| Interest Rate Chart for Retail Loans | |||
| Scheme | Limit | Rate of Interest | Validity |
| Bhagya Laxmi | For Loan upto Rs. 75 Lacs | 10.00% | 31.03.2013 |
| For Loan of Rs. 75 Lacs & above upto Rs. 1.50 Crs | 10.50% | ||
| Super Choice | For Loan upto Rs. 75 Lacs | 10.25% | 31.03.2013 |
| For Loan of Rs. 75 Lacs & above upto Rs. 1.50 Crs | 10.75% | ||
| Grand 3 | For Loan Amount upto & including Rs 40 Lacs | 10.70% | 31.03.2013 |
| For Loan Amount more than Rs 40 Lacs and less than Rs. 1 Crore | 11.00% | ||
| For Loan Amount more than Rs 1 Crore and upto Rs. 1.50 Crore | 11.80% | ||
| New Advantage 5 | For Loan Amount upto & including Rs 40 Lacs | 11.15% | 31.03.2013 |
| For Loan Amount more than Rs 40 Lacs and less than Rs. 1 Crore | 11.40% | ||
| For Loan Amount more than Rs 1 Crore and upto Rs. 1.50 Crore | 11.65% | ||
| Pure Fixed | For Loan Amount upto & including Rs 40 Lacs | 10.95% | 31.03.2013 |
| For Loan Amount more than Rs 40 Lacs and less than Rs. 1 Crore | 11.20% | ||
| For Loan Amount more than Rs 1 Crore and upto Rs. 1.50 Crore | 11.50% | ||
Wednesday, 20 February 2013
Interest Rate Chart of LICHFL Till 31.03.2013
Monday, 3 September 2012
Corporation Bank has decided to slash interest rates on home
Corporation Bank has decided to slash interest rates on home, car and educational loans with effect from September 1 for a three-month period.
The state-run bank has also decided to waive the processing fee for these loans.
The bank's Chairman and Managing Director Ajai Kumar said the interest rates for Corp Home Housing loan for up to Rs 50 lakh would be 10.50%.
The rates would be 10.75% for loans up to Rs 1 crore and 11% for loans exceeding Rs 1 crore. The bank hitherto charged 11.25% interest on home loans, he told reporters here yesterday.
In case of vehicle loans, customers would be charged at 11.25% for a five-year period.
The interest rate for auto loans with a tenure of 7 years would be 11.75% as against 12% charged so far, he said.
Kumar said the bank has launched Corp Doctor Plus scheme for medical professionals, under which any registered medical can avail loans at 12.10% interest rate against the existing rate of 12.60%.
Ashwani Kumar and Amar Lal, both Executive Directors of the bank and K Ramamurthy, General Manger were also present at the event.
Friday, 3 August 2012
SBI Cuts Car, Home Loan Rates 50bps
The move will force rival private sector and state-run peers to lower interest rates, which could put pressure on their profitability. SBI did not say whether lower rates will be applicable to existing customers.
“We have targeted the retail segment because the instrument of interest rate should be used for increasing credit flow,” SBI Chairman Pratip Chaudhuri said in an interview to ET NOW. “Large term loan proposals are very few and working capital for good corporates is already happening below base rates...So, for a bank like us, the option is to accelerate the retail (lending).” The rate on car loans now stands at 10.75%, down from 11.25%, which will translate into a monthly repayment of . 1,699 on a seven-year loan, compared with . 1,725 earlier. The rate on home loans up to . 30 lakh will fall to 10.25% from 10.5%. Forloans between . 30 lakh and . 75 lakh, the rate will be 10.4%, down from 10.75%. For home loans over . 75 lakh, the rate will be 10.4%, compared with 11% earlier. The new rates will be effective from August 7.
