I have taken loan of Rs 45 lakh at 7.50% per annum under External Benchmark Lending Rate. Now they have increased it to 9.50%. Do the lenders have any discretion as to whether to allow a borrower to transfer his home loan to other banks? Can I transfer my home loan to any other lender? … Read more
It is that time of the year when you will be asked to submit investment proof so that your workplace can deduct tax before the end of the fiscal on March 31, 2024. On one hand, the Income Tax department deducts tax, but at the same time, it promotes savings and investments among taxpayers. It … Read more
My name is Veer, and I work in the private sector, earning Rs 59,000 in hand, and have two personal loans of Rs 3.6 lakh pending, with EMIs of Rs 9,200 till January 2028, and another with EMI of Rs 5,500 for two years more. I am planning to switch jobs in two months and … Read more
Synopsis In theory, lower interest rates are supposed to push demand for real estate. but if one looks at what has happened in the last one year, this theory has been turned upside down. Interest rates are high on a relative basis as compared to what they were three years back, but still demand for … Read more
The Reserve Bank of India’s (RBI’s) decision to keep the policy repo rate unchanged offers significant relief to home loan borrowers. As RBI maintains a status quo, the equated monthly installments (EMIs) are unlikely to see a surge. Borrowers who were bracing for a hike can breathe a sigh of relief. The RBI’s Monetary Policy … Read more
Reasons for taking a home loan before turning 30 vary significantly based on individual circumstances. Some salaried employees may take on a home loan in their 20s if they can save for a down payment and feel financially stable enough to manage the mortgage payments. Factors influencing this decision include: Financial readiness: Whether someone has saved … Read more
Lenders typically rely on the debt-to-income ratio or Fixed Obligation Income Ratio (FOIR), loan-to-value ratio, and installment income ratio (IIR) when determining your eligibility for a higher loan amount, particularly with instant personal loans. Besides, lenders also use the multiplier method to assess and sanction loan amounts based on the borrower’s creditworthiness, loan-to-value ratio, financial … Read more
Ghosh, who has been heading Bandhan since its days as a microlender, termed the bank’s biggest setbacks — regulatory wrath for high promoter ownership and also the exposure to failed infra lender IL&FS – as “learnings”. Having stabilised the ship after some reverses on its flagship micro loans due to demonetisation and the humbling experience … Read more
The State Bank of India (SBI), India’s largest public sector lender, announced Wednesday morning that it has reduced its marginal cost-based lending rate (MCLR) by 5-10 bps for shorter tenor loans (i.e., up to three months). According to the bank’s press release, the new rates will be effective from July 10, 2020 and that it … Read more