PSBs get Rs 70,000 crore; home, auto loans to become cheaper
Currently, the portal gives in-principle approval for loans of up to Rs 1 crore to micro, small and medium enterprises in just 59 minutes or less than an hour
Many lenders nowadays waive the processing fee on home loan transfers
Joint owners would not be able to get the additional tax deduction due to caveats
You can borrow a large amount at a low rate of interest
Here's how the home loan rates offered by various banks stack up
In the case of banks, however, home loan enquiries showed a year-on-year increase of 9.3 per cent, says report
This benefit is, however, available only if the borrower uses the money for home repair and renovation
New borrowers will benefit if banks cut their MCLR. Older borrowers' EMIs will change only when their reset date arrives
The benchmark that banks follow is more transparent. HFCs, however, are more flexible
These loans require minimal paperwork as your existing lender has already scrutinised your credit profile and documents
Choose your EMI and loan tenure carefully
Tax benefit is available only if the funds are used for repair and renovation
Here's how the home loans by different banks and institutes stack up
It's not just interest rate difference that matters. There are other sundry costs, and the timing is important
During the past three years, state-run lenders' share in new home loan disbursal has decreased by 10 per cent, while that of housing finance firms has risen by 12 per cent
Home loans taken before April 1, 2016 were based on base rate, which was arbitrarily decided by banks
There are good benefits for borrowers in the range of 8.35-8.4%. Otherwise, the backending of discounts makes the offers unattractive
Lenders have justified high rates on the tenuous ground that someone has to pay for their bad corporate debts
Remember, RBI is concerned with lending, since cutting rates has not pushed up economic activity