Loan for personal Home at Low Intrest rate

 Borrowers should possess a thorough knowledge of the key factors influencing home loan interest rates in India before applying for this credit option. Thanks to the easy availability of home loans, people can now fulfil their dreams of owning a home. Furthermore, the high-value loan amount and the competitive home loan interest rates have made this credit facility popular among homebuyers in India. The monthly instalments and borrowing costs are significantly impacted by interest rates. Therefore, borrowers should possess a thorough knowledge of the key factors influencing  home loan interest rates in India before applying for this credit option. How Do Financial Institutions Determine the Home Loan Interest Rates Lending institutions consider the following factors while determining the home loan interest rates for a particular borrower: Location of the property The property’s location also impacts the interest rates on a home loan. If a property is located in a posh location with am

 Fight against inflation remains major concern, growth forecast is lowered to 6.8 pc from 7 pc this fiscal says RBI. Reserve Bank of India Governor Shaktikanta Das announces the bi-monthly monetary policy, Wednesday, Dec. 7, 2022 hiked the key policy rate, the repo rate or the rate at which the RBI lends funds to banks, by 35 basis points to 6.25 per cent in a bid to rein in retail inflation. What impact will the RBI’s decision have? Lending rates of banks are expected to go up as the cost of funds is expected to rise further. EMIs on vehicle, home and personal loans will also rise. The external benchmark linked lending rate (EBLR) of banks will rise by 35 bps — one basis point is one hundredth of a percentage point— as such loans are linked to the Repo rate. As much as 43.6 per cent of the total loans are now linked to the Repo rate. Marginal cost of funds-based lending rates ( MCLR ), which accounts for 49.2 per cent of the loans portfolio of banks, are also expected to move up. The

 SBI Cards and Payment Services Ltd. traded 0.78 per cent up in Monday's trade at 12:28PM (IST). Around 123,822 shares changed hands on the counter. The counter opened at Rs 810.0 and touched an intraday high and low of Rs 818.0 and Rs 805.4, respectively, in the session so far. The stock of  SBI Cards  and Payment Services Ltd. quoted a 52-week high of Rs 1028.75 and a 52-week low of Rs 656.1. Total market cap of the SBI Cards and Payment Services Ltd. stood at Rs 76658.91 crore at the time of writing this report. Key Financials The company reported consolidated net sales of Rs 3453.32 crore for the quarter ended 30-Sep-2022, up 5.84 per cent from previous quarter's Rs 3262.85 crore and up 28.12 per cent from the year-ago quarter's Rs 2695.46 crore. The net profit for latest quarter stood at Rs 525.64 crore, up 52.4 per cent from the same quarter a year ago. Shareholding pattern As of 30-Jun-2022, domestic institutional investors held 11.34 per cent stake in the firm, whil

 The centre is set to provide National Skills Qualifications Framework (NSQF) and National Curriculum Framework (NCF) aligned short-term courses in telecom service job roles. Telecom sector skill training provider TSSC on Monday said it has partnered with SBI Cards and Payment Services for placement-linked skill development courses to train 763 women over the next two years. Under this partnership, Telecom Sector Skill Council (TSSC) has launched a telecom centre of excellence (CoE) at the Government College for Girls Gurugram under a CSR initiative for women empowerment. The project will cater to 763 candidates over the span of two years beginning from September this year, the statement said. “The CSR project under this collaboration will be a pertinent boost in skilling the female youth and help them inculcate the spirit of self-reliance to explore new job roles. This crucial partnership with SBI credit Cards for CSR is yet another step forward to drive equality of opportunity for

State Bank of India (SBI) has raised the marginal cost of funds-based lending rate (MCLR) by 15 basis points across tenors, making most consumer loans costlier for borrowers. The benchmark one-year MCLR, which is used as base for fixing most of home loans , auto and personal loans , has been raised by 10 basis points (bps) to 8.05 percent, as against 7.95 percent earlier. Why are loans impacted by RBI's decision? Generally, when RBI hikes the repo rate, it increases the cost of funds for banks. This means that banks will have to pay more for the money they borrow from RBI. Consequently, banks pass on the cost to borrowers by increasing their loan interest rates, making EMIs costlier. As a result, both new and existing borrowers witness an increase in their loan interest rates.

