Home loans – Timeup Soft http://timeupsoft.com/ Wed, 28 Sep 2022 09:39:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://timeupsoft.com/wp-content/uploads/2021/10/icon-12-160x160.png Home loans – Timeup Soft http://timeupsoft.com/ 32 32 Between 2018-19 and 2021-22, the average mortgage growth in the country is 11%, while it is 13% in Tier 3 and Tier 4 cities. https://timeupsoft.com/between-2018-19-and-2021-22-the-average-mortgage-growth-in-the-country-is-11-while-it-is-13-in-tier-3-and-tier-4-cities/ Sat, 24 Sep 2022 13:16:08 +0000 https://timeupsoft.com/between-2018-19-and-2021-22-the-average-mortgage-growth-in-the-country-is-11-while-it-is-13-in-tier-3-and-tier-4-cities/ The direct impact of the Covid outbreak has been seen on the national housing sector. According to a report by SBI, the average annual growth of home loans in the country was 11% between fiscal years 2018-19 to 2021-22, but in the same years, the annual growth of home loans in Tier-3 and Tier -4 […]]]>

The direct impact of the Covid outbreak has been seen on the national housing sector. According to a report by SBI, the average annual growth of home loans in the country was 11% between fiscal years 2018-19 to 2021-22, but in the same years, the annual growth of home loans in Tier-3 and Tier -4 cities was 12. -13% seen. The particularity is that women have taken out up to 86% of real estate loans in small towns.

The report also noted that the average loan size in Tier 3 and 4 cities has also been higher in recent years compared to Tier 1 cities like Delhi, Mumbai and Tier 2 cities like Bhopal, Indore, Chandigarh . Cities like Aligarh, Baroda, Madurai fall under Tier-3 category and the rest of the small towns fall under Tier-4 category. According to SBI, due to the growing trend of working from home, especially during the Covid period, more homes were purchased by taking out loans in smaller towns.

Digital home office trend
It was said in the report that because of working from home, family priorities have changed. As people have had to work from home for a long time, some of them have set up digital offices at home. This trend was seen more in Tier 3 and Tier 4 cities. Due to this, people felt the need to have their own house.

House prices have also increased
Over the past four years, the demand and price for homes in Tier 3.4 cities has also increased more than in large, medium cities. House prices in cities like Raipur, Surat, Jaipur and Lucknow have risen faster than those in cities like Delhi, Mumbai, Chandigarh and Indore.

women at the top
Nearly half of home loans in Tier 4 cities were taken out by women. In some cities, more than three quarters of the loans were taken out by women. Women took 86% of new housing loans in Dang in Gujarat and 75% in Arwal in Bihar. There is a 0.10% home loan subsidy for women.

36% of loans distributed to small towns

  • Tier 3.4 cities accounted for 36% of new home loans between 2018-19 and 21-22.
  • Small towns accounted for 32% of home loans disbursed in 2018-19.
  • Uttar Pradesh, Karnataka and Punjab were the leading states in terms of small town home loan growth.
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The average mortgage growth in the country between 2018-19 and 2021-22 is 11%, while it is 13% in Tier 3 and Tier 4 cities. https://timeupsoft.com/the-average-mortgage-growth-in-the-country-between-2018-19-and-2021-22-is-11-while-it-is-13-in-tier-3-and-tier-4-cities/ Sat, 24 Sep 2022 04:04:53 +0000 https://timeupsoft.com/the-average-mortgage-growth-in-the-country-between-2018-19-and-2021-22-is-11-while-it-is-13-in-tier-3-and-tier-4-cities/ hindi news Company Mortgage: The average growth of mortgages in the country between 2018 19 and 2021 22 is 11%, while it is 13% in Tier 3 and 4 cities. The direct impact of the Covid outbreak has been seen on the national housing sector. According to a report by the SBI, the average annual […]]]>
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  • Mortgage: The average growth of mortgages in the country between 2018 19 and 2021 22 is 11%, while it is 13% in Tier 3 and 4 cities.

The direct impact of the Covid outbreak has been seen on the national housing sector. According to a report by the SBI, the average annual growth of home loans in the country was 11% between fiscal years 2018-19 and 2021-22. But in the same years, the annual growth in home loans in Tier 3 and Tier 4 cities was estimated at 12-13%. The particularity is that women have taken out up to 86% of real estate loans in small towns.

The report also noted that the average loan size in Tier 3 and 4 cities has also been higher in recent years compared to Tier 1 cities like Delhi, Mumbai and Tier 2 cities like Bhopal, Indore, Chandigarh . Cities like Aligarh, Baroda, Madurai fall under Tier-3 category and the rest of the smaller cities fall under Tier-4 category. According to SBI, due to the growing trend of working from home, especially during the Covid period, more homes were purchased by taking out loans in smaller towns.

