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Discuss Home loans

Discussion in 'Housing' started by Ooviya, Nov 10, 2009.

  1. Shanvy

    Shanvy IL Hall of Fame

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    Re: Housing Bank Loans

    With the US economic situation look grim, and people in the indian goverment telling us that we are strong, does not look so good..though as an optimist, i would like to believe that we are safe and will not have any effect what so may come in the next few months or 1 year..i still would like to tread with caution.

    something that reiterated my view on the loans, rates and the emis that are going to be the downfall of a lot of people...

    Business Line : Industry & Economy News : EMI
     
  2. Shanvy

    Shanvy IL Hall of Fame

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    I think i already mentioned this long back that the interest rate could touch 16% by 2011 end. and i see it inching towards that with some banks charging 15+% interest rates on homeloans. some nationalised banks have increased the margin money by 25%..instead of the 20% that is prevailing.

    hdfc has now increased the base point again..and now it is 10+.
     
  3. Shanvy

    Shanvy IL Hall of Fame

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    the current interest rates for upto 30 lakhs from lic is 10.65 and upto 75 it is 11% and upto 1.5Cr it is 11.50 and the new rate that is waiting to effected is 11.50, 11.75% and 12%..this is according to an sms i got from lichf source.
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    HDFC has come out with a fixed-first and then floating..it is said it is a better product then the earlier teaser loans. it has a 3/5 year fixed and later converted into floating on that day.

    3 year fixed would useful if a person knows that he will get into some liquid cash at the end of 3rd year, and would like to prepay..floating does not have prepayment penalty is my assumption..atleast earlier it was so.
     
  5. Ooviya

    Ooviya Platinum IL'ite

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    hi,

    v bought housing loan from LIC in 2010, for 20 yrs (3 yrs fixed, then floating int.). now my doubt is,

    SHALL V PAY SUM LUMPSUM AMOUNT IN D FOLLOWING YRS, LIKE 1 LAKH (OTHER THAN EMI)???
    IS IT (LUMP SUM PAYT) DEDUCT FROM PRINCIPAL OR INT.AMT???
     
  6. Shanvy

    Shanvy IL Hall of Fame

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    oviya,

    That goes against the principal..
     
  7. hemalathaK

    hemalathaK Platinum IL'ite

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    We too got a housing loan from LIC HF in 2008.Now if we would like to pay the full amount in a single payment, is that possible ?
    And what are all the formalities to pay the total amount?Please help me.
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    i assume yours is a nri loan?? if so all repayements are to be from a nri fund/account.

    if there is no pre-payment penalty, go to the office where your loan account is from, pay the amount and close the loan. the documents will be returned to you after a few days mostly 10-15 days which will be mentioned in the receipt that is given to you.
     
  9. hemalathaK

    hemalathaK Platinum IL'ite

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    Thanks shanthi, but ours is not an NRI loan.It was taken when we were in India.So,is the proceedures the same as the above?Usually what percentage will be charged as pre payement penality?Can u clarify please.
     
  10. priyakanth

    priyakanth Silver IL'ite

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    Hi Hemalatha,

    As far as the Prepayment penalty on existing rule (ICICI Bank) is 2% on principle amount. Hope it will not
    vary much with other banks.
     

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