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|Bank Name||Floating Interest Rate||MCLR Rates|
|SBI||8.30% - 8.65%||8.50%|
|Axis Bank||8.75% to 10%||8.70%|
|HDFC LTD||8.80% - 9.05%||8.60%|
|ICICI Bank||8.90% - 9.10%||8.55%|
|Bank of Baroda||8.30% - 9.35%||8.55%|
|Bank of India||8.45% - 8.6%||8.60%|
|Canara Bank||8.35% - 8.55%||8.65%|
|Yes Bank||9.35% - 10.50%||9.70%|
|Indian Overseas Bank||8.55% - 9.05%||8.70%|
|Kotak Mahindra Bank||8.50%||9.05%|
|HSBC||8.25% - 8.90%||8.05%|
|Federal Bank||8.60% - 9.20%||9.20%|
|Central Bank of India||8.30%||8.60%|
|TATA CAPITAL||8.75% - 8.85%||-|
|IDBI Bank||8.35% - 8.65%||8.85%|
|Dena Bank||8.25% - 8.35%||8.60%|
|Andhra Bank||8.75% - 8.85%||8.70%|
The Pune Municipal Corporation has reportedly permitted private real estate developers to construct over 6,000 affordable houses for the urban poor under the Pradhan Mantri Awas Yojana (PMAY). According to sources, PMC had sanctioned the construction of 6,264 houses in different parts of the city. The houses will be targeting beneficiaries from the low income group (LIG), middle income group (MIG) and the economically weaker sections (EWS). The construction of houses will be done in regions of Vadgaon, Hadapsar, Kharadi where municipal plots have already been reserved for real estate projects for the urban poor. City engineer, Prashant Waghmare, said that the dates for the lottery to select beneficiaries under the scheme will be announced soon. PMC has also made arrangements with various financial institutions and banks in order to achieve the objective.
5 December 2018
The Housing Development Finance Corporation (HDFC) Ltd, the largest standalone housing finance institution in the country, has reportedly disbursed subsidy of over Rs.1,100 crore to over 51,000 eligible customers under the Pradhan Mantri Awas Yojana’s (PMAY) Credit Linked Subsidy Scheme (CLSS). The bank also announced that the compmany had sanctioned and disbursed loans over Rs.9,800 crore to eligible customers associated with the Middle Income Group (MIG), Low Income Group (LIG) and Economically Weaker Section (EWS) segments during the quarter ended 30 September 2018. The bank has also claimed to have approved over 37% loans in terms of volume and another 18% loans in terms of value to borrowers belonging to LIG and EWS categories. As per the CLSS rules, eligible customers associated with Middle Income Group (annual household income up to Rs.6 lakh) are eligible for an interest subsidy of 6.5% p.a. loan amounts up to Rs.6 lakh. Similarly, for eligible customers linked to Low Income Group and Economically Weaker Section (annual household income over Rs.6 lakh and up to Rs.12 lakh), the scheme offers an interest subsidy of 4% p.a. on loans up to Rs.9 lakh and 3% p.a. on loans up to Rs.12 lakh. The CLSS scheme is valid until the end of March 2019 for customers associated to MIG and until March-end 2022 for EWS and LIG segments.
22 November 2018
HUDCO has announced listing and disclosure requirements publically as per Section 30 as per the directive of the Securities and Equities Board of India (SEBI). HUDCO made the announcement to claim that it has raised funds of Rs.3000 crore through the issuance of Government of India Fully Serviced, Unsecured, Taxable HUDCO Bonds Series -I 2018. The body has further said that it will use the funds to lend to Building Materials and Technology Promotion Council (BMTPC), which is an autonomous body of the Ministry of Housing and Urban Development Authority (MoHDA). The loan will be the same way as assistance provided to states and other union territories by the central government.
20 November 2018
NPAs have long since been a worry for the banking industry. It is when a borrower take up a loan from the bank in question and defaults either on the entire amount or the partial amount of the loan. Bank of Maharashtra is suffering with NPAs of its own and is now on the hunt for buyers who are willing to rid the bank off its weak assets. The Mumbai based bank is hoping to attract banks, financial institutions, NBFCs, asset reconstruction companies among other to take over its Top 10 worst performers. As per information made available by the bank, the Top 10 NPAs for Bank of Maharashtra stands at Rs.6.53 billion rupees, which in other words is about Rs.6,500 crores. The bank is among 11 of Reserve Bank of India’s radar which are under strict corrective measures imposed by India’s apex banking body to improve its health.
