Negotiating a good deal for your home loan      
Give full details about your existing borrowings (including credit cards) and good repayment track record to all lenders. Remember most banks will check with the Credit Bureau anyway to find out about your existing borrowing and repayment track record. So making full disclosure about your existuing borrowings makes sense and can actually be used to reduce rates further.
 
How to avoid common problems while taking a housing loan      
Give copies of all property papers along with the application form so that any problems can be highlighted quickly. Obtain copies/formats of the NOC issued by the society/other authority in earlier cases and ensure that the particular format is acceptable to the bank. The society or other authority is unlikely to change its format for your lender.
 
Rising Interest Rates: Time To Prepay Your Home Loan?      
'Home Loan interest rates increased,' screams a newspaper headline, making consumers wonder whether it will be a good idea to break their investments to prepay loans ahead of time. Here are a few tips to help you with this rather difficult decision
 
The home loan taker's dilemma: Pay higher EMI or increase tenure      
In May 2005, Ratan Shetty, who works with an IT company, took a home loan of Rs 10.5 lakh at an interest rate of 7 per cent for a tenure of 20 years. At that time, he was paying an EMI of Rs 7443. In just two years, the interest on his home loan has risen to 11.25 per cent, and his EMI has increased to Rs 10,453, a rise of more than Rs 3000 per month.
 
Loan against Property: Why do I need to show income proof?      
Property is generally among the first assets people acquire. But, compared to other assets like, say, stocks, it's relatively illiquid, and poses a bit of a problem when you need quick cash. However, many financial institutions now offer loans against property. So, when Anant Kumar, an engineer with a well-known company, needed Rs 10 lakh urgently, he decided to mortgage his flat for a bank loan.
 
Co-operative banks may reduce lending rates for home loans after credit policy announcement      
With most public and private sector banks having reduced the lending rate on retail loans, urban co-operative banks are expected to follow their lead. The co-operative banks are expected to take a decision on lending rates after the announcement of the Reserve Bank of India?s credit policy later this month.
 
RBI seeks benchmark rate data on loans from banks before credit policy announcement      
The Reserve Bank of India (RBI), in its pre-credit policy meeting, has sought data from all banks on differential prime lending rates (PLR) charged to the customer. Most banks have different benchmarks for different retail loans. For example, some banks have a separate home loan PLR, an auto loan PLR, and so on. However, the RBI had wanted the banks to have one benchmark PLR (BPLR) and charge a spread over that depending on their cost of funds and margins.
 
UCO Bank Festival Discount      
UCO Bank has announced festival discount of 0.25% on its new home loans under UCO Shelter. The discount is available only for loans up to Rs 20 lakh, on both fixed and floating rate housing loans. The discount will be available up to December 31, 2007, on both fixed and floating. Existing home loan rates are:
 
UCO Bank offers 0.25% discount on home loan rates till December 31      
Above a loan tenure of 20 years, fixed interest rate on loan up to Rs 20 lakh is 10.25 per cent (if the margin up to 25 per cent) and 10.50 per cent, if the margin is more than 25 per cent. Home loans at floating rate of interest for more than 20 years, the interest rates are: 11 per cent (if the margin up to 25 per cent) and 11.25 per cent, if the margin is more than 25 per cent.
 
IOB slashes floating home loan rates by 50 basis points      
The current interest rates are: For loans up to Rs. 20 lakh, for as period of up to 5 years, interest rates have remained unchanged; at 10 per cent and 10.5 per cent for loans above Rs 20 lakh. For a period of 5 to 10years, the interest rates on loans up to Rs 20 lakh is 10.50 per cent (11 per cent previously) and 11% ( 11.50 per cent) for loans above Rs 20 lakh for the same period. Floating home loans of up to Rs. 20 lakh for 10-20 years is 10.5 per cent (11per cent) and 11 per cent (11.50 per cent) for loans above Rs 20 lakh for the same period.
 
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