Digital home office trend
The report said: “Working from home has changed family priorities. As people have had to work from home for a long time, some of them have set up digital offices at home. This trend was seen more in Tier 3 and Tier 4 cities. Due to this, people felt the need to have their own house.

House prices have also increased
Over the past four years, the demand and price for homes in Tier 3.4 cities has also increased more than in large, medium cities. House prices in cities like Raipur, Surat, Jaipur and Lucknow have risen faster than those in cities like Delhi, Mumbai, Chandigarh and Indore.

women at the top
Nearly half of home loans in Tier 4 cities were taken out by women. In some cities, more than three quarters of the loans were taken out by women. Women took 86% of new housing loans in Dang in Gujarat and 75% in Arwal in Bihar. There is a 0.10% home loan subsidy for women.

36% of loans distributed to small towns

  • Tier 3.4 cities accounted for 36% of new home loans between 2018-19 and 21-22.
  • Small towns accounted for 32% of home loans disbursed in 2018-19.
  • Uttar Pradesh, Karnataka and Punjab were the leading states in terms of small town home loan growth.

There are more news…

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Home loan: Useful information on home loan and renovation loan Home loan Difference between home loan and renovation loan Pipa News https://timeupsoft.com/home-loan-useful-information-on-home-loan-and-renovation-loan-home-loan-difference-between-home-loan-and-renovation-loan-pipa-news/ Fri, 23 Sep 2022 02:13:45 +0000 https://timeupsoft.com/home-loan-useful-information-on-home-loan-and-renovation-loan-home-loan-difference-between-home-loan-and-renovation-loan-pipa-news/ Home loan: useful information on home loans and renovation loans Owning a home is the dream of many. A beautiful home is also a matter of pride. Beauty and comfort are important along with location and build quality. The condition and atmosphere of your home will influence how customers perceive it. This is the first […]]]>

Home loan: useful information on home loans and renovation loans

Owning a home is the dream of many. A beautiful home is also a matter of pride. Beauty and comfort are important along with location and build quality. The condition and atmosphere of your home will influence how customers perceive it. This is the first definitive impression. Currently, anyone who builds a new house, the banks give a loan for it. Not only that, but not many people know that they also provide home builder loans. Home loan if you want to buy a new house (Real estate loan)wu is a viable option. Similarly, if you want to repair your home, a home renovation loan (Home Renovation Loan)Wu is a good choice. So let’s see what the advantages of the home loan and the renovation loan are.

What is a home loan?

A home loan is a personal loan that borrowers can use to obtain a specific amount to buy a house or build a new house. In which the lender enters into a loan agreement with the borrower. In this, the borrower has to repay the agreed interest rate within a specified period. A home loan is a secured loan.

What is a home improvement loan?

Imagine you have a small house. Now, if you think you need to add an extra room to your tiny house or fix it, you can get a loan for that too. You can modify or renovate your home thanks to the renovation loan.

Benefits of home loan

If a Neveega is unable to build a house due to lack of funds and lives in a rented house or lives in an apartment on a low budget, it will be an extra burden on the pocket. It’s also expensive. Therefore, it is better to take out a fixed-term home loan and own a house. The home loan is useful for this.

Longer repayment period

Extending the repayment period helps reduce the stress of large installment payments. Additionally, borrowers can use an EMI calculator to determine their required monthly payments based on interest rates and mortgage terms.

Make it easy to buy a dream home

Buying a house with your regular monthly salary can seem difficult. So, home loans make it easier to get your dream home or build a new home.

Benefits of Home Improvement Loan

No warranty

Home improvement loans are a form of unsecured personal loan. This means that the borrower does not have to keep collateral against the loan amount. This is why it is a low risk personal loan.

Affordable interest rates

You can find excellent loans to finance small and major repairs online. Moreover, it has stable and low loan rates. As a result, you can take out home improvement loans and manage your repayments. One has to be very careful while taking loan online. Scams and frauds also take place in this area.

Hassle-free process

A home improvement loan can be availed without submitting several documents. You only need some basic documents to apply for this loan. Submitting documents for a home improvement loan can be done quickly and easily online. The availability of loan applications in India makes the process even more user-friendly.

