In the last week, ICICI bank has launched a limited period offer for the new home loan customers. The offer is 1% cash back on the EMI paid by them during the entire tenure. The offer is valid till 31st December, 2012. This initiative is taken by ICICI bank to lure more customers to take home loans from them. It is a good offer new home loan customers. There list of rules and regulations to get the cash back from the bank.

• Buy: Retire Rich Invest Rs. 40 a day

• This cash back offer doesn’t include the pre-EMI amount.
• The cash back will start accrue from the first EMI. However, the first cash back will be credited to the customers account only after completion of the 36 EMIs. That means after 3 years of the loan repayment.
• After the first cash back, there after every 12 months money will be credited to the customers account.
• If the customer is eligible for the cash back offer, either customer can choose the cash back benefits to credit their account or paying back the principal.

Learn About Home Loans

• For an example, customer can save Rs. 3.50 lakh on a 20 year home loan of Rs. 50 lakh.
• As a part of this offer, customers given the option to renew the fixed interest rate for the entire tenure. The renewal term will come after every 2,3 and 5 years. Customer has to renew the fixed rate within 30 days of the completion of term. Otherwise it will automatically change to the floating interest rates.
• Note: This offer is available till 31 December, 2012.

This initiative is taken by bank to compete with other banks. Most of the banks come up with the offers to attract the customers. Last month, its rival Axis bank launched a scheme wherein a home loan borrower will get 12 EMIs waived if he/she remains with the bank for 15 year or more.

If you or your friends are looking to buy a home loans, please refer them this offer. They would be benefited. If you would like to receive the future email from us, please subscribe here. Are you looking for tips to learn how to save the income tax, there is a good which talks about the 51 Tips for Saving Income Tax. If you have already availed any offers, please post it here.

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ICICI has decided to increase its benchmark lending rates by 25 basis points. This change will be effective from July 4, 2011. The revised base rate and Benchmark Prime Lending Rate (BPLR) will be 9.50% and 9.2%. The bank also increased the floating reference rate (FRR) to 15.25%. Bank said the rates changes will not affect the fixed rate customers.

ICICI Bank has last time increase the key rates on May, 2011. This increase in the rates shows that the monetary policy tightened by RBI last month is reflecting in the banks tight liquidity. In the last couple of days, other banks like Canara Bank, Vorporation Bank and IOB have announced their hike in the lending rates.

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India’s major private bank ICICI Bank have entered the interest rate war in the home-loan market with their fixed-cum-floating rate schemes.

ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010. The clients will have to make sure that the first disbursement takes place before the end of March 2010.

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Introduction

In this article I will be writing about the sending money order using the ICICI bank net banking. Sending money order is our traditional approach for sending money to other person across India. Nowadays not many people are using this approach because of the development of banks in rural areas and ATMs every where. But, still there is few places where money order is the only possible way to send the money. That is why ICICI bank provides these services from netbanking itself. If you have any doubts please post it in the comments section. Subscribe to our future articles here.

Step 1 : Login to ICICI Bank

Use customer id and password to login to the ICICI net banking site.

Step 2 : Click on the Smart Money Order Link

Once you login to the site, you can see the Smart Money Order link in the left navigation bar. Click on the link.

Step 3 : Click on Send Money Order

Next screen will present two options. One is for sending the money order and another one is for viewing the previous money orders. Click on the send money order link and go to next screen.

Step 4 : Fill Sender’s Address

Now you have to fill the sender’s address correctly. This address will be used if the money order is not accepted by the receiver. Click on the Proceed button on the bottom.

Step 5 : Fill Receivers Address and Pay the money

In this screen fill the receivers address correctly. Also provide the amount and message to the receiver. After filing all the details click on the Pay button on bottom of the screen. You are done with the sending money order online.

Fees Payable for this service

• India Post will charge 5% commission on the amount of Money Order. In addition, ICICI Bank will charge Rs 25 plus applicable tax towards transaction processing fees.

Summary

I hope this article will be useful for those who are looking for the money order service from the internet banking. May be it is not suitable for all the readers, but some one who has the relatives in villages, this service will be more useful. There is people who don’t how to use ATMs also in our country. If you have any doubts please post it in the comments section.

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ICICI Bank offers 0.25% additional interest on their fixed deposit for the ICICI Direct customers. This offer calid till August 31st 2009. If you are ICICI Direct customers and planning to open a FD account in ICICI please use this offer.

