RBI makes Repo-linked Interest Rates Mandatory
The Reserve Bank of India (RBI) has asked all banks to link their loan products to key repo rates or external benchmarks. The move will come into effect from 1 October 2019.
Home Loan Protection: Term Insurance or Home Loan Insurance
To own a house is a dream that can be fulfilled through different ways. One of them can be by availing a home loan, which is a long-term commitment with repayment period extending up to 25 to 30 years. Considering the uncertainty of life, it is quite natural to get anxious about the loan liability…
Will Reduction in Repo Rate Lower Your Home Loan EMIs?
A reduction in the repo rate is a good news for home loan borrowers because of the fact that the rate cut has a direct impact on the home loan interest rate and home loan EMI (Equated Monthly Instalment). The existing and the potential home loan borrowers got this good news on June 6, 2019,…
Union Budget 2019: By 2022, 1.95 Crore Houses to be Built Under PMAY
Union Budget 2019: 1.95 crore houses will be built under Pradhan Mantri Awas Yojana (PMAY) from the financial year 2020 to 2022.
Union Budget 2019: Additional Tax Benefit on Home Loan Interest Paid for Affordable Housing
Union Budget 2019: Home loan tax benefit has increased from Rs. 2 lakh to Rs. 3.5 lakh. Homebuyers can avail the benefit till March 2020.
SBI Home Loans will be linked to Repo Rate from July 1
The State Bank of India (SBI) announced to link its home loan products to repo rate. From July 1, customers will have the option to avail repo rate-linked home loans. The bank will continue to offer MCLR-linked home loans along with the repo rate-linked home loan products. The new product will be slightly different from…
Home loans may become cheaper as RBI slashes repo rate by 25 bps
Home loans may become cheaper as RBI slashes repo rate by 25 bps. The repo rate has reduced from 6.00% to 5.75%.
How to Avail Home Loan Subsidy Under Pradhan Mantri Awas Yojana?
Pradhan Mantri Awas Yojna (PMAY) – Credit Linked Subsidy Scheme (CLSS) is a government scheme launched with an aim to make buying home easier for: Economically Weaker Section (EWS) Low Income Group (LIG) Middle-Income Group 1 (MIG-I) Middle-Income Group 2 (MIG-II) The scheme offers subsidized home loan interest rates based on your household income. The…
Is it Possible to Claim Both HRA and Home Loan Tax Benefits?
Yes, availing tax benefits in the same financial year can help you save on your taxes considerably. However, this is possible only if the rent agreement is in your name and you service home loan for another property. Both properties can be in the same or different cities.
ICICI Bank Introduces Instant Home Loan Disbursals
28 March 2019 – On Thursday, ICICI Bank launched two instant home loan products – Instant Home Loan and Insta Top Up Loan.