(Note: this information is provided for readers’ understanding. TV9 assumes no responsibility)

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HECS debt has grown, so here’s how it affects home loans https://timeupsoft.com/hecs-debt-has-grown-so-heres-how-it-affects-home-loans/ Mon, 19 Sep 2022 07:34:51 +0000 https://timeupsoft.com/hecs-debt-has-grown-so-heres-how-it-affects-home-loans/ The federal government’s Higher Education Loans Program (HELP), which you probably know as HECS debt, has grown so much over the years that it now affects people’s eligibility for home loans. As if grabbing a house didn’t already seem impossible. According to Guardian Australia, 72% of people with HELP or HECS debt owe the federal […]]]>

The federal government’s Higher Education Loans Program (HELP), which you probably know as HECS debt, has grown so much over the years that it now affects people’s eligibility for home loans. As if grabbing a house didn’t already seem impossible.

According to Guardian Australia, 72% of people with HELP or HECS debt owe the federal government more than $20,000, which is a huge jump from previous years. In 2005, only 47.51% of people owed more than $20,000. According to the ATO, the number of people who owe more than $50,000 in HECS or HELP debt has also increased.

There are many reasons debts are on the rise: rising college prices, changes in repayment requirements and, of course, inflation – just like all the other cost-of-living dramas. Debts rose 3.9% in June alone, according to Guardian Australia.

Obviously, it sucks to be in debt. It sucks even more to be in debt of tens of thousands of dollars, which is growing at a faster rate than you can afford. Mostly because the government has reduced repayment requirements over the years, which means you may have to start paying off your HECS debt on a pretty meager salary (currently it’s $48,361), which doesn’t doesn’t really help you save money.

But now, due to the scale of many HELP debts, people are also finding that it is affecting their (already shaky) chances of buying a home.

“It’s more of a liability than before,” Mortgage Choice said. David Thurmond said Guardian Australia.

“I’ve been a broker for about 15 years and when I started HECS debt was quite rare.

“If there was a debt, it was quite small, maybe $5,000 or $10,000. This has increased over the years and we are now seeing average debts of $20,000 to $40,000.

Thurmond said having such a large debt hinders your ability to get a big loan – which you would obviously need if you were trying to mortgage a house.

“The HECS repayment is like a credit card payment or a car loan – it’s a liability that banks have to take into account, so it will decrease your ability to borrow,” he explained.

He said once upon a time, your repayment plan wouldn’t be much of an issue if you opted for a mortgage.

“Refunds were never a problem – if we had them, they were a refund of $20 to $100 a month,” he said.

“But now it’s like a $700 a month refund.”

Fucking yuck.

Thurmond said some people choose to pay off their HELP debt before buying a home so they can get a bigger home loan — but obviously not everyone is in that position.

Who knew that in the year 2022 of our Lord, we would have to choose between going to school or owning a house. Love this for us!

More stuff from PEDSTRIAN.TV

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India’s Tier 2 and Tier 3 cities see surge in home loans – News https://timeupsoft.com/indias-tier-2-and-tier-3-cities-see-surge-in-home-loans-news/ Sat, 10 Sep 2022 14:08:33 +0000 https://timeupsoft.com/indias-tier-2-and-tier-3-cities-see-surge-in-home-loans-news/ Most housing finance companies find that 60-80% of sanctioned home loans go to borrowers in these cities. By HP Ranina Published: Sat Sep 10, 2022 6:08 PM With rising interest rates in India, banks and financial institutions may find it difficult to provide home loans to genuine borrowers. It would also impact builders who have […]]]>

Most housing finance companies find that 60-80% of sanctioned home loans go to borrowers in these cities.



By HP Ranina

Published: Sat Sep 10, 2022 6:08 PM

With rising interest rates in India, banks and financial institutions may find it difficult to provide home loans to genuine borrowers. It would also impact builders who have completed housing projects and are unable to sell available stock. Is my assessment of the situation correct?

It is true that there are not enough mortgage applications in the big cities where the price of real estate has remained high. However, the demand for home loans has increased significantly in recent months from buyers in Tier 2 and Tier 3 cities due to the emergence of more and more small and medium-sized industries in these areas. . Most housing finance companies find that 60-80% of sanctioned home loans go to borrowers in these cities. The recent rise in interest rates has not dampened homebuyer sentiment in these cities, as homes are available there at extremely affordable prices. The new trend of working from home has also boosted the demand for housing in these cities.

My company has been exporting goods and commodities to India for several years. Some Indian importers who have not repaid their loans to banks are facing the problem of their imported goods being seized and sold by customs authorities because the customs duties have not been paid by the Indian importer. Is this action legally valid?