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From August 24th Onwards ICICI Bank started charging the transaction charges for any NEFT payments. Even ICICI to ICICI and any other banks also. The service charge is Rs.5 and applicable service tax based on the how much amount you are transferring. This is realy bad news for people who use the netbanking extensively.

Below is the message which you will see when you are doing the ePayment.

Update: ICICI Bank Removed Charges

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I am writing this post to inform you about the Interest Rates reduction by ICICI Bank in this month. ICICI Bank announced that it offers 8.65% interest rates to the new customesr if they are opening till August 16, 2009. The rates will be reduced with effect from August 17, 2009. If you have plan to open up the fixed deposit in ICICI Bank, please do it before August 16, 2009. The following are the special interest rates till that date.

If you have any doubts please reply in the comments section.

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This article lists Top 5 Rules while applying for the home loans. I have already posted many articles explaining the various topic on home loans. This article intend to list the top five rules important for the home loan buyers. Remember these five rules if you are planning to get the new home loans. There may be some important factors which I missed it here, if you have anything in mind please post it in the comments sections. If you like the article subscribe to this blog here.

Top 5 Rules for Home Loans

1. Documents and Processing Fees

Before apply for the home loans, good idea to list the required documents and eligibility criteria in the banks. It is not the same for all the banks, the requirement will be different depend on the banks. Government banks will have more strict eligibility criteria like higher monthly income and the current residential property details. Where as private banks don’t have that many requirements as with public banks. However you have to consult the banks and get ready with all the documents. Insufficient documents may lead to rejection of your loan application.

Documents required for Home Loans

When you are applying for a home loan, the bank will charge you certain amount as the processing fees. That will be included in the total home loans amount. Normally the processing fees differs from each bank like 0.5% – 1.0%. Banks will use the processing fees to verify your documents and all the formalities to complete the loan processing.

Processing Fees for Home Loans

2. Interest Rates and Tenure

Interest rate  is another important factor determining your tenure of the loan. If the rates are high, you will be forced to extend more EMI’s and the loan duration also will be increased. Be knowledgeable on the different types of interest rates like Flat Rate, Floating Rate,etc. The interest rates play the important role in closing the loans easily. For example, if you have chosen the floating rate(EMI will be calculated basis on the current market rate), if the rates are going up then your actual EMI’s also will be extended. It will end up paying for longer than usual.

What is EMI and Pre-EMI?

3. Switching Fees and Foreclosure Charges

If you have taken a loan in a bank for the duration of 25 years. After completing the initial 15 years then there is a significant rate drop by another bank which may benefit you if you have switched your loan to that bank. When you are switching your loan to another bank, it may involve switching fees, at the specific percentage on the outstanding loan amount. It is better to learn the switching fees involved for your bank.

Foreclosure charges are when you are planning to close the loan before the tenure is completed. Bank will charge you certain percentage on outstanding loan amount as the penalty for fore closing the loans. Normally the bank charges 3% t0 5%. It varies depend on the banker.

Switching Home Loans

4. Disbursement Stages

When you apply for the home loans, most of the time banker and builders will have a discussion and process the papers. If you are not aware of the money disbursement, please ask your banker that whether they will be releasing the fund at the beginning or at stages of completion of the project. You have rights to insist them to pay only the part of money if the house is still in the construction phase. Pre-EMI will come into the picture when the partial disbursement happens.

5. Type of Loans

There is many types of home loans available in the market. You cannot predict any future expenses when the home construction is under progress. The existing home loans provide many options like Home Loans Improvement, Home Loans Top Up, etc. to fund your home extention and personal expenses. It is added to the home loans and extend to the EMI’s. Discuss with the banker for more details about the home loans products available with them.

Home Improvement Loans

Home Loans Top Up

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In this article I will be writing about the home loans and the calculation involved in the interest repayment. In my previous article titled Home Loans and Tax Benefits explains about what are the tax benefits while taking the home loans. But, it doesn’t write much about the interest repayment and the different scenarios while owning the multiple houses. This article intend to teach you how to utilize the interest repayment on home loans when you have many properties and have rented out few houses. I would like to hear feedback from you, Please post it in the comments section. If you like the article, please get free email updates.

Articles on Home Loans

Use our consulting service for Home Loans (JUST Rs.500)

In our blog I have published home loans related articles in the past. It would be nice if you have read those articles to gain more knowledge on the home loans and tax benefits.

