Joint Home Loans

Intro

In my previous blog I have written about the Home Loans and Tax Benefits. It covers most of the part in utilizing the Tax Benefits, If you are applied for the Home Loans. But, the mentioned blog overs only about the individual Home Loans and not explaining anything about the Joint Home Loans. By applying the Joint Home Loans, you will get the maximum benefit on the Tax Saving. This blog will writes about the Joint Home Loans and rules applicable for applying the Joint Home Loans.

Basic Rules on Joint Home Loans

1. Minimum of 2 and Maximum of 6 applicants can take a loan. Home Loans cannot be applied by more than 6 persons jointly.
2. The rules says any six persons can join and take a loan, but the banks and institutions insist more restrictions co-applicants. The restrictions are as follows:
   1. A Joint Home Loan can be taken by Husband and Wife or Parent and Child.
   2. Friends cannot take Joint Home Loans.
   3. In some case brothers are allowed to take the Joint Home Loans.
   4. Banks insist that, co-owners must be co-borrowers for the Home Loans. It is not necessary that all the co-borrowers must be the co-owners of the house.

Advantage on Tax Savings

• It is more advantage when you are taking the Home Loans jointly. It provides maximum benefits on Tax Savings. It is advised to take Joint Home Loans if you are a married couple and both of you are working in a company. This will maximize the Home Loans eligibility and increase the Tax Savings.

• Take an example, Santosh is working in a MNC and his gross earnings is Rs.600000 per annum and his wife also working in a MNC and her earnings is Rs. 400000 per annum. Here both of them falling into the category on tax payment. Now, they are looking into the better plan for Tax Savings. If they are planning to apply for a Joint Home Loans of Rs. 20 lakhs, I would say they are on the right track. Because of the following reasons:

1. Investing on property is always worth and future value will be increased.
2. Since they are applying for the Joint Home Loan, the maximum loan amount will be higher.
3. For the loan amount of Rs.20 lakhs, for example the principal is Rs.150000 and Interest Payable is Rs.250000. They are eligible for the total amount Rs.500000 under the section 80c and 24b. Principal Payment for both of them is (1lakh x 2) and Interest Payment for both of them is (1.5 lakh x 2). In this case the total amount of Rs.400000 will be deducted in the tax. The above example is not calculated based on the Interest Rates and it is just an example to explain you the process. I think now you will better understand the importance of the Joint Home Loans.

• The above assumes that both are equally repaying the loan amount. In another scenario, they are taking the Home Loans in the proportion of 60:40, then the Tax Savings on the repayment also will be in the same proportionate.

Conclusion

I think I have covered most of the facts about Home Loans and Tax Benefits on my Previous Article and this article. I have heard there is Home Loan Rate Cuts from the ICICI Bank. I am collecting fact on the news and will be ready for the next article soon. Till the time read this article and will meet you on my next article. happy reading!!!

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Home Loans and Income Tax

Intro

In this article I am writing about the Home Loans and how to get the maximum benefits on Tax Savings.  If you are not aware, Home Loans are the best source for Tax Savings plan. You cannot use Car Loans, Personal Loans or any other loans for the Tax Savings plan. But, still many people not aware of how to utilize the potential of use this plan. We will look into this article on rules and regulations you must know before planing the Home Loans and getting the Tax Benefits.

Tax Limitation on Home Loans

Income Tax act 1961, provides two section where you can use home loans for the Tax Savings purpose. The two sections are :

• Section 80c

Under this section maximum of Rs.100000(one lac) can be exempted from the Income Tax on repayment of principal on home loans.

• Example 1

If your Taxable Income is Rs.500000 and your yearly home loans principal repayment is Rs.80000, then your Taxable Income is Rs.500000 - Rs.80000 = Rs.420000.

• Example 2

If your Taxable Income is Rs.500000 and your yearly home loans principal repayment is Rs.100000, then your Taxable Income is Rs.500000 - Rs.100000 = Rs.400000.

• Example 3

If your Taxable Income is Rs.500000 and your yearly home loans principal repayment is Rs.140000, then your Taxable Income is Rs.500000 - Rs.100000 = Rs.400000. Because you can exempt maximum of one lac under this section.