Customs authorities would be justified in seizing and selling imported goods if customs duties have not been paid. However, if the Indian importer is subject to proceedings under the Insolvency and Bankruptcy Code (IBC), the customs department cannot sell the goods of the importer for the realization of duties. unpaid. This issue has now been settled by a recent decision of the Supreme Court of India in a case where the customs authorities sold the goods belonging to the importer who had not paid the customs duties on the imported goods. The Supreme Court held that this was not legally permitted. The Court held that the provisions of the CBI would prevail over those of the Customs Act to the extent that, once the moratorium was imposed under the relevant provisions of the CBI, the customs authorities would have only limited jurisdiction to assess and determine the amount of customs duties and other fees. Customs authorities would not have the power to initiate the collection of duties by way of sale or confiscation under the Customs Act. Therefore, any action taken by way of sale or confiscation is invalid in law while proceedings under the IBC are pending.

One of the main problems faced by Indians and foreigners is the slowness of the judicial system. Thousands of cases have been pending for several years with no prospect of being heard in the near future. Is anything being done to remedy the situation?

There are approximately 6 million cases pending in the High Courts of India. One of the main problems is to fill vacancies in the various High Courts. About 220 judges have been appointed to various High Courts over the past sixteen months. India’s new Chief Justice who took office last month has taken this issue very seriously and on the first day of his presidency of the Supreme Court, more than 900 various petitions were settled before fifteen benches of the Court. During the month of September, Supreme Court justices will sit for extended hours on Mondays and Fridays to clear the backlog of miscellaneous motions. Several measures are taken to expedite the settlement of cases. The current Chief Justice is also keen on spreading legal awareness and providing legal aid to the poor and disadvantaged sections of society. He launched the Legal Aid Defense Counsel system in 365 districts in 22 Indian states. Therefore, efforts are being made to reduce the backlog of court cases, but this is an arduous task that will have to be undertaken seriously over the next five years.

HP Ranina is a practicing lawyer, specializing in tax management and foreign exchange laws of India. The opinions expressed are his own and do not reflect the policy of the newspaper.

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Banks vs NBFC: who offers the cheapest home loans? https://timeupsoft.com/banks-vs-nbfc-who-offers-the-cheapest-home-loans/ Mon, 05 Sep 2022 04:21:23 +0000 https://timeupsoft.com/banks-vs-nbfc-who-offers-the-cheapest-home-loans/ The increase in monthly equivalent payments (EMI) could be a source of concern for many mortgage borrowers, as the Reserve Bank of India (RBI) has increased the repo rate by 0.9% since May 4, 2022 Banks also passed on the full rate hike to customers resulting in higher borrowing costs. In this scenario of rising […]]]>

The increase in monthly equivalent payments (EMI) could be a source of concern for many mortgage borrowers, as the Reserve Bank of India (RBI) has increased the repo rate by 0.9% since May 4, 2022 Banks also passed on the full rate hike to customers resulting in higher borrowing costs.

In this scenario of rising interest rates, many home buyers are wondering where to get the cheapest home loan rate. It is important to compare interest rates offered by lenders, as the lowest rate will lower your EMIs. Your credit score is also directly linked to the interest rate and is under your control, which affects interest rates.

That said, banks generally offer the cheapest home loans compared to non-bank financial companies (NBFCs). But before zeroing in, choose banks with a good CASA ratio, as these lenders tend to raise their rates at a slower pace than banks with a low ratio. CASA is the ratio of current account and savings account deposits to total bank deposits.

“Several parameters influence your loan rate. But usually, these are the ones that matter the most: a credit score above 750, a stable income, a low loan-to-value ratio and a low loan amount. Other factors that may cause the rate to drop are being a female borrower or having a female loan co-applicant, having a job with well-known companies or governments, having a salary account or other product relationship with the lender, to buy a property from a reputable developer, or refinance an existing loan. Finally, some of the lowest rates in recent months have come from banks, not HFCs,” says Adhil Shetty, CEO of BankBazaar.com.

Here are some of the options available in the market to get the cheapest home loan:

Graphic: Pragati Srivastava
Graphic: Pragati Srivastava

NBFCs may be your second option. Their interest rates are usually higher, but they offer loans tailored to the client’s risk profile. Some of the popular names include Bajaj Finserv and Aditya Birla Housing Finance among others.

Graphic: Pragati Srivastava

Another option is fintech companies such as Navi Finserv. These are popular among millennials and the self-employed for their looser eligibility criteria. But there are downsides as they charge higher interest rates considering the higher risks. With fintech companies taking over the space, even people with low or no credit have a better chance of getting a loan now.

Read also: Up to 11.01% interest! Should you invest in the NCD of this small cap company?

Read also: PNB vs Canara vs Bandhan vs RBL: Which banks offer the highest FD rates?

