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Up to 58% of home loan borrowers take Rs 10-50 lakh loans: Bank of Baroda study
Money Control
·
1y ago
Medial
According to a Bank of Baroda study, more than half of the loans disbursed in India by banks are home loans. Personal loans make up nearly 29% of loans disbursed, followed by vehicle loans at 9.8%. The study aims to examine the composition of personal loans and changing trends. It includes categories such as home loans, education loans, and consumer durables loans. As of September 2023, a significant portion of home loans in India had interest rates in the range of 9-11%.
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Women’s Day: Women borrowers witnessing highest growth