• Other savings

Note that under this section (80c) you can show other savings like Public Provident Fund (PPF), etc. Maximum limit Rs.100000 includes all the savings. If you are declaring Rs.100000 as the principal payment, then you can not include other savings.

• Section 24b

Under this section maximum of Rs.150000(1.5 lac) can be declared as the interest payable on the Home Loans. As we have shown the examples, here as well the rule is same. You can exempt maximum of Rs.150000.

Points to Consider while computing Income Tax on Home Loans

1. Income Tax exemption can be sought only once the construction is complete. You can seek Tax Benefits only from the financial year in which the construction is complete. There will be no deduction for the year in which the construction is still on as at the end of the year.

Income Tax Policies on Principal Repayment

1. Principal Repayment can be considered as a valid investment under section 80C only if it is made for a self occupied house. That is, you should be living in the house for which you are making the Principal Repayment.
2. If the house is not in the city in which you are working – in which case you can claim the principal repayment as an investment under sec 80C even if the house is not self occupied. For example, if you are working in Bangalore and have one house in Chennai for that you are paying the EMI, you can claim the Tax Benefits on the Principal Repayment even if the Chennai house is rented out.
3. If you have taken the home loan in joint name, the Tax Benefit (for both Principal Repayment and Interest Paid) would be available to both of you if the house is also in joint name.

Income Tax Policies on Interest Repayment

1. The interest payable for the pre-acquisition or pre-construction period would be deductible in five equal annual installments commencing from the year in which the house has been acquired or constructed.
2. The interest towards home loan taken for purchase, construction, repairs, renewal or reconstruction of house property is eligible for deduction under section 24(b).
3. In case the property is rented out even for a part of the year, there shall be no limit on this, and entire interest on Housing Loan is deductible under section 24(b).
4. The best part is that there is no restriction of “Self Occupied Property” for claiming the tax break on interest paid under sec 24. In fact, if you have rented out the house, and the rent you receive is more than Rs. 1.5 lacs per year, ALL interest paid (even if it is more than Rs. 1.5 lacs) is deductible from the rent received – provided that the interest paid is not more than the rent received.
5. If you are paying the EMI for 3 houses, you can claim interest paid for all the 3 houses under Sec 24 as long as it doesn’t exceed Rs. 1.5 lacs.

Few Examples would help to understand

Kamalan bought a house in Bangalore and staying that house. He got the loan amount of Rs.1000000 for that house. He is also working in the Bangalore city. His yearly Principal Repayment is Rs.100000 and Interest Repayment is Rs.40000.

• He can save total of Rs.140000(Rs.100000 + Rs.40000) since he is occupied that house and also staying in the same city.

Later he bought another house in the Chennai and took another Home Loan of Rs.1200000. He then started paying the EMI for that loan amount. He opted to rent out that house. His Principal Repayment is Rs.110000 and interest payable is Rs.50000 per anum.

• He is eligible to show the Principle Repayment under the Tax Savings. Please note that the maximum amount he can show as the Principal Repayment is Rs.100000. In this case even if the rule permits him, he already repaying the principal of Rs.100000 for the Bangalore house. So, he already reaching the maximum limit.

• But, in the case of rent payable, there is no limit on Tax Savings. It is because he rented out the house. This rules under section 24b. When you are applying for Home Loans and proposing that the house will be given for rent, you will be eligible for no limit on interest payable under Tax Savings.

Some of the terms used in the Home Loans:

1. EMI: Equated Monthly Installment till the loan is paid back. It consists of a portion of interest and the principal
2. Floating Rate of Interest: Rate of Interest which varies with the market lending rate. This means that there is an element of risk of paying more than budgeted amount in case the lending rates goes up
3. Monthly Reducing Balance: In this system interest reduces monthly with repayment of Principal amount
4. Annual Reducing Balance: In this system principal is reduced annually at the end of the year so you end up paying interest even for the portion of principal you have actually paid back
5. Fixed Rate of Interest: Rate of Interest remains unchanged throughout the period of the loan
6. Processing Charge: It’s a fee payable to the lender on applying for the loan
7. Prepayment Penalties: When loan is paid back before the agreed term of the loan, then banks/ institutions charge penalty for the prepayment
8. Commitment Fee: Some institution charge commitment fee in case the loan is not availed within a stipulated period, after it is processed and sanctioned
9. Miscellaneous Cost: It is quite possible that some lenders may charge documentation or consultant charges .