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New home loans fall as rates rise and house prices fall https://timeupsoft.com/new-home-loans-fall-as-rates-rise-and-house-prices-fall/ Thu, 01 Sep 2022 06:21:00 +0000 https://timeupsoft.com/new-home-loans-fall-as-rates-rise-and-house-prices-fall/ “The impacts of Reserve Bank cash rate increases are now clearly visible in the lending indicator data. With the cash rate expected to reach at least 2.6% by year end, demand new and existing housing will continue to contract until mid-2023.” The RBA pushed the official exchange rate to 1.85% after a series of hikes […]]]>

“The impacts of Reserve Bank cash rate increases are now clearly visible in the lending indicator data. With the cash rate expected to reach at least 2.6% by year end, demand new and existing housing will continue to contract until mid-2023.”

The RBA pushed the official exchange rate to 1.85% after a series of hikes from May. Lenders large and small have followed suit, raising their mortgage costs. The lowest variable mortgage rate is 3.24%, according to RateCity.

The number of new loan commitments to first-time home buyers – who are arguably the most sensitive to rate hikes – fell 35.9% from a year ago, according to the ABS. The decline was most pronounced in Queensland, where loans fell 18.8% in July.

Just as rising mortgage rates have crowded out some buyers, rapidly falling house prices have made other potential buyers more wary. House prices in Sydney have fallen 2.3% through August and are down 7.4% from their peak, CoreLogic figures showed on Thursday. The real estate correction has spread to all capitals except Darwin.

AMP chief economist Shane Oliver expects house prices to fall 15-20% from top to bottom by the second half of next year, followed by a gradual recovery.

“There are three reasons why this decline in house prices is likely to be deeper and the recovery slower than in previous cycles: house prices higher relative to income levels; higher debt levels; and an end to the long-term decline in interest rates,” Dr. Oliver wrote in a note Thursday.

Other analysts, including JP Morgan’s Jack P Stinson, have noted the strong link between investor lending and property prices.

“Given recent declines in house prices, we expect the decline in lending to investors to be larger than that to homeowners in the near term,” he wrote in a briefing.

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Home loans demand steady rate hike trends defy RBI, thanks to monsoon https://timeupsoft.com/home-loans-demand-steady-rate-hike-trends-defy-rbi-thanks-to-monsoon/ Thu, 25 Aug 2022 16:42:23 +0000 https://timeupsoft.com/home-loans-demand-steady-rate-hike-trends-defy-rbi-thanks-to-monsoon/ RBI has increased the policy repo rate by 1.4% over the past three monetary policies, bringing the rate to 5.4%. In a rate hike scenario, the cost of funds also increases for banks, which therefore pass on the impact to borrowers by increasing their lending rates. Many major banks and NBFCs have raised their benchmark […]]]>

RBI has increased the policy repo rate by 1.4% over the past three monetary policies, bringing the rate to 5.4%. In a rate hike scenario, the cost of funds also increases for banks, which therefore pass on the impact to borrowers by increasing their lending rates.

Many major banks and NBFCs have raised their benchmark lending rates, which are linked to the repo rate, over the past three months, also pushing home lending rates higher. Equivalent monthly installments (EMI) have also become more expensive. However, bank credit growth continues to accelerate despite the upward trend in rates.

The latest RBI data shows that scheduled commercial bank (SCB) credit growth jumped to 14.2% in June 2022 from 6% a year ago and 10.8% a quarter ago.

According to a Skymet Weather report on Thursday, in July, India recorded 117% rainfall, while August has so far recorded 111% rainfall.

Monsoon in India runs from June to September. The Skymet report highlights that June is the least rainy month with an LPA of 165 mm (approximately), followed by September with 170 mm of precipitation. July and August are the main monsoon months with LPAs of 280mm and 255mm (appx) respectively

According to the report, the two main monsoon months providing adequate rainfall are not a common feature. In the past 25 years, on only 4 occasions has precipitation exceeded 100% of LPA, during the main monsoon months. Another inference during such episodes is a “normal” or “above normal” monsoon season for the country with total rainfall >/= 100% LPA.

How the monsoon accelerates the demand for mortgages

According to Ravi Subramanian, MD and CEO, Shriram Housing Finance, agriculture dominated states like West Bengal, UP, Punjab, Gujarat, Haryana and MP have strong positive influence on rainfall as well a good monsoon helps to increase their per capita income and in turn, the demand for basic necessities like housing in these small towns increases. Agriculture provides livelihood for about 58% of India’s population. Thus, the last 4 consecutive years of normal monsoons have had a positive impact on demand in the rural economy.

“Coupled with the Indian government’s efforts to propel housing for all, the demand and availability of affordable housing has increased and with this demand for affordable housing loans has had a positive ripple effect. Tier 2 and Tier 3 markets saw a strong rise in housing. over the past 4 years thanks to the positive economic drivers and a good monsoon,” he said.