1. Home Loans and Tax Benefits
2. Tax Benefits on Home Improvement Loans
3. What is Home Loans Top Up?
4. Information on Home Loans

Home Loans and HRA

Many people confuse that if you have the home loans then you are not eligible for the HRA deduction from the income. That is not the correct opinion, in many case people buy the house and for some reason they will stay in the rented property. In that case they are eligible for the HRA exemption. The exemption of HRA is covered under Section 10 (13A). The following conditions are needed to allow the HRA exemption:

• The rent must be actually paid by assessee.
• The rented property is not owned by the assessee. The section does not enforce any rules if the assessee owns any other property. So, that is irrelevant to the case.
• Principal portion of the home loans will not affect in any way to the HRA or interest payable.

Home Loans and Interest Payment

1. Here I will be writing about the various scenarios involved in interest paid on home loans. There may be scenarios where one person owns many properties with different city. This section will explain you with example of how to calculate the tax benefits on that scenario.
2. If the person self occupied the property, then it is direct deduct from the income. For example a person paid Rs.120000 for interest on home loans. His total income is Rs.400000. Then his taxable income is Rs.400000-Rs.120000=Rs.280000. (Other tax deductions will be added). There is upper limit of Rs.150000 as interest payable if the property is self occupied. The limit is applicable for the person owns multiple home loans for more than one property, if the property is self occupied.
3. If the property is rented out, then the annual value (income as rent) will be calculated for that property. The formula will be like this:Annual Value (Rental Income) – 30% as the standard deduction – Interest Payable on home loans = Income from house property.
4. In the above scenario, income from house property can be negative when the interest payable is more that rent received. In such scenarios the loss will be deducted from the total income. For the rented property there is no limit on the interest payment. For example, the total rent received in particular year is Ra.100000. the same year interest paid on home loans is Rs.300000. Then Rs.200000 (300000-100000) can be deducted from the total income. This calculation is for the rented property.
5. If the property is vacant, not rented out and also not self occupied. The you will have to calculate the rental value based on the market and location of the property. That notional vale will be used for the calculation.
6. There is nothing in the section that affects the exemption of HRA at all. Also, there are no conditions that restrict the availability of deduction of interest based on the assessee’s stay in any other premises.

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Summary

I have written many in depth details about the interest payment on home loans. This would be sufficient for the tax deduction and post your comments if you have any doubts. I will be happy to answer all your questions. If I have missed out any of the points, will come up with another article explaining the home loans and benefits. Thank you for reading the article.

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Introduction

We have reached the end of march 2009, this article will provide the recap on what is happened in March 2009 on Think – Plan – Invest. This is the first article writing about the monthly overview and it will continue from this month. Every month end I will be writing about the overview of all the articles published in the same month. That will give the users to get easy glimpse on all the articles. I would like to hear feedback from you about the monthly overview. You can post it in the comments section. Subscribe to our future articles here. The different topics covered in this month are:

• Home Loans

• Builders in Bangalore

• Tax Planning

• Capital Gains

• Fixed Deposit

Home Loans

I have written many interesting articles about the home loans in this month. I would say the current month gives plenty of knowledge to readers about the home loans and the different type of home loans. The following are more popular articles about the home loans.

Documents required for Home Loans Application

It is one of the important part while you apply for a loan. Without all the documents required for processing the loan, you will not be eligible to apply for home loans. It is time to understand what….

Check list for Home Loans

If you are not aware of all the fees and hidden charges on the home loans, you will have to pay more money that you would have been saved if you analyze the home loans with different….

Submit Original documents for Home Loans

In this blog I will be writing about the submitting original documents to the bank for getting the loan amount. Most people are hesitating to submit the original documents to the banker because of the safety. This blog post explains the legal rules related to submitting the documents.

What is Home Loans Top Up?

The top up loans are god send when you are in the urgent need of money. There is some restrictions for santioning the top up loans. This article will present you the clear idea on top up loans and the tax benefits…

Processing Fees for Home Loans

Customer has to be very careful while reading the instructions on home loans and this article will explore few of the important facts about the processing fees involved in the home loans. I would like to answer…

Tax Benefits on Home Improvement Loans

Many people not aware that you can apply for the loan if you are willing to reconstruct the existing house. More than that you are eligible to claim the…

Insurance Cover for Home Loans

Don’t confuse with the home insurance and the home loans insurance. There is clear difference between home insurance and home loans insurance. Here I will be explaining the reason for the home loans insurance and why one has to choose…

What is EMI and pre-EMI?