Conclusion

The above write up is very comprehensive on Home Loans and Tax Savings. The facts are taken from many sites and I used different resources to check the accuracy. This post will be very useful for the people who want to invest on properties and get the Benefits of Income Tax. I might have missed few points and I will update the post if I come across. You can post it in the comments if there is any mistakes. You can subscribe to our RSS feeds.

If you have any queries on Home Loans and Tax Savings, please drop a comment with your mail id, I will contact you with the details.

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Subprime is the cause of USA Economy melt down.  It is the very popular news among everyone and it is become very serious then expected. It caused more damage to all the industries. Subprime crisis caused big loss to the banks and now it is affecting the other industries like AutoMobile companies (GM, Ford, etc.). In this blog I will write about what exactly is the Subprime crisis and why USA banks created such a big mistake in their era. Some experts comparing this disaster with the 1930 Economy slow down in USA.

What is Subprime lending?

Subprime Mortgage Loans (or housing loans or junk loans) are very risky. But since profits are high where the risk is high, a lot of lenders get into this business to try and make a quick money.These loans are given to people who have inability to repay the loan and they don’t have stable income. For example, a person who is working on IT company earns Rs.40000 per month and he doesn’t have any other income or assets. When the bank gives him loan of some lakhs, the EMI for the month would be Rs.20000-Rs.30000. If he lose the job, there is no possibility for him to pay the EMI, he will just surrender the house to bank and go away. This is the one simple example how Subprime problem starts.

What caused 2001 recession?

Subprime problem is more severe then what we saw in the 2001 recession. The real fact is that, 2001 what happened is Dot Com Bubble followed by the recession. Since the invention of internet, there is dozens of new companies coming up with the Dot Com dreams. There is lot of hype around Dot Com is that any company can make the billions of dollars. So, people started investing more on the Dot Com companies and the prices of the share value is increased dramatically. The price of the stock market is over valued. A small company without any profit valued as a billion dollar company. Even they don’t have clear idea on how will they make profit.

To keep running the company, they are spending investors money and promising that they will make profit in future. After some period of time, investors realized that company is not making any profit and stared selling the shares. When selling shares is more than buying shares, the value of the share will be coming down. It caused sudden fall on the stock market and the companies tumble to survive. Dozens of small companies vanished and only few big companies like Yahoo, Amazon, ebay, etc. has managed to survive on the burst.

So, whoever working on Dot Com companies lost their jobs immediately, when there is increase in the unemployment will decrease the country’s GDP growth. If there is two quarters continuous fall in the GDP, it is called as recession. This is what happened in the USA’s 2001 recession. What we are seeing as Subprime is different from the 2001 burst.

End of Big Banks

Subprime crisis has ended history of many banks in the USA. As of now 22 banks closed because of Subprime crisis. It is started with the Lehman Brothers, a 138 year old company filed bankrupt. It is followed by Washington Mutual Funds. Like this 20 other small and medium size banks fallen easily. American International Group (AIG) survived by giving the $80 billion bail out money by the USA government. Another major collapse with Citi Bank which has written off $60 billion as the bad debts. CitiBank also rescued by the USA government using bail out plan. It is estimated that USA needs atleast $800 billion required to handle the Subprime crisis. It is not yet over and now the Automobile companies are struggling. You can read that in the next section.

Survival of Automobile Biggies

Now the turn is Automobile industry and it is affected more than any other industry in the USA. The major three companies in the USA, General Motors(GM), Ford and Chrysler needs help from the government to survive. The discussion is going on and the decision will be taken by the next week. The fall of automobile companies will be more, so it is expected that government will come to the rescue. i will write the another post on details of how automobile companies went into trouble.

