Home Loan rates as on 15/10/23

 

    Home Loan rates as on 15/10/23.

The festival season is around and this is the time when most of us buy Homes, the Navratras are most auspicous days and followed by Deepawali. This is the time when we finalise our new homes and move into it by Deepawali day. Understanding the importance of this festival time , builders and banks provide best offer on properties and Home Loans. So time to decide what property to buy and which bank to go for availing these offers. 

Since we are a Home Loan distributor we bring you the best offers of Banks and NBFCs currently availble on Home Loan.

State Bank of India 

Current Rate                                            : 8.60% 

Loan Takevover                                         8.40%

Approved Builder Property                       8.55%

Processing Fee                                           NIL 

HDFC Bank 

Current Rate                                             8.5%

Processing Fee                                         0.25% of the Loan Amount.

Bajaj Housing 

Current rate                                            8.60% 

Processing Fee                                       0.25%

ICICI Bank                                         

 Current Rate                                          8.60% 

Processing Fee                                       .50%

IDFC Bank       

Current rate                                           8.75%

Processing Fee                                      0.50%

Axis Bank     

Current rate                                          8.60% 

Processing Fee                                     0.25%

The above rates are completely CIBIL based , depending upon your CIBIL score the rates may vary . These are standard rates and banks donot mind going down on these rates also. 

So Choose best lender and we can help you in doing that. We have tie up with almost all the lending institution in Delhi NCR and we can bring you the best offer. Just relax and call us at 9540862210 and experiece the difference.

With 20 plus year experince in Mortgage loans, we offer the best.

call 9540862210 for details.

                                   

Home Loan at 6.66% .

Home Loan rates have really dived in the last quarter, so if you are planning to get a new home loan. please speak to us and then decide. If you have an existing Home Loan running . you can get a better rate from the existing bank or you can contact us we can provide you the industry best rate. Call at 9911594833 for details.

Mortgage Broker !

Mortgage Broker :

The expansion of Mortgage Market has seen many new marketing  entities emerging in this field. The competition is quite tough and every institution is after good customers. There are about 40 plus financial  institutions which are lending Property based loans in the market. This includes your neighborhood bank and a not so known  Non Banking Finance Companies (NBFC) . The bank is still the cheapest source of loan  because   their cost of funds is least in the market and then followed by NBFC's.  The bank has its own team to market the product , then their is another entity which markets Loans for these banks and NBFC's which is called as  DSA/DMA ( Direct Sales Associate /Direct Marketing Associates )The Bank team only sells  their products , where as a DSA.DMA you can sell the product of multiple banks and nbfc's. The benefit you get dealing with a DSA/DMA is that you are going to get a bouquet of products and you can pick a product according your need. Now this is what a Mortgage Broker does in the west.  The Mortgage Broker brings the best deal for their customer, so the role of a Mortgage Broker is becoming very important with the time. As per general understanding The market can be broadly divided into two categories :

Salaried Applicants

Self Employed Applicants.

Salaries Applicants :

 Salaried applicants those who are working for the blue chip corporate are the biggest gainer , and bank can provide them customized loan solutions, since the default rate in this segment is zero. The other salaried class are not that lucky, they are charged the rack rate of interest. 

Self Employed Applicants:

This is the biggest market for the financial institutions these days. Institutions have customized schemes for this segment , and this is the segment which provides them the best returns on their lending. The rate may vary according to the profile of the customer. The professional self employed are the best bet. The loan is calculated through many methods, 

Net Income:

 It is called as  vanilla product  generally all banks base their loan calculation on this method.In this method the loan is amount arrived after calculating PAT ( Profit after tax) and depreciation) The loan eligibility remains minimum in this scheme.

Gross Margin :

 In this product the loan is based on the turnover of the entity. A standard industry margin is taken to calculate the loan amount. The NBFC's is the main lender here , they design their product according to the prevailing market conditions and end up charging a premium rate for these innovative products.  Except few , most of the banks do not do this product. This is one segment from where maximum loan amounts are disbursed. The self employed segment is the main focus of this scheme and maximum loan  eligibility is arrived by this scheme.