Thursday, 2 August 2012
Interest Rate of LICHFL in August 2012
Interest Rate
of LICHFL in August 2012
A New Limited Edition Floating
Rate Product called “YUVA” has been introduced w.e.f 01.08.2012 by LICHFL. This
product is offered for a Limited Period of 3 Months i.e., for loans sanctioned
till 31.10.2012 and for 1st Disbursements to be availed on or before
30.11.2012.:-
|
Amount of Loan
|
Interest Rate
|
|
Upto and including
Rs 40 lacs
|
10.75%
|
|
More than Rs 40
lacs and less than Rs 75 lacs
|
11.00%
|
|
Rs 75 lacs &
above upto Rs 1.50 cr
|
11.25%
|
This product is Floating Rate of
Interest for the first 3 years from the date of first disbursement & would
be linked to PLR prevalent on the date of first disbursement. However after 3
years Interest rate will be PLR-250BPS & 75 lacs to 1.50 Cr will be
PLR-225BPS
Other products of LICHFL are Grand 3 & Advantage 5
|
Amount of Loan
|
Grand 3
|
New Advantage 5
|
|
Upto 40 Lacs
|
10.70%
|
11.15%
|
|
40 Lacs to 1 crore`
|
11.25%
|
11.40%
|
|
1 crore to 1.50 crore
|
11.75%
|
11.65%
|
Grand 3 is fixed for 3 years
& floating thereafter. New Advantage 5 is fixed for 5 Years & floating
thereafter.
Sunday, 29 July 2012
Home loan top up is cheaper than personal Loan
These days
if you have Home Loan on your house you can get top up on that loan for your
personal use. The top up Loan on your home Loan is much cheaper as compared to
the Personal loan. It’s come with a interest rate of 13-14% p.a. as compared to
the Personal loan whose Rate of Interest is ranging from 15-20% as well as
higher Processing Fees.
So if you
need personal loan for your personal use like sisters or daughters marriages
etc. you can go for home Loan Top up on the existing Loan or loan against
property as the same is much cheaper than the personal loan & very easy to
process.
If you
already have home loan you just need to approach your existing financer for top
up on the same. The financer will provide you the loan faster as the property
is already mortgaged to them if the financier have margin for the same. Since
the end use of the loan is different & not for home purchase or
construction, obviously the rate of interest for the top up loan will be
higher. However the interest rate on your home loan portion will be same as of
earlier & will not be effected by your top up loan interest rate. Financer
will just treat those as two separate loan account though the property is same.
Same way if
a person does not have any loan on his home can approach financers for his/her
business loan/ personal loan needs by offering house as mortgage for cheaper
rate of interest.
[For any
query on the said matter write your query to Housingfinance.advisor@gmail.com]
Saturday, 21 July 2012
Prepayment charge on Home Loan
Prepayment Charge
RBI
as well as NHB (National Housing Bank) has abolished prepayment charge/penalty
on prepayment of home loan from this April 2012 onwards. Some Banks were
charging 1-2% penalty on prepayment of their home loans.
Now
from April 2012 onwards Bankers are bound to waive the prepayment penalty on
pre payment of Home Loans. The borrowers on floating rate of interest will need
not to pay prepayment charge whether its paid from own source or it’s a takeover
by any other banks. However borrowers on fixed rate of interest would get this
benefit only on payment from its own sources.
The borrowers
on fix-o-floaty scheme (where interest rate is fixed for certain period &
floating thereafter) will be considered as fixed interest rate borrower without
considering the fact that whether the borrower is at the time of prepayment is under
fixed or floating rate of interest. Therefore they will get the benefit of prepayment
charge abolishment only if they pay the amount from their own sources.
The borrowers
with good track record & paying a high floating rate of interest, mainly
the borrowers who borrowed long time back, can consider for takeover of their
loan from any other bank to minimize the interest burden. By the same time borrowers
with idle money in hand can consider for prepayment to utilize the idle money
by saving interest on their home loan.
For
any query on the above article mail us at housingfinance.advisor@gmail.com
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