Conclusion

I hope you have enjoyed reading this article. I have referred many sites to get the knowledge of Subprime lending and once I have read a book named “Dot Com” which helped me to understand the 2001 recession in better way. It is because of the USA governments mistake, the entire world is jolting on economy crisis. It is expected that this down turn will continue for the next 1-2 years minimum. Every company is now looking for the cost cutting measures and plan to spend efficiently. This is going to be good lesson for USA Banks and they need to learn from Indian banks. Of course we are doing pretty much better than other countries. Thanks for reading this article.

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Intro

Buying home is everyone’s dream and it become very difficult in the current scenario. That too in the cities like Bangalore, Chennai, Mumbai, etc. it is even more difficult to afford a decent house or apartment. The reason is the properties are over valued and high rates of Home Loans. Information Technology (IT) development is the another strong reason why the cost is increased. If you look into the buyers of most of the apartments in the cities, it is salaried people who are able to pay the high EMI per month. Particularly IT employees earning more than other industry employees and banks has less restrictions to sanction the Home Loans for the IT employees.

Global Economy crisis

For the past one year, US is severely affected by the Subprime crisis. All the banks in the USA went into deep trouble by losing their money. Lehman Brothers went into bankrupt and followed by many others banks shut down their operations.  From Wikipedia definition Subprime lending is:

Subprime borrowers have a heightened perceived risk of default, such as those who have a history of loan delinquency or default, those with a recorded bankruptcy, or those with limited debt experience. Although there is no standardized definition, in the US Subprime loans are usually classified as those where the borrower has a credit score below a particular level, e.g. a FICO score below 660. Subprime Lending encompasses a variety of credit types, including mortgages, auto loans, and credit cards.

In the next section read how this will affect the Indian economy and will effect the real estate sector in India.

Realty Sector in India

At this time you will have a question that how the US Economy crisis will affect the Indian Real Estate sector. We can write down as the number of factors below:

1. Looking into the investments made in Real Estate Sector, the huge amount of inflow is from the foreign institutions. Some of the institutions have invested in the Indian realty companies like DLF, etc. Now these investments will be stopped and companies will struggle to complete the ongoing projects.
2. Unemployment in the country will be more because of large layoffs. Mainly IT sector people will be affected largely due to the dependent on USA for getting more projects. The major IT companies like Wipro, TCS, Infy, ect. are 50% of their income from the USA Clients.
3. banks are restricted the number of Home Loans due to the high risk. Most of the buyers dependent on Home Loans to buy the house.

Expensive Home Loans

In 2004, the Interest Rates of the home loans are 5-6% p.a. Now it is about 11% p.a. This is too expensive to afford for a normal person who earns below Rs.50000 per month. For example if you are looking into the apartments in the Bangalore, it is costing more than Rs.25 lakhs. if you want to buy a apartment with good builders like Mantri Developers, then it is more expensive. Economy Slow down and the High Home Loan Rates reduced the number of buyers. (I will be writing about the home loan rates in the separate blog post).

Is Prices coming down?

Yes, already most of the developers started lowering the prices to sell the apartments. As of now, the small developers are reducing the prices and reputed builders will start reduce the prices very soon. There is no way to increase the prices in the current market. Every day market is coming down and people are losing jobs. DLF has closed many projects in the Delhi and Noida. Shoba Developers has canceled few projects in the Bangalore city.

Conclusion

I have listed down few expectation from my knowledge in the coming months. This will be the 90% expected by everyone in the industry.

1. Home Prices will come down at least 20% (may be more than that. according to SBI chairman, it needs 30%-50% correction from the current price).
2. Most of the buyers will defer their plan to buy houses, yes they all expecting the prices will come down.
3. Home Loan Interest Rates to be reduced below 10% p.a. (may be upto 8% or 9%).

These are my opinions on the home prices and the future trends in the realty sector. This may not be the correct and I am trying to analyze the market and writing the every blog post to provide the accurate information. Please be plan and buy a house!!! You are always welcome to post your views. Please post your comments.

