in January 2013. But these rate cut benefits are rarely passed on by banks to their existing borrowers. The only option left for you is to either switch home loan to a new lender or switch to a different scheme of the [...]

How much Home Loan am I eligible for?

What is the maximum Home Loan can I get? This is one question which is asked time and again by anyone who wants to get into real estate. Till now the only answer you got was it depends on your take home salary, your age, kind of job, your assets among other factors. But thankfully [...]

Cheapest Home Loan from SBI

With Festive season from Navratri, there have been flood of offers from Banks on their Home Loans and from developers for their projects. As of today State Bank of India (SBI) is offering the cheapest home loan for all categories. The rate of interest is 10% for Home loan up to Rs. 30 Lacs and [...]

Axis Bank Happy Ending Home Loan – Review

Axis Bank yesterday launched a new Home Loan product named – Happy Ending Home Loan. This has a built-in EMI waiver scheme under which the bank will write off the last 12 installments if the customer stays with it for at least 15 years. A few more conditions for EMI waiver: The initial term of [...]

SBI offers lowest Home Loan Rates

India’s largest bank – State bank of India (SBI) had recently cut its Home Loan rates. This is lowest home loan rate in the market as of today. The new Home Loan rates are effective from August 7, 2012. The rate of interest is 10.25% for Home loan up to Rs. 30 Lacs and 10.40% [...]

Best Home Loan Rates – April 2012

Below is the list of Home Loan providers with the monthly EMI one needs to pay on the home loan of Rs. 1 Lakh. The lowest Home loan is provided by SBI and ICICI Bank for all Home Loan tenure. The best home loans have been highlighted. Home loan EMI per Rs. 1 lakh for [...]

Best Home Loan Rates – March 2012

Best Home Loan Rates for Home Loan of Less than Rs 10 Lakhs For Tenure of 10 Years For Tenure of 20 Years LIC Housing Finance 10.65% LIC Housing Finance 10.65% Axis Bank 10.75% Axis Bank 10.75% Bank of India 10.75% State Bank of India 10.75% State Bank of India 10.75% Bank of India 11.00% [...]

Buying your house got a bit more expensive

In a recent notification by RBI has called all banks to follow a common method of calculating what constitutes the Home Value. Till now banks used to add stamp duty, registration and other documentation charges to arrive to the final value of your home and then used to sanction 80% – 90% of the same as [...]

Does it make sense to switch to teaser Home Loan?

I purchased a Residential property in Ranchi in June 2009 worth Rs. 20 lakhs taking a Home loan of Rs. 15.6 Lakh from LIC Housing Finance @ 8.75% p.a. for 12 years. A few days back I received a letter from LIC saying the rates have been increased to 10% effective November 2009. Due to [...]