State Bank of India’s disbursements on home loans under its ‘New happy home loan scheme’ have grown at Rs 1,500 crore monthly. This is about Rs 400 crore more than the monthly average of Rs 1,100 crore it did in the first two months since the scheme was announced.
“Till March we had done Rs 2,348 crore. Subsequently we are sanctioning Rs 1,500 crore every month,” P. Nandakumaran, Chief General Manger, Personal Banking, SBI, told Business Line.
In the first week of February, SBI had announced that it will offer an interest rate of 8 per cent for one year – the lowest so far in the industry. In the second year, the rates applicable will be the prevailing rates then.
To stimulate demand
The bank’s move was to stimulate demand in the housing market at a time when many buyers postponed their purchasing decisions amid economic uncertainty and fear of job losses. The scheme has now been extended till September.
The bank also offers other schemes, which will be valid till the month-end. Under this, it offers a home loan between Rs 5 and 20 lakh at a fixed interest rate of 9.25 per cent a year for five years, after which rates will be re-set.
SBI, which claims to have the highest growth in its home loan portfolio last fiscal, saw its advances swell to Rs 54,063 crore.
This is a 21-per cent increase from Rs 44,626 crore in the previous fiscal. During the same period, the bank’s market share grew to 19.74 per cent from 17.48 per cent.
Tuesday, June 30, 2009
Housing loan companies india, Home loans Mumbai india
Home loans housing Finance companies like ICICI Bank , HDFC Bank , Axis Bank, BOB HSG. Canfin Homes Citibank , Corporation Bank, Dewan GIC , HDFC, HSBC, HUDCO, ICICI, IDBI Bank, IDBI Home Finance Ltd, IndusInd Bank Kotak Mahindra Bank provide low interest rate home loans to attract more customers
Thursday, June 25, 2009
Thursday, June 18, 2009
Resale home market fails to attract buyers
MUMBAI: The increase in the demand for housing in the past one month appears to be restricted to new projects. According to industry trackers, Make home loan repayment easy resale properties do not have too many takers, at least not in the large cities. In the case of new projects, developers have been offering attractive discounts, while prices in the resale segment have remained high.
Typically, resale properties come with a larger unaccountable component (also referred to as “black”). This, as a proportion of the total price, was earlier between 25% and 30%, while it is now as much as 40%. For instance, in Goregaon, a suburb in western Mumbai, the property price of a one bedroom apartment that is six years old, was around Rs 40 lakh with the seller demanding Rs 16 lakh in black compared with not more than Rs 12 lakh late last year.
Sellers have held on to the price in cities such as Delhi, Mumbai and Bangalore. These tier-I cities saw prices rise sharply in the midst of the boom. Praful Joshi, a Mumbai-based real estate agent, said: “With the sellers of older property not reducing the rates, the number of transactions have reduced substantially.”
Agreed Sunil Bajaj, another city-based property consultant, “The asking rate for old property market is not in line with the prevailing market rate. In Kandivali (a suburb in western Mumbai), the price of an apartment on the first floor on a per square foot basis was as expensive as the one on the penthouse in the same building.” He added that the flat has remained unsold.
Potential buyers have not been finding the going easy. Amit Desai, a Mumbai-based professional employed in a large business group, is one such person. “For a salaried employee, the rates for older property is out of reach since sellers ask for at least 30% of the price in black. This means you get a loan only on the white component (the price after deducting the black component).”
Industry observers said new property has witnessed a price drop of 30-50% in the past six months that is the result of developers facing a liquidity crunch and falling demand. Some buyers have chosen not to go ahead with the purchase, as they feared the property might not be completed. This has led developers to offer schemes like getting the buyer to make a partial payment initially and pay the rest at the time of possession.
Source : http://economictimes.indiatimes.com/Markets/Real-Estate/News-/Resale-home-market-fails-to-attract-buyers/articleshow/4664787.cms
Typically, resale properties come with a larger unaccountable component (also referred to as “black”). This, as a proportion of the total price, was earlier between 25% and 30%, while it is now as much as 40%. For instance, in Goregaon, a suburb in western Mumbai, the property price of a one bedroom apartment that is six years old, was around Rs 40 lakh with the seller demanding Rs 16 lakh in black compared with not more than Rs 12 lakh late last year.
Sellers have held on to the price in cities such as Delhi, Mumbai and Bangalore. These tier-I cities saw prices rise sharply in the midst of the boom. Praful Joshi, a Mumbai-based real estate agent, said: “With the sellers of older property not reducing the rates, the number of transactions have reduced substantially.”
Agreed Sunil Bajaj, another city-based property consultant, “The asking rate for old property market is not in line with the prevailing market rate. In Kandivali (a suburb in western Mumbai), the price of an apartment on the first floor on a per square foot basis was as expensive as the one on the penthouse in the same building.” He added that the flat has remained unsold.
Potential buyers have not been finding the going easy. Amit Desai, a Mumbai-based professional employed in a large business group, is one such person. “For a salaried employee, the rates for older property is out of reach since sellers ask for at least 30% of the price in black. This means you get a loan only on the white component (the price after deducting the black component).”
Industry observers said new property has witnessed a price drop of 30-50% in the past six months that is the result of developers facing a liquidity crunch and falling demand. Some buyers have chosen not to go ahead with the purchase, as they feared the property might not be completed. This has led developers to offer schemes like getting the buyer to make a partial payment initially and pay the rest at the time of possession.
Source : http://economictimes.indiatimes.com/Markets/Real-Estate/News-/Resale-home-market-fails-to-attract-buyers/articleshow/4664787.cms
Wednesday, June 17, 2009
Monday, June 15, 2009
Residential property in Mumbai
Real Estate Mumbai - 850 Sq.Ft. 2 BHK, Apartment in Andheri (W), Rs.76.50 Lac
Real Estate Mumbai - 850 Sq.Ft. 2 BHK, Apartment in Andheri (W), Rs.76.50 Lac
Apartment on Sale in Andheri (W),j.p.road, Mumbai, 2 BHK, 850 Sq.Ft. at Rs.76.50 Lac
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