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Recently I have posted a blog about FD Rates and investment plan on the Fixed Deposit (FD). It seems banks are planning to reduce the FD Rates in the coming months. I am writing this post to inform readers, if they have plan to invest do it ASAP to gain the High Interest Rates. The drop will not be more, probably 0.5% p.a. In this post I will give the details on the banks plan to reduce the FD Rates.

The news taken from SBI’s site as

“ With inflation coming down to single digit of 8.98 per cent after a gap of five months, the country;s largest lender State Bank of India (SBI) today pitched for further lowering of key policy rates by the Reserve Bank of India to kick-start the economy.

Interest Rates (by RBI) should be lowered further otherwise the kick-start in economy won’t take place the SBI Chairman, Mr O.P Bhatt, told reporters pointing out that the bank has already decided to cut the deposit rates by 50 basis points from December 1.”

It is observed that the main reason for lowering the rates because of inflation is coming down.  To follow SBI, other banks also expected to cut the rates in coming months. As of now, there is no other banks have announced anything related to rate cuts.

I will be updating further news on rate cuts. Please keep watching this blog and subscribe to our RSS feeds.

Happy reading..enjoy the week ends.!!!

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Intro

In this blog I am writing about the Mutual Funds and risk factors involved in investing on Mutual Funds.Now a days investing in the share market and mutual funds are become very common and people choose mutual funds for one more reason, TAX Savings. As I heard, most of the people who invested on the Mutual Funds, they don’t have enough knowledge on Mutual Funds and lost money when the share market is going down.

What is Mutual Funds (MF)?

Mutual Funds (MF) are collective investments from the investors and the money managers will be using that investments to buy and sell the shares in Securities Market. There is common believe among people that the Mutual Funds are risk free and they need not bother about what is happening in the market. This is half truth, but if one has good knowledge on the market, he will gain the full potential of Mutual Funds. The money is managed by a expert money manager, so there is less risk on losing more money on the mutual funds.

Share Market and Mutual Funds (MF)

Everything depends on the up and down of the sensex index. When the share market is doing good, your Mutual Funds will get the good value, otherwise you may loss the money if you don’t manage them properly.

What is Net Asset Value (NAV)?

The Mutual Fund Net Asset Value or NAV is the total market value of all the assets, including cash, held by the fund, after deducting its liabilities. The per unit NAV represents the market value of one unit of the mutual fund. It is the price at which investors can buy or redeem the mutual fund’s units. The per unit NAV is computed by dividing the total value of all the assets of the mutual fund, less any liabilities, by the number of units outstanding.

Types of Mutual Funds in India

There is many types of Mutual Funds schemes available in India. Here we will list only three among them.

• Open-ended Mutual Fund Schemes : There is no fixed maturity for the open-ended mutual fund schemes. One has to deal directly with the Mutual Fund for his/her redemption’s and investments. Liquidity is the key feature here. Buying and selling of the units becomes convenient at the related prices of the NAV (net asset value). Some of the open-ended fund schemes in India are ING OptiMix Active Debt Multi - Manager FoF Scheme, ICICI Prudential Very Cautious Plan and Birla Sun Life AAF - Aggressive Plan.

• Close-ended Mutual Fund Schemes : Close -ended schemes are those which have a specified maturity period (which generally ranges from 2 - 15 years). At the time of initial public issue one can make direct investment in the scheme and can also get the benefit of buying and selling of the units. Due to demand and supply in the market plus the policy holders’ expectations and various other market factors, the market price may vary from NAV (Net Asset Value). Some of the close-ended fund schemes in India are ING Vysya Dynamic Asset Allocation Fund and Kotak Dynamic Asset Allocation Scheme.

• Tax-saving Mutual fund Schemes : Individuals, companies, partnership firms, and body corporate are some of the investing parties in the various Mutual Funds available in the market primarily to enjoy the benefits of tax saving. The Indian Mutual Funds are guided by principles of general contract framed by SEBI. It provides certain tax benefits to the fund holders. It is mandatory that tax benefits should be declared in a column which reads “objects of the offering”. SBI Mutual Funds, Prudential ICICI and Bajaj Capital are some of the tax saving Mutual fund companies in India.

