Page 2 - Home Loans

MPC after-effect: SBI, ICICI Bank, YES Bank, BoI raise lending rates

The hike in lending rates shall be applicable to home loans and consequently, equated monthly instalment payments made by customers.

Residential sales might see a slowdown as RBI hikes repo rate: Experts

The repo rate hike does not augur well for the real estate sector, especially the residential segment as it will result in increased mortgage rates.

Prepay home loan to tackle 190-bps rise in repo rate since May: Experts

If you don't have a surplus, opt for higher EMI rather than longer tenor

Costlier home loans may have minimal impact during festive demand: Builders

Housing sales are likely to be affected as home loans will become costlier after the RBI's latest hike in repo rate, but builders hope that pent up and festive demand will negate any major impact on buying sentiment. Interest rate on home loans is currently at around 8 per cent and is expected to inch towards 9 per cent after the 50 basis points hike in repo rate announced by the RBI on Friday. This will reduce affordability of buying homes. However, property developers and consultants feel the impact will be "minimal" and not significant as the concept of home ownership has gained momentum during the COVID-19 pandemic. Moreover, builders are banking on festive demand to sail through. Developers are already offering price discounts and freebies to boost sales during the festival season and may further sweeten the deals to attract fence sitters, they said, and advised prospective homebuyers to take advantage of the offers. "We expect the rise in repo rate not to impact positive ...

HDFC raises lending rate by 50 basis points; home loan EMIs to increase

Mortgage lender HDFC Ltd on Friday hiked its lending rate by 50 basis points hours after the Reserve Bank raised the benchmark interest rate to tame inflation. The move would increase EMIs for housing loans by the firm. "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 country's biggest housing finance company said in a statement. This is the seventh rate increase undertaken by HDFC in the last five months. Other financial institutions and banks are also expected to follow suit after the RBI on Friday raised the key interest rate by 50 basis points, the fourth straight increase since May. The Monetary Policy Committee (MPC), comprising three members from the RBI and three external experts, raised the key lending rate or the repo rate to 5.90 per cent -- the highest since April 2019 -- with five out of the six members voting in favour of th

Home loans dearer, moderate impact on residential sale from RBI rate hike

The RBI's decision to hike repo rate will hit consumers' buying sentiment, but will have a moderate impact on housing sales in the affordable and mid-income categories, according to industry experts. With a hike in repo rates by 50 basis points, interest rates on home loans will rise and affordability of buying homes will reduce, they said. However, property developers and consultants feel that impact will be limited in view of pent up, as well as current festive demand. Developers are already offering discounts and freebies to boost sales during festival season and may further sweeten the deal to attract fence sitters. Anarock Chairman Anuj Puri said: "With this repo rate hike, home loans will get dearer soon. This could impact residential sales to some extent during the upcoming festive quarter, particularly in the affordable and mid-range housing segments." Housing sales have risen by 40-50 per cent in the July-September quarter, despite a hike in interest rates on home loans a

Consider festive offers that lower your cost of house acquisition

Don't let freebies blind you to key considerations like location, infrastructure, and the developer's record

Demand for 3-bedroom homes higher than other choices for first time: Report

Housing market better investment option than it was 12 months ago, respondents tell CII-ANAROCK Consumer Sentiment Survey

Sachin Bansal-led Navi Tech gets Sebi green signal for Rs 3,350 cr IPO

The firm provides digital-first distribution of personal loans, home loans and health insurance to customers without the need of physical infra

Sachin Bansal-led Navi Tech gets Sebi green signal for Rs 3,350 cr IPO

The firm provides digital-first distribution of personal loans, home loans and health insurance to customers without the need of physical infra

Term plan works better for covering home loan liability, say experts

Home loan protection plan may only cover accidental death, which could leave the borrower's nominees exposed

How RBI repo rate hike may impact you

The Reserve Bank of India's Monetary Policy Committee has hiked the repo rate by 50 basis point -- taking it above the pre-pandemic level. So how will it impact home loan borrowers, and investors?

Buy a house only if you don't plan to change city and can afford it

Renting provides flexibility vis-a-vis size of the house and geography, frees up finances

Explained: What is a credit score, why is it important & how to improve it

A credit score is among the first things a financial institution would check in order to sanction a loan

Affordable housing is set to lift off big time, says IMGC CEO Mahesh Misra

The stress is still there, but the worst is behind us, said Misra

LIC Housing finance hikes lending rate by 60 bps, home loans start at 7.5%

Says hike is in line with market scenario; rates are still very competitive and demand for home loans is to likely to sustain

Auto, home and personal loans become expensive with banks raising rates

Auto, home and personal loans have become costlier with banks and other financial institutions increasing interest rates following the repo rate hike by RBI on Wednesday. A number of banks including ICICI Bank, Bank of Baroda, Punjab National Bank (PNB), Bank of India, Indian Bank, Indian Overseas Bank and the country's leading mortgage lender HDFC Ltd have raised lending rates for their customers. Repo is the rate at which RBI lends to banks for their short-term borrowing needs. In its June 8 second bi-monthly monetary policy meeting review for FY23, RBI raised the benchmark repo rate by 50 basis points to 4.90 per cent with immediate effect. It followed an off-cycle rate hike of 40 basis points in May to rein in the soaring inflation in the country, mainly triggered by supply side woes due to Russia-Ukraine war. Private sector lender ICICI Bank raised the repo linked External Benchmark Lending Rate (EBLR) with effect from June 8, 2022 to 8.60 per cent from 8.10 per cent ...

RBI MPC: What should borrowers & depositors do amid rising interest rates?

The RBI on Wednesday again nudged up the repo rate by 50 basis points. The move will push up borrowing costs, from home to auto loans. What should depositors and borrowers do in this scenario?

HDFC Bank launches spot home loan offer; available on WhatsApp in 2 minutes

Mortgage lender HDFC on Tuesday launched a spot offer on WhatsApp to provide an in-principle home loan approval for buyers within 2 minutes. HDFC's Spot Offer on WhatsApp' is a platform that will enable prospective borrowers to get an in-principle home loan approval instantly, the lender said in a statement. All that the users have to do is initiate a conversation on HDFC's WhatsApp number (+91 9867000000) and provide some basic information, in a few clicks through a guided conversational flow, it said. On basis of the information keyed in by the customer, a provisional home loan offer letter is generated instantaneously. The home loan spot offer facility can be availed 24x7, it said, adding there is no waiting time' for the home loan approval letter. This facility is available to salaried resident Indians. "We at HDFC have been focusing and investing on digital transformation for better customer experience and engagement. Demand for housing in India continues to remain extremely

Feeling the inflation pinch? Cut back on discretionary expenses

If home loan EMI is straining your budget, ask lender to increase tenor