SBI is offering a concession of 20 basis points to borrowers with CIBIL scores of 700-749, which is almost 8.55 per cent, instead of the normal 8.75 per cent. State Bank of India (SBI)’s festive offers are here! Since the festive month is approaching, the biggest lender in India is also in a jolly mood and is offering concession of 15 basis points to 30 basis points on its sbi home loans . While the offer is seemingly lucrative for many buyers, it is only available from October 4, 2022 to January 31, 2023. While the normal interest rates on SBI home loans range from 8.55 per cent to 9.05 per cent, under the lender’s festive offers, these rates are expected to be lower and must be checked from the bank itself. In addition to this, SBI is also offering zero processing fees on its regular and top-up home loan plans. But, in order to reap benefits of these offers, a person’s CIBIL score will matter. SBI Top-Up Home Loan Rates For this festive season, SBI is offering 1.5 basis points conc

  Leading housing finance provider HDFC Ltd. upped its lending rate by 50 basis points on Friday after the Reserve Bank of India (RBI) hiked the policy repo rate by 50 basis points (bps) to 5.9% in its Monetary Policy Committee (MPC) held on Friday. In the last five months, HDFC has implemented a total of seven rate hikes. "HDFC increases its Retail Prime Lending Rate (RPLR) on Housing loans, on which its Adjustable Rate Home Loans (ARHL) are benchmarked, by 50 basis points, with effect from October 1, 2022," the company said in a statement. The  interest rates on home loans  are available from HDFC Limited starting at 8.10% p.a. This interest rate is applicable to loans for purchasing a new house, balance transfers, home renovations, and home expansions. The above-mentioned home loan interest rates are flexible during the loan's term and are determined by HDFC's benchmark Rate ("RPLR"). Both new and existing borrowers will now be required to make EMI paymen

 SBI has not yet revised the minimum interest rate on home loans in September. Effective August 15, 2022, the bank’s EBLR is 8.05%+CRP+BSP, as per the SBI website. RLLR is 7.65%+CRP. However, depending on the credit score, a risk premium will be charged. This means a borrower with a credit score of more than 800 will now pay a minimum rate of 7.55 percent under the regular home loans . For applicants who have a credit score of 800 or higher, the minimum interest rate on regular home loans is 8.05 percent. The risk premium in this case is 0. The risk premium is based on the CIBIL score; the risk premium rate increases with a lower credit score. A credit score of 750 to 799 will result in a 8.15 percent interest rate with a risk premium of 10 basis points. Female borrowers will receive a 0.05 percent interest rate reduction. Borrowers will be compelled to pay higher interest rates, i.e. higher EMIs, once the reset date arrives, or their loan tenure would be extended if there is room fo

 Demand for home loans is strong in India and is expected to pick up further over the next few months, the head of major housing finance firm Housing. Home loans have grown by 16% as of end July compared to same period last year. "The economy is buoyant, the feel good factor is high, affordability is better so people are comfortable buying houses even if rates are slightly higher," Keki Mistry, chief executive of HDFC, told Reuters. The central bank has already raised rates three times by a total of 140 basis points in this financial year to tame stubbornly high inflation, which has remained above the central bank's tolerance band for several months. Lenders have passed on the interest rate rises but Mistry said that there are no signs of stress among home buyers and collections on loan dues remain robust. Interest rates are expected to rise further with economists expecting at least another 60 basis points by March 2023, according to a Reuters poll. "The economy fe

The private lender HDFC Bank is expanding its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise credit exposure to customers who are self-employed, who make up barely 5% of the market. The 10-second loan service is something that HDFC Bank, the largest private lender in India, wants to make available to everyone, even people who don’t have bank accounts. The bank has been able to provide 10-second loans for existing customers over the previous six years and has been a paradigm pioneer in this area. By year’s end, we intend to release the product to the larger open market for personal loans after providing service delight to our current clients. The HDFC Bank is increasing its offers to self-employed people who were previously not considered creditworthy in addition to providing loans to everyone in just 10 seconds. Now, the private lender wants to raise cr

