There is famous saying that "Life comes FULL Circle" which is true for Prepayment Penalty on Home Loan. In 2011, prepayment penalty was first abolished by HFC's like HDFC Ltd, LICHFL, etc. followed by banks in 2012. Now same HFC's are demanding reintroduction of prepayment penalty. The background of this move in 2011 was differential interest rates charged to Existing Home Loan customers. Rather than fixing the core issue of equal interest rates for existing and new customer, NHB and RBI took an alternative route to abolishing prepayment penalty on floating interest home loans. In short, ... Read More
How to deduct TDS through Home Loan?
One of the most common problems faced by a buyer is How to deduct TDS through Home Loan?. To deduct and deposit a TDS is the sole responsibility of a buyer. Sometimes a bank or HFC help the buyer and many a times they refuse. Currently, there is no standard process on how to deduct TDS through Home Loan. I come across unique and strange cases in this regard. Most of the times banks or HFC avoid hassle to deduct the TDS and put the entire onus on a buyer. The banks take advantage of a buyer if he or she is not aware of the rules and regulations in this regard. Therefore, it is critical for a ... Read More
Home Loan for Women – Is it true?
Home Loan for Women at Concessional Interest Rates reads one of the hoardings near my house. My wife called one of her friends and told her about the Home Loan for Women. Her friend is a single working woman and looking for a flat in Noida. I knew that bank will not lend to a single women borrower at any cost. As i was not in a mood to dampen the spirit and enthusiasm of 2 friends, therefore, i was a mute spectator to this discussion. After few weeks, her friend called me and told me that bank is not approving her so-called "Home Loan for Women". The bank was demanding either a co-applicant or ... Read More
What is the ideal Home Loan Tenure?
Home Loan Tenure is one of the most crucial decision making factor during Home Loan Process. Home Loan Tenure has a direct impact on your cost of borrowing. In turn, the cost of borrowing increases your overall cost of the property. I receive many queries on what should be the ideal Home Loan Tenure?. There is no standard answer to this query. As a borrower, you need to arrive at the optimal value which should be a fine/comfortable balance between your current financial condition and your Home Loan requirement. The home loan providers i.e. banks/HFC's push for longer home loan tenure as it is ... Read More
5 Common Home Loan Mistakes
Home Loan mistakes may cost very heavily on your pocket. I call common mistakes during Home Loan process as a Home Loan mistakes. Home Loan is a long term commitment and many borrowers take it casually. I personally feel that whatever impacts you financially should be taken seriously. In past, i have written similar posts like 8 Ques You Should Ask Home Loan Provider. This post is different and related to the behavioral aspect of a Borrower which is equally important. Unfortunately, Home Loan mistakes cannot be corrected in most of the cases. The reason being, there is a time pressure on a ... Read More
Review – ICICI Bank Extraa Home Loan
ICICI Bank Extraa Home Loan is a new Home Loan product for retail borrowers. Currently, ICICI Bank Extraa Home Loan is available only in Greater Mumbai, Delhi & NCR, Bangalore and Surat. It seems that ICICI Bank is test marketing the product before full-fledged launch. These 4 cities are selected considering the target group and concentration of potential borrowers in mind. ICICI Bank Extraa Home Loan is available for Home Loans of up to 75 lacs. In layman terms, ICICI Bank Extraa Home Loan is useful for the borrowers who fall short on eligibility criterion due to age or income factor. As ... Read More
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