I think the above information is enough for basic knowledge on Mutual Funds. I will be writing about the Mutual Funds schemes offered by specific banks in my future posts. I may be missing some of the important points regarding the Mutual Funds. Please add that in the comments. Please post your comments and subscribe to RSS feeds.

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This is the correct time if you want to invest in the Fixed Deposit (FD) schemes. In the past, banks offer very low Interest Rates on the deposits, so people tend to invest on the property like buying home, land, etc. So, it is created very common attitude among people that depositing in the banks doesn’t offer good return. The days are gone, now most of the banks offer decent interest rates on the deposit. I will write about few banks where you can get the high return for your investment.

Why you should invest in Fixed Deposit?

The main reason for investing in the Fixed Deposit is to get the high interested rates. While you are keeping your money with Savings Account, you will get 3.5% p.a. (It is standard for all the banks) as the interest rate for your money. It is very low compare to the Fixed Deposit (FD). Keeping money in the Savings Bank account is good when you have urgent needs, but if you know that there is no spending for the money, please move it to FD and get the highest rates. Nowadays most of the banks like ICICI, HDFC, etc. providing online facility to directly moving your balance to creating the Fixed Deposit (FD) account.

Which bank offers good return for Fixed Deposit?

To write this blog I have inquired on few banks to get the details. So, I don’t want to say only these banks will offer you the best interest rates. Please inquire most of the banks before planning to invest the money.

ICICI Bank Fixed Deposit

You can see the list FD rates here. It is ranging from 3.75% p.a. to maximum of 10.5 % p.a..

HDFC Fixed Deposit

You can see the list FD rates here. It is ranging from 3.5% p.a. to maximum of 11.0 % p.a..

ING Vysya Fixed Deposit

You can see the list FD rates here. It is ranging from 5.0% p.a. to maximum of 11.0 % p.a.. Compare to other banks ING Vysya offers good interest rates. Here the minimum is 5.0%.

Axis Bank Fixed Deposit

You can see the list FD rates here. It is ranging from 3.0% p.a. to maximum of 10.75 % p.a..

Note that the FD Rates will be 0.5 % will be more for the Senior Citizens (above 60 years old). It is the standard for all the banks. So, if you want to invest, good idea to invest in the name of your parents if they are above 60. You will get 0.5% p.a. more on your money. All the above rates are for the below 15 lakhs. If you are investing above 15 lakhs, the Interest Rates would be different.

TAX on Fixed Deposit (FD)

The interest amount received through Fixed Deposit (FD) is taxable income. They will cut as Tax Deduction on Source (TDS) before giving you the interest money. But, If you have taken loan on the FD, the tax is not applicable. It is better to consult with the bank guys before taking any decision.

Loan on Fixed Deposit (FD)

You can take the loan by using your Fixed Deposit (FD). The Interest Rates will be 1.0% p.a. more than your FD Interest Rates (It may vary depending on the banks). So, you need not close the FD in case if you urgent need of money.

I hope this article is much useful for the guys who want to deposit in banks. Please post your comments and subscribe to our RSS feeds.

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There is lots of websites available for Applying Loans. These website are not belongs to any bank, but they will be sending the users details to the various banks and then bank will contact the customer. The advantage of using these website is we have option for getting contact to many banks and also we can compare the different banks and choose the best one. Here I will be listing few sites and will be added more sites whenever we find one.

Bank Bazaar

BankBazaar.com’s core strength lies in its technology innovation that provides an easy and fast user experience. On BankBazaar.com, a loan seeker can get competing personalized loan quotes from multiple banks inclusive of rates offered by ING Vysya Bank within 2 minutes and can compare these offers using their simple interface and then can apply directly to the chosen bank. It takes about 12 minutes to find and apply for a loan on BankBazaar.com, as compared to the long hours taken in the physical route.