Furthermore, the CEO of Shriram Housing Finance explained that the government’s efforts for affordable housing have resulted in several affordable housing projects in semi-urban and rural areas. The massive reverse migration following the lockdowns caused by COVID-19 has also led many people to leave cities and return to their hometowns, meaning that reliance on agriculture for livelihoods in the rural India has shrunk. Over the years, reliance on the monsoon alone has diminished with increasing irrigation coverage and non-agricultural centered development.

Meanwhile, Manish Sheth, MD and CEO of JM Financial Home Loans, said, “The monsoon always has a profound impact on the health and growth of India’s agriculture-based economy. in all strata of society. »

Sheth further stated, “With the ‘above normal’ monsoon forecast, particularly in the western and southern parts of the country, we will see a steady increase in per capita income levels. Coupled with growing penetration from the affordable housing finance company in Tier 2 and 3 cities and their ability to assess income, this will pave the way for deserving buyers to own their dream home.”

Explaining the performance of Shriram Housing Finance, which is the 4th largest Affordable Housing Financier in India, Subramanian said, “Our AUM has grown 3 times over the past 3 years to reach 6,000 crore today and 60-65% of our home loan disbursements come from non-metro locations on average. The number and value of loan applications saw a slight increase over last year from non-metropolitan areas. The non-metropolitan region contributed 50% of the number of loans disbursed a year ago and today it is close to 70%. Our borrowers in rural India depend on a mix of agricultural and non-agricultural activities. A normal monsoon has a positive ripple effect in our key states of Andhra Pradesh, Telengana and Tamil Nadu.”

In the affordable housing segment, Sheth said, “We are seeing a recovery in demand for housing in Tier 2 and Tier 3 cities as the monsoon and farm incomes are catalysts for home loan growth. Abadi Village Survey and Mapping with Improvised Technology in Village Areas (SVAMITVA) and the current trend of remote working are also driving demand for home loans in Tier 2 and Tier 3 markets and beyond. of the.”

Check out some of the latest home loan interest rates from major banks and NBFCs

Shriram housing finance:

At Shriram Housing Finance, home loans are offered up to 1,000,000 10 crore with a tenure of up to 25 years. The interest rate starts at 8.9%. Here, the maximum loan can be used up to 90% of the cost of the property.

Bajaj Finserv:

According to the website, home loans for salaried applicants range from 7.70% to 14%. For independent candidates, the NBFC imposes interest rates of 7.95% to 14%.

LIC Housing Finance:

Earlier this week, LIC Housing Finance raised its prime rate by 50 basis points with effect from August 22. The LIC Housing Prime Rate (LHPLR) is now 15.80%.

On home loans, LIC Housing charged an interest rate of 8.05% on loans up to 50 lakh and 8.25% on over 50 lakhs to 2 crore for employees and professionals who have a CIBIL score greater than or equal to 700, are eligible for these rates.

However, LIC Housing offers an interest rate of 8% on home loans greater than or equal to 10 lakh with a CIBIL score of 700 or above.

SBI home loans:

As of August 15, on regular home loans, SBI charges 8.05% on borrowers with a CIBIL score greater than or equal to 800. While the rate is 8.15% on credit scores 750-799, the rate is 8.25% on credit scores 650-699, and the rate is 8.35% on CIBIL scores 650-699.

The bank levied 8.55% on borrowers with a credit score of 550-649. The rate is 8.25% for borrowers with NTC or 101-200 credit scores.

There is a 0.05% concession available for female borrowers subject to a minimum EBR of 8.05%.

HDFC Bank mortgage rate:

The retail prime rate (RPLR) of the largest private lender is currently 16.05%.

On home loans up to 30 lakh, the bank offers an interest rate of 8.10 to 8.50% for salaried women and 8.15% to 8.55% for others.

In addition, on home loans from 30.01 lakh to 75 lakh, the rate is 8.35-8.75% for employed women and 8.40-8.80% for others. While the rate is 8.45-8.85% for female employees and 8.50-8.90% for others with mortgages greater than 75 million.

These interest rates are 10 to 15 basis points higher for self-employed borrowers.

ICICI Bank home loan interest rates.

For salaried borrowers choosing home loans up to 35 lakh, the bank has interest rates between 8.10 and 8.85%, while the rate is similar on the loans above 35,000,000 75 million. However, the rate is 8.10 to 8.95% on loans above 75 million.

RR is the lending rate linked to the repo rate.

While, for self-employed borrowers, the private banker charged a rate of 8.20 to 9% on home loans up to 35 lakh and above 35,000,000 75 million.

However, the rate varies from 8.20 to 9.10% on loans above 75 lakh for self employed.