 LIC Housing Finance and Bajaj Housing Finance on Monday announced a hike in lending rates for home loans by 0.5 percentage points. Home loans to get costlier with hike in lending rates. LIC Housing Finance and Bajaj Housing Finance on Monday announced a hike in lending rates for home loans by 0.5 percentage points. With this hike, the lowest priced product at Bajaj Housing Finance, for the salaried and professional applicants, will be at 7.70 per cent now. Despite the latest hike, the company has claimed to be offering loans at competitive rates. For LIC Housing Finance, the new interest rates on home loans will start from 8 per cent as against 7.5 per cent before the hike. The company’s chief executive officer and managing director Y Viswanatha Gowd maintained that the RBI’s repo rate hike by 0.5 percentage points has caused ‘minimum fluctuations’ in monthly installments or tenure of home loans. He also said that the demand for housing will remain robust. The RBI had raised the rep

State Bank of India or SBI, India's biggest lender, increased marginal cost of funds based lending rate or MCLR on loans with effect from today, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR. The one-year MCLR is considered important from a retail loans perspective, as a bank's long-term loans like home loans are linked to this rate. The SBI one-year MCLR goes up to 7.70%, from 7.50% The overnight to three-month SBI MCLR rate has been hiked to 7.35%, from 7.15%. The SBI six-month MCLR goes up to 7.65% from 7.45%, one-year to 7.7%, from 7.5%, two-year to 7.90% from 7.7% and three-year to 8.00% from 7.80%. SBI latest MCLR rates Overnight  - 7.35% One Month - 7.35% Three Month - 7.35% Six Month - 7.65% One Year - 7.7% Two Years - 7.9% Three Years - 8% Check Latest - SBI Home Loan Interest Rates

  Credit-score provider VantageScore Solutions LLC said it would stop factoring all medical debts that are in collections into the latest versions of its scores. VantageScore’s decision goes beyond a recent move by Equifax Inc., Experian PLC and TransUnion to remove many medical collections from people’s credit reports. The three companies own VantageScore, which competes against Fair Isaac Corp., the creator of the more widely used FICO credit scores . Hospitals and other medical providers send unpaid bills to collection companies, which then report the accounts to the credit-reporting firms. The information often lowers people’s credit scores, which makes it harder to get approved for credit or to get loans on affordable terms. VantageScore expects the change to take place in October. Millions of people with medical debts in collections could see a score increase of as much as 20 points, the company said.

Led by spruced-up mobile apps, pre-approved loan limits and quicker sanctions and disbursal, public sector banks are witnessing a surge in demand for personal loans as consumption gathers pace. State-owned lenders such as Bank of India, Bank of Baroda and Punjab National Bank have seen strong growth in this segment.  Personal loans have been the forte of private lenders, backed by tech-driven loan underwriting capabilities. While State Bank of India (SBI) has always stood out for its digital banking initiatives, which are on a par with the private sector, other lenders are catching up.

 Small ticket loans now make 50 per cent of the personal loan segment and their ticket size is below Rs 1 lakh, says CRIF High Mark report. Here are four trends observed in the lending market post Covid. Small ticket loans with values of less than Rs. 1 lakh have contributed close to 50 per cent of the overall personal loan market. “The majority of people have preferred small-ticket loans, as they offered a quick online process, instant disbursal, better management of loans, and reduced ticket values.” According to a report corroborated by TransUnion CIBIL Score and Google, millennials (age group 26 – 41) formed the bulk of the retail loan borrower accounts. So, what led to this trend? Here are the details. Some Recent Trends Seen by Fintech’s/Non-Banking Financial Companies (NBFCs) Higher Interest among Consumers after Covid-19: Sucheta Mahapatra, managing director, Branch, a personal finance application, says that they saw the demand for loans rise by two times during the peak of t