Loan2Realty

Loan2realty.com is a new initiative from R D Group of companies. R D group has a strong presence in the field of marketing, consulting and also in the field of manufacturing. MRO Solutions (P) Limited, MRO Financial Services and RBF are existing ventures of the group. The founder of loan2realty.com an alumni of Alliance Business Academy has wide range of experience in financial products and had successful stints with corporate like Citigroup. Loan2realty.com is an online lending and realty information service portal. This portal aims at getting the best deal for loan-seekers, insurance in India in a most hassle free fashion with a flavor and information about Bangalore’s Hot Property market. Let the Banks/Insurance Companies/Builders compete to provide you the best they can offer. We at loan2realty.com through our strong network of Banks, Insurance companies, Builders and Marketing companies in India strive to give our esteemed customer ‘the best deal in your town’.

LoanWala

LoanWala is India’s leading online lending services exchange from Consim Info Pvt Ltd - India’s leading Internet Company.

Deal4Loans

Deal4loans.com, a Delhi based start-up that has pioneered the concept of online comparison for retail loans in India.We are an online loan information and application portal, providing you with valuable information on all available loans in India.

Deal4loans.com is a completely independent loans comparison service and our directory of lenders gives you all the information you need about the online loan companies you are considering and what they offer.

Deal4loans already has the likes of Citibank, ICICI Bank, IDBI Home Finance and BHW as its partners amongst many others.

LoanRaja

Loan Raja is an online exchange empowering consumers and lenders with convenience, choice and value.

It aims at providing you with the best available loan deals right at your fingertips. Bid adieu to endless research over the best loan plan and just log on to the website. Have bankers/lenders from all over the country send you their best options according to your requirements within minutes. Choose the deal best suited to you and apply right away.

HDFC Personal Loans

Get a loan of your choice from the HDFC Bank range of Personal Loans within 72 Hours. No matter what’s the occasion.
With its rich experience and strong reputation in financial market, a large shareholder base and unique consumer franchise, HDFC Bank has undoubtedly excellent services.
The Loan Procedure is Simple, Documentation is minimal and approval is quick.

ICICI Personal Loans

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These cities had witnessed a 25 per cent surge in property demand in the first seven months of last fiscal year. According to the report, more than two crore people in such cities are unable to buy property since higher borrowing costs have compelled most of the real estate developers to defer their projects. The buyers of dwelling units have also not been able to make payments as higher interest rates and also still higher inflation have come on their ways to partly dampen their enthusiasm and eroded their budget, Assocham noted. The report has been prepared on the responses from real estate firms based in Tier II and Tier III cities such as Meerut, Bulandsahar, Muradabad, Bhiwadi, Dehradun, Rudarpur, Chandigarh, Sonepat, Panipat, Manesar, Pune, Nasik, Bhopal and Indore.

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Property prices in India need to decline further before demand picks up, said Adi Godrej, who heads the Godrej group of companies that has interests in property, consumer goods, and electrical and office equipment. There has already been a correction in property prices, he told reporters at the World Economic Forum’s India Economic Summit in New Delhi, without elaborating. The group has real estate projects in Mumbai, Kolkata, Bangalore and Pune, according to its Web site. Property prices are dropping across India as a slowing economy erodes demand for homes and office space. House prices in smaller towns such as Agra, Ludhiana and Kochi dropped an average 15 percent to 20 percent, according to Jones Lang LaSalle Meghraj Property Consultants (India) Pvt.

Rental prices for offices and malls also fell by as much as 25 percent across India in the quarter, the firm said. Developers in bigger cities such as Mumbai and New Delhi are holding prices steady, Jones Lang LaSalle said. The global financial crisis is leading Indian stocks to the worst year on record hurting purchasing power even as a five-year rally in property prices and an increase in borrowing costs is hurting sales. DLF Ltd., India’s biggest developer, on Oct. 31 said profit fell 4 percent for three months ended Sept. 30 as the slump in stocks and faltering economic growth lowered demand for luxury properties and higher input costs increased expenses. Realty Stocks Drop The Realty Index of the Bombay Stock Exchange has declined 85 percent, faster than the 56 percent drop in the benchmark Bombay Stock Sensitive Index or Sensex. Godrej says demand for consumer goods is still “reasonable’’ amid the economic slowdown. Godrej doesn’t plan to increase prices of consumer products for the next few years as costs have eased because of the drop in rates of commodities such as crude and vegetable oil.

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