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How to Maximize Your Eligibility for Home Loans https://timeupsoft.com/how-to-maximize-your-eligibility-for-home-loans/ Thu, 25 Aug 2022 13:52:45 +0000 https://timeupsoft.com/how-to-maximize-your-eligibility-for-home-loans/ How to Maximize Your Eligibility for Home Loans A home loan is a smart way to finance the home of your dreams. However, not everyone is eligible for a home loan. The bank carefully examines your financial situation to assess your eligibility and repayment capacity. Factors typically taken into account include your income, employment history, […]]]>

How to Maximize Your Eligibility for Home Loans

A home loan is a smart way to finance the home of your dreams. However, not everyone is eligible for a home loan. The bank carefully examines your financial situation to assess your eligibility and repayment capacity.

Factors typically taken into account include your income, employment history, credit score, and ability to repay. Based on this information, the bank can set an interest rate for the loan and the maximum amount you can borrow.

Your mortgage application may be delayed or even rejected if you do not meet the threshold set by the lender. Thus, checking your eligibility and improving it before applying for a home loan is essential. Here are some crucial strategies and tips to improve your home loan eligibility and increase your chances of getting a better interest rate.

1. Opt for an extended mortgage term

Extending the repayment period can lower your monthly EMIs and increase your chances of being approved for the home loan. However, lengthening the repayment period will also increase the total interest cost of the loan. Therefore, always use online home loan EMI Calculators offered by various banking institutions, including IDFC FIRST Bank.

Enter loan amount, interest rate and repayment term in IDFC FIRST Bank Personal Loan EMI Calculator. Once you have entered these entries, the calculator will show you the EMIs you need to pay. This way, you can choose the right repayment term based on the EMIs you can afford.

2. Put in a bigger down payment

Typically, banks finance up to 75-90% of the property’s value, leaving the borrower to finance the remaining cost through a down payment. The amount of your down payment affects the amount you borrow and the interest you pay. If you put down a lower down payment, you will have to borrow a higher loan value from the bank and pay a higher amount. home loan interest rate.

3. Get a joint home loan with a co-applicant

Having a co-applicant can increase your chances of getting approved for a loan, especially if you have insufficient income or a low credit score. Also, if your co-applicant has a stable income and a good credit rating, you can get approved for a higher loan amount. And if you add a co-applicant, some lenders can offer you competitive interest rates.

4. Compare mortgage offers from several lenders

Outraged home loan interest rate, you should also compare loan terms and conditions, repayment options, processing fees, prepayment charges, MCLR (Marginal Cost of Funds Based Lending Rate), etc.

Ask your lender how long it takes for a home loan to approve and disburse. If you need quick approval and quick funds, you can apply for a online home loan with IDFC FIRST Bank.

5. Declare your additional sources of income

In addition to your net monthly income, report any additional sources of income such as income from dividends, term deposits, rental properties or side businesses. This will show the lender that you have a diversified and reliable stream of income to pay off your home loan on time. Remember that lenders may ask you for proof of income, such as tax returns and bank statements.

Approval of a home loan depends on your ability to repay. By following the steps and strategies outlined above, you can improve your home loan eligibility and may qualify for better interest rates.

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Change successfully closes the first AAA-rated securitization of real estate loans issued by CDFI https://timeupsoft.com/change-successfully-closes-the-first-aaa-rated-securitization-of-real-estate-loans-issued-by-cdfi/ Thu, 25 Aug 2022 13:00:00 +0000 https://timeupsoft.com/change-successfully-closes-the-first-aaa-rated-securitization-of-real-estate-loans-issued-by-cdfi/ ANAHEIM, Calif.–(BUSINESS WIRE)–The Change Company CDFI LLC and its subsidiary Change Lending LLC (“Change”) – the US CDFI – are pleased to announce that Change has closed the first-ever securitization of AAA-rated residential real estate loans entirely issued by a CDFI. Investors in the $283 million Standard & Poor’s and DBRS Morningstar The AAA-rated offering […]]]>

ANAHEIM, Calif.–(BUSINESS WIRE)–The Change Company CDFI LLC and its subsidiary Change Lending LLC (“Change”) – the US CDFI – are pleased to announce that Change has closed the first-ever securitization of AAA-rated residential real estate loans entirely issued by a CDFI. Investors in the $283 million Standard & Poor’s and DBRS Morningstar The AAA-rated offering included socially responsible asset managers and banks seeking to fund home loans to creditworthy black, Latino, and low- and moderate-income borrowers and communities.

