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7 Tips to know before applying for Home Loan
For an average Indian, buying a home depends largely upon how much amount of home loan S/he can avail. But before you go in-depth into it, you should learn many aspects of applying for Home Loans in India. Real Estate market is quite an expensive one and for a majority it is just a dream to buy a home in metro cities like Delhi or Mumbai as the prices are too much. Getting an ideal home loan is another hurdle as Banks need to check many things before your home loan disbursement. There is a lot of paperwork and documentation involved. The journey from Loan application submission to Loan Disbursement is a time consuming and exhausting process. So you must be ready for all this if you are willing to have your own home. Since you choose to apply for home loan in India, there are seven important tips that you should remember (especially if you are a first time home loan seeker). Read full story:
Axis Bank Ltd on Tuesday reported an 83 per cent fall in second quarter net profit after a sharp rise in bad loans, providing more evidence of how the country's banks are struggling to cope with a $138 billion distressed loan burden.
The banks' record stressed assets are mainly due to corporate loan defaults. State-controlled banks account for the bulk of the troubled loans, while among the private sector banks, ICICI Bank and Axis Bank account for the biggest chunk.
It's stress time for loan against property deals
Delinquencies in loan against property (LAP) extended by NBFCs could significantly increase in the next four quarters, says a report by ratings firm India Ratings and Research (Ind-Ra). The signs of early stress are visible in the LAP business loan pools assessed by it. Ind-Ra says that there could be a sharp rise in 90 days past due delinquencies for some of the large players resulting in revenue losses. A combination of stagnant property prices, especially in metros and large cities which are the primary markets for large and medium-ticket LAP, and a squeeze on refinancing due to risk aversion are bringing stress to the fore, it said. Read Full story:
USAID, Finance Ministry bring Catalyst for digital payments in India
The U.S. Agency for International Development (USAID) announced the launch of a new initiative called Catalyst, to scale Digital India Payments system in India. The project will be implemented in a single city as a pilot project to increase digital payments before it is taken to another city. Badal Malick, who was till last month the vice-president of omnichannel strategy at online marketplace Snapdeal, has been appointed the CEO for Catalyst, while Alok Gupta, who was a member of the original Unique Identification Authority of India (UIDAI) team that developed and implemented Aadhaar, has been appointed Director of Project Incubation.
ICICI Bank, India’s largest private sector lender, has hit the capital markets, raising Rs 4, 000 crore in a bond issue amid hopes of better credit growth during the busy season from October to March. The bank sold infrastructure bonds at a lower cost than an earlier series more than a year ago, which had offered 9.75% for a seven-year maturity. The latest series of infrastructure bonds offered 7.6% for a similar maturity, dealers said.
Know more about ICICI Bank:
To cash in on the 7th Pay Commission payout to government employees, state-owned Punjab National Bank (PNB) is offering them home and auto loans at attractive rates of 9.3-9.8 per cent beginning this month.
Besides, the bank said it will offer loans to these segments without any processing or upfront fee and no documentation charges will be levied on them.
The rate of interest is with effect from October 1, 2016.
Bank says no to long term funds
Stung by the high cost of funds when demand for loans is at the weakest in nearly a decade, state run banks which used to rely on long term fixed deposits are mostly not accepting any fixed deposits beyond five years. This also reflects a dip in demand for long-term loans for infrastructure projects like power plants or ports, which require funding for anywhere between seven and twelve years, say bankers. Read more:
IndusInd Bank has tied up with IBM to use cloud commerce solutions to change the customer engagements and enhance its cross sell platforms. There is a three years contract in which IBM will provide a cloud and predictive analytics based multi channel campaign management solution that enables IndusInd Bank to improve their online banking presence while improving the product holding per customer. Read full story:
India moves one step closer to become a cashless economy this month with the launch of unified payment interface (UPI), the brianchild of RBI Governor Raghuram Rajan. Read More about this application in the article:
Quick Bites on the New RBI Governor Urjit Patel
Urjit Patel is giving their services to RBI as Deputy Governor since 2013. Urjit is the architect of Inflation Targeting Mechanism. Urjit Patel has run RBI Monetary Policy Department since 2013. In past he held the positions at IMF, Reliance Industries, Boston Consulting Group. He has completed his PhD in Economics from Yale University and M.Phill from Oxford.