Most of the people heard about the EMI, not aware of the pre-EMI and the benefits involved in the pre-EMI. In this article we will look into more details about the pre-EMI and in what situtation pre-EMI can be benefited your…

Switching Your Home Loans to Another Bank

Switching home loans will give you some advantages of saving your money. This is normally done when another bank offers very less interest rates compare to your existing interest rates on the home loans. It….

Builders in Bangalore

Mantri Projects in Bangalore

In this article I have posted few ongoing projects by the Mantri developers in Bangalore . The details presented here is taken from the Mantri’s official website.

DLF’s Westend Heights New Town – Bangalore

DLF brings its new residential project New Town
in Bangalore. DLF offers 3 bedroom apartments with excellent amenities. DLF New Town is a premium residential township with a appending Spanish style of architecture against a backdrop of fabulous gardens. It features an open-layout with buildings being placed in a manner that

Tax Planning

Tax Planning for 2009 – Part 1

How ever the budget is not yet announced, we have to wait till the election is getting over. But, learning some tips for the tax savings is important before submit your tax declarations. If you have not saved anything before forget it and

Capital Gains

Should I pay taxes for capital gains?

Here I mean capital gains is the profit which you are making from selling your fixed assets like land or houses. Most of the people think that the profit from selling the propety doesn’t come under the tax liability. That is

Capital Gains on Agricultural Land

That is only the basics and many scenarios will arise when you are facing it in the real life. In this article I will be writing about the capital gains related to selling the agriculture

Fixed Deposit

Mahindra Finance Fixed Deposit Scheme

t is Mahindra Finance Fixed Deposit scheme.  In my previous article I have written about the Tata Motors Fixed Deposit Scheme. Tata Motors is the first one to come up with this type of scheme, follwed by Mahindra Finance.

Tata Motors Fixed Deposit(FD) Scheme

As we are aware of the fixed deposit with banks, nowadays many corporates started rolloing out the fixed deposit schemes to the public to collect money. The one advantage with this option is they are providing you the highest interest rates compare…

Fixed Deposit for Monthly Income

very penny you spend will be important. The tough times will not be end within another couple of months, it is expected to continue for another few years atleast. If you read everyday newspaper, there is millions lost job and don’t have work todo.

Summary

This article summarize the articles published in March 2009. I have posted here only the popular articles which got more attention. In the next month I will try to cover many different topics like insurance,Tax Planning,etc. Thank you for reading the article. Please post your feedback in the comments section.

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Introduction

In this article I will be writing about the online banking systems in India and the features available with different banks across India. If you look into the modern age of banking , online banks or net banking made things much easier for the people and saves lot of time. The traditional way of standing in the queue and filling up all the forms, now its no hassle for making any transaction with the banks. Every bank has their own features and some banks still not having the more advanced features like transferring money to any banks across India, easy registration for net banking, etc. This article will explore the features with different banks and coming with the series of articles. This is part 1 in the series of article about the Online Banking in India. I would like to hear feedback from the user and your experience on online banking in your bank account. Please post it in the comments section. You can subscribe to our future articles here.

Advantage of Internet Banking Facility

Advantages previously held by large financial institutions have shrunk considerably. The Internet has leveled the playing field and afforded open access to customers in the global marketplace. Internet banking is a cost-effective delivery channel for financial institutions. Consumers are embracing the many benefits of Internet banking. Access to one’s accounts at anytime and from any location via the World Wide Web is a convenience unknown a short time ago. Thus, a bank’s Internet presence transforms from ‘brouchreware’ status to ‘Internet banking’ status once the bank goes through a technology integration effort to enable the customer to access information about his or her specific account relationship. The six primary drivers of Internet banking includes, in order of primacy are:

• Improve customer access
• Facilitate the offering of more services
• Increase customer loyalty
• Attract new customers
• Provide services offered by competitors
• Reduce customer attrition

Banks with Internet Banking

In the current scenario, every bank in India has the internet banking facility. Recently the banks are extending their presence in rural areas to lure more customers and show them the advantages of internet making by educating into the new system. This gives the countries entire population to get the benefit of technology advancement. As I said, still it is evolving and not all the banks provide very advanced features. In our article I will take few leading banks and explain the features they are offering.  Note that, the online banking can be for managing your Savings Accounts, Credit Cards, Fixed Deposit, Insurance, etc. The following are the list of banks and their online website address.