Jesse Elhai, Managing Director of Capital Markets for Change, said, “We are proud to have been the first CDFI to securitize its own residential loans earlier this year. Today, we took another step toward racial and social equity in homeownership by closing the first securitization of AAA-rated RMBS by a CDFI. This transaction validates the importance of exemptions granted to CDFIs by the CFPB to fairly and responsibly address the needs of minority and low-income borrowers. It also demonstrates the creditworthiness of major borrowers being left behind by banks and traditional lenders. We thank our funding partners for helping us continue our mission to end structural economic inequality in homeownership. Change will continue to expand its partnerships with financial institutions seeking socially responsible investments that level the financial playing field for black, Latino, and low-income Americans across the United States.

The securitization, originating from Change’s pending registration, named CHNGE 2022-NQM1, closed on August 24, 2022. The securitization consisted of 375 loans with a weighted average FICO of 741, an LTV of 77% and a interest rate of 6.33%. Change has now completed four (4) securitizations in 2022 which attracted 39 institutional investors.

Steven Sugarman, Founder of The Change Company, said, “The success of this transaction is the culmination of over 5 years of work. The securitization of loans issued by our CDFI has now been awarded the highest credit rating of AAA by the most respected rating agencies – Standard & Poor’s and Morningstar DBRS. There is a robust market for prime borrowers who have been shut out of the financial system for non-economic reasons. Home ownership is the key to closing the racial wealth gap and achieving generational wealth. We thank our financial partners who, through their investment in this AAA securitization, enable us to make fair and equitable homeownership in America more affordable.

This transaction follows the completion of a comprehensive assessment by Institutional Shareholder Services (ISS), which validated The Change Company’s Social Bond and Loan Framework. ISS analysis determined that Change’s mission-driven mortgage products, social lending and inclusive business model align with the Social Bond Principles established by the International Capital Markets Association and have positively contributed to the Sustainable Development Goals defined by the United Nations.

Since 2018, Change has funded over $20 billion in loans to over 50,000 families. The shift will continue to fund underbanked homeowners to close the wealth gap in America.

Barclays Capital, Cantor Fitzgerald and Performance Trust were the original buyers and joint bookrunners of the transaction. Dentons US LLP acted as issuer’s counsel for Change and Hunton Andrews Kurth LLP acted as underwriters’ counsel in connection with the transaction.

About The Change Company

The Change Company empowers homeowners, small businesses and consumers to pursue their American dreams by bringing social and racial equity to banking and lending. The Change Company team has built businesses that have lent over $50 billion to more than 250,000 borrowers across America. For more information, visit us at www.TheChangeCompany.com.

About the change loan

Change Lending seeks to expand home ownership by providing creditworthy loans to prime and underbanked borrowers. Since becoming a CDFI, more than 70% of Change Lending’s loans have gone to Black, Latino, and low-to-moderate income borrowers and communities. For more information, visit us at www.ChangeMtg.com and www.ChangeWholesale.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements regarding our expectations, beliefs, plans, forecasts, projections, forecasts, objectives, assumptions or future events or performance are not historical facts and can look to the future. Forward-looking statements are generally, but not limited to, identified by the use of forward-looking terminology such as “believes”, “expects”, “could”, “may”, “will”, “should”, ” seeks”, “likely”, “intends”, “plans”, “pro forma”, “projects”, “estimates” or “anticipates” or the negative form of these words and expressions or similar words or expressions that predicts or indicates future events or trends and does not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties, and you should not rely on them as predictions of future events. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: business and economic conditions generally and in the banking and non-banking financial services industries, nationally and within our local market areas; our ability to mitigate our risk exposures; our ability to maintain our historical earnings trends; our ability to identify and successfully manage the risks associated with any possible future acquisition, including integration risks; changes in management personnel; interest rate risk; credit risk associated with our loan portfolio; deterioration in asset quality and increased loan write-offs; the time and effort required to resolve non-performing assets; the inaccuracy of assumptions and estimates we make in establishing provisions for probable loan losses and other estimates and projections; lack of cash; fluctuations in the fair value and liquidity of the securities we hold for sale; impairment of marketable securities, goodwill, other intangible assets or deferred tax assets; our risk management strategies; increased competition in the banking and non-banking financial services industries, nationally, regionally or locally, which may adversely affect prices and terms; the accuracy of our financial statements and related information; system failures or failures to prevent breaches of our network security; the initiation and outcome of litigation and other legal proceedings against us or to which we become subject; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes, including changes in banking, stock exchange and tax laws and regulations, and their enforcement by our regulators; government monetary and fiscal policies; and the increase in our capital requirements.

Although forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed or contemplated by particular forward-looking statements, and, accordingly, you are cautioned not to place undue reliance on such statements. In addition, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unforeseen events or circumstances, except as required by applicable law.

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