Banking Product :

 This product is their with few banks and NBFC's, the loan amount is calculated on the average balance on few dates in a month, and a certain percentage of that average can be the EMI of the prospective loan.

Repayment Track :
This is also a product with few Institutions, here the calculation is based on Existing EMI's. Your existing loan should be at leas one year old and based on the EMI and track a loan can be advanced to you. 

For a customer to have knowledge of all these products is a tough task and these products may stay or vanish according to the market conditions, so it is always advisable to go through a Mortgage Broker,  He can  get you the best terms according to the profile. Instead of you running around these many institutions the broker does all this and brings you the best rate. As far as the broker payment is concerned, he gets his payout from the institution  and the  customer  does not have to pay anything to the broker separately.

So next time you are there in the market for a Loan. Take the help of Mortgage Broker, you may get a dream deal on your loan.
If you need a Mortgage Broker Service in Delhi NCR. Drop a mail at dbisht@yahoo.com or call at 9911594833 for quick chat on our services.

SBI Cuts Home Loan Rates Effective today 9.50% and 9.55 %.

"My name is Raghuram Rajan and I do what I do" this is how Mr Responded to a comment that he was being Santa Claus in cutting interest rate by more than expected. We could see the Santa Claus impact on the monetary policy when it was announced.

The Monetary Policy announced by Reserve Bank of India Governor Raghuram Rajan  on 29th September 2015 have started seeing reactions from the major lending  banks in India. 

The Key highlights of  the Monetary Policy for a Home Loan Borrowers are as follows:

The Repo Rate reduced from 7.25% to 6.75% .

The central bank also proposed to reduce the risk weights on affordable housing applicable to lower value on well collateralize individual housing loans.At present the minimum risk weight applicable on individual housing loan is 50 percent.

The RBI has reduced official rates by 1.25 bps since January .075 bps in January 2015 and 50 bps now , in the last policy announcement the lending banks have not passed the complete benefits to the customers due to other factors but this time around the RBI is quite hopeful the major part of this rate will be passed on to the borrowers. 

Soon after the announcement of the Repo Rate Cut, State Bank of India announced at cut of 0.40% basis point reduction on all Loans be it Home Loan or Auto Loans. The Banks has decided to reduce the lending rate to 9.3% with effect from October 5 , 2015. The swift action by SBI has put onus on other Banks in the market to follow the suit. I am also enclosing  the detailed interview of  SBI Chairman Arundhati Bhattacharya for the benefit of the readers in which she is explaining how the whole process will work from here on.

In an interview  yesterday , the MD  of ICICI Bank  Mrs Chanda Kochhar has maintained that  more than half of this 0.50 bps  cut will be passed on to the borrowers. The official announcement to this effect will be made once banks reviews the policy in detail.

Mr Aditya Puri HDFC Bank Managing Director have hinted that the most banks will cut their lending rates by end of this week. On his bank strategy on reducing rate , he stated that the asset liability committee will take a final decision on that.

RBI has given  Diwali gift to the Borrowers in India and all borrowers of Housing Loan/Auto Loan/Personal Loan are sure to benefit from this move. The swift decision by SBI to reduce the rate by .40 bps have now put pressure on other major lender ICICI Bank and HDFC to reduce the rate at the earliest. SBI's .40 bps reduction will come into effect from 5th October 2015.

Now the question remains how this cut in rates will impact the existing home loan borrowers. These rates will be applicable to the new home loan customers right now and as far as the existing home loan borrowers are concerned , what quantum of benefits will be passed to them, it will only become clear once these policy decisions are taken by the individual banks.
But all in all it is a good move by the central bank and we expect to also see lot of action on affordable housing front, once the risk weight-age of 50 percent is done with.