• ICICI Net Banking
• HDFC Net Banking
• SBI Cards
• LIC India
• CitiBank Login

Summary

This article presents only the basic idea on internet banking in India. Also the leading internet banking portals mostly used by the customers. When it comes to the internet banking, internet security on net banking is the challenging problem to be faced by all the major portals. Every customer must aware of the security issues and protect their details from the hackers. In my next article I will be writing about the security issues which normally cheat customers and steal the personal details. Thank you for reading this article. Please post your feedback on the comments section.

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In this article I will be writing about the important documents required for applying the home loans. It is one of the important part while you apply for a loan. Without all the documents required for processing the loan, you will not be eligible to apply for home loans. It is time to understand what are the necessary documents required, if you don’t have that get it ready before applying for a home loans. This article will explain you in detail about the various documents required by the banks. If you have any doubts please post it in the comments section. You can subscribe to our future articles here.

It is depend on the category which you belongs to. Normally banks require the documents for Salaried and Self Employed. Salaried people who are working for another company and have the regular income. They will need to submit the certain set of documents. In the another category, who are doing business and professionals responsible for their earnings has to show the strong proof documents for their income. This article will explain that in details.

also read:

• Learn about home loans
• Top 5 Rules for Home Loans
• Home Loans and Income Tax benefits

Salaried

1. Salary slip/Form 16 A.
2. A photocopy of the first and last pages of Ration card or copy of PAN/Telephone/Electricity bills.
3. A photocopy of Investments (FD Certificates, Shares, any fixed asset etc. or any other documents supporting the financial background of the borrower.
4. A photocopy of LIC policies with the latest premium payment receipts (if any).
5. Photographs (as applicable).
6. A photocopy of bank statement for the last six months.

Self-Employed / Businessmen

1. A brief introduction of Business/Profession.
2. Balance Sheet, Profit and Loss account and statement of income with Income Tax returns for the last 3 years certified by a CA.
3. A photocopy of Advance Tax payments (if applicable).
4. A photocopy of Registration Certificate of establishment under shops and Establishments Act/Factories Act.
5. A photocopy of Registration Certificate for deduction of Profession Tax (if applicable).
6. Bank statements of Current and Saving accounts for the last 6 months.
7. A photocopy of Certificate of Practice(if applicable).
8. A photocopy of any bank loan (if applicable).
9. A photocopy of the first and last pages of the Ration card or a copy of PAN/Telephone/Electricity Bills.
10. A photocopy of LIC policy (if applicable).
11. A photocopy of investments (FD Certificates, Shares, any other fixed asset).

Summary

In this article I have written about the documents necessary to process a home loans application. But, the list may vary depend on the banks and the individual. Some banks does n’t  require many documents of the individual is working for a well known organization. How ever some part of the list will be very common for all the banks. If you have any doubts please post it in the comments section. Thank you for reading the article!!!

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After the recent rate cuts by the RBI, ICICI Bank has cut the interest rates in new home loans by ICICI Bank 25-50 bps.

With the cuts, new rate for loan upto Rs 20 lakh would be 9.75%. Rate for loans between Rs 20 to 30 lakh is 10% and the rate for loan above Rs 30 lakh is 11.5%.

RBI cut its short-term lending and borrowing rates by 50 basis points each on Wednesday, saying the country’s growth had been hit more than expected by the global financial crisis and downturn.

After the cuts by the RBI, many bankers said that home loan rates may drop to its lowest level in the past five years as borrowing cost for banks will come down.

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ICICI Bank has revised its Fixed Deposit interest rates from Jan 19,2009. The latest interest rates are as follows.

Deposit of less than Rs 15 lakh

• 7 days to 14 days: N.A.

• 15 days to 29 days: 3.75%

• 30 days to 45 days: 4.00%

• 46 days to 60 days: 4.00%

• 61 days to 89 days: 4.00%

• 90 days: 5.75%

• 91 days to 180 days: 6.25%

• 190 days: 7.75%

• 191 days to 269 days: 7.25%

• 270 days to less than 1 year: 8.00%

• 1 year to 389 days: 8.25%

• 390 days: 8.75%

• 391 days to 589 days: 8.25%

• 890 days: 9.00%

• 891 days upto 10 years: 8.25%

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