19 November 2018
Over 528 families located in the Kochi Corporation area will receive houses under the State’s LIFE Mission housing scheme’s second phase. The documentation process has reportedly been completed and the houses are expected to be completed by March 2019. The beneficiaries shall be provided Rs.4 lakhs for the purpose of construction. In the same line, the beneficiary families can avail interest-free loans up to Rs.6 lakhs under the Pradhan Mantri Awas Yojana (PMAY). The houses built shall come with all basic amenities such as two bedrooms, bathroom and kitchen. The houses shall be constructed on the beneficiaries’ own property in the second phase. In the third phase, the state aims at benefiting 13,900 families who own no land or house in the Kochi Corporation area. However, identifying plots for construction of houses for these families is expected to be a major challenge.
13 November 2018
Indiabulls Housing Finance can get expensive after the company announced a hike of 20 basis points (bps) or 0.20% on the home loan interest rates. According to sources, the increase in the interest rates can be the result of the rising funding costs for the company. The interest rate for home loan amounts up to Rs.35 lakh for women applicants and co-applicants start at 8.80% while the rate of interest for other applicants and co-applicants start at 8.85%. Similarly, for loan amounts above Rs.35 lakh, the rate of interest applicable to women borrowers starts at 8.95%. For other applicants and co-applicants, the interest rates on the home loans start at 9.00%.
12 November 2018
State-owned Bank of Baroda has reportedly hiked the lending rates by 10 basis points (bps) or 0.10% across various loan tenors. The revised marginal cost of funds based lending rates will take effect from 07 November 2018. The increase in lending rate is expected to directly impact new home loan borrowers with higher EMIs on their home loan. The one-year MCLR on which most retail loans are benchmarked has been raised to 8.65% while the MCLR for six-month loan tenors is set at 8.50%. The MCLR for three months, one month and overnight tenors have also been revised to 8.30%, 8.20% and 8.15% respectively. The bank also announced that the one-year MCLR shall be applicable on loans irrespective of the total loan amount availed and the loan tenure can be extended up to 30 years.
9 November 2018
Punjab National Bank has reportedly increased the marginal cost of funds based lending rate (MCLR) on Tuesday. The benchmark lending rate has been hiked by 5 basis points (bps) or 0.05% across loan maturities. The new MCLR will be effective from 01 November 2018. The one year MCLR on which most retail loans are benchmarked presently stands at 8.50%. The MCLR for six month tenors stands at 8.45% while the three month MCLR has been raised to 8.25%. Similarly, the MCLR for one month and overnight tenors have also been raised to 8.15% each.
8 November 2018
Home buying is likely to be a low-key affair again this festive season despite the developers’ effort to woo potential home buyers with attractive offers and discounts. However, real estate builders and developers are expecting the demand to pick up after two years of GST, RERA and demonetisation. According to sources, over 618 million square feet of under-construction properties are currently recorded available with real estate developers in the top three cities. The response and queries from prospective home buyers have seen an increase compared to the previous year. However, the number of these enquiries that could convert into sales is not clear yet. Developers are playing all the cards by offering flexible payment schemes, GST waivers, no EMI till possession, discounts on the rate of interest, free of cost amenities and parking etc in order to lure customers.
7 November 2018
ICICI Bank, one of the leading private sector lenders in the country has revised its marginal cost of funds based lending rates (MCLR) by 5 basis points (bps) or 0.05% across various loan maturities. The new lending rates will be effective from 31 October 2018. The one-year MCLR rate on which most retail loans are based on has been hiked by 0.05% or 5 bps from 8.70% from the previously set 8.65%. The lending rates for the other tenors ranged between 8.45% and 8.60%. The increasing rates indicate the impact of the rising cost of funds and the impact of bad loans on the bank’s register, according to experts.
2 November 2018