Finance : As we all know a bank is a financial institution licensed to receive deposits and make loans. Banks many also provide financial se...
Company Law : In this Flash editorial, the author begins by referring the provisiosn of National Housing Bank, Housing Finance Companies. Author...
Finance : Your Home Loan is a secured loan. Compared to unsecured loan options, this huge loan comes at a comparatively less rate of interes...
Fema / RBI : 1. For what purposes can I seek a first time home loan?You can generally seek a first time home loan for buying a house or a flat,...
Income Tax : The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of generati...
Fema / RBI : Discussions were held between the Indian Banks’ Association representing Managements of Banks and the authorized represent...
Finance : Housing prices have declined in eight major cities by up to 15% during January-March period of this year due to a slowdown in prop...
Fema / RBI : The National Housing Bank today said there has been a slowdown in the growth of housing loan uptake due to higher interest rates a...
Income Tax : Union Finance Minister Shri Pranab Mukherjee held a meeting with Financial Sector stakeholders to get their inputs for General Bud...
Finance : Bringing prudence in lending to home borrowers, the Reserve Bank of India (RBI) today increased provisioning for teaser loan rates...
Fema / RBI : Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans gra...
Income Tax : NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan ...
Fraudulent home loan seekers and habitual defaulters will have a tough time now as lenders have a ready pool of information available on them, with the launch of the country”s first electronic centralised database of mortgage information called Cibil Mortgage Check. Cibil Mortgage Check would help banks and financial institutions share and access mortgage information, exercise better due diligence, and thus help reduce fraudulent property transactions.
Under the new model of RML launched last year, banks will pay a lump-sum amount to a life insurance company, which in turn makes annuity-based payment to the borrower. The catch, however, is that the interest payable by the borrower is treated as accrued interest and liable to income tax in the hands of the bank.
Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans granted to Housing Finance Companies (HFCs), approved by National Housing Bank for the purpose of refinance, for on-lending to individuals for purchase/construction of dwelling units, provided the housing loans granted by HFCs do not exceed Rs.20 lakh per dwelling unit per family, are eligible to be classified under priority sector. However, the eligibility under this measure is restricted to five per cent of the individual bank’s total priority sector lending, on an ongoing basis. The above special dispensation is applicable to loans granted by banks to HFCs up to March 31, 2010.
The Government today launched an interest subvention scheme of 1% on all individual housing loans upto Rs.10 lakh for units costing upto Rs. 20 lakh. The scheme recognizes that cut in interest rates has an important role to play in reducing EMIs of borrowers & creating additional demand for housing. The Scheme will cover all […]
The Finance Minister announced a slew of amendments on both income-tax and service tax fronts to achieve the objective of generating economic activity in the present environment of economic slowdown
As per the Reserve Bank of India (RBI)’s guidelines on lending to Priority Sector, the following types of home loans extended by the Scheduled Commercial Banks (SCBs) are eligible to be classified as Priority Sector Advances :- i) Loans upto Rs. 20 lakhs, irrespective of location, to individuals for purchase/constructi on of a dwelling unit […]
NOTIFICATION NO. 93/2008, DATED 30-9-2008 Reverse Mortgage means mortgage of a capital asset by an eligible pcrscn against a loan obtained by him fiom an approved lending institution; reverse mortgagor means the eligible person who has mortgaged the capital asset for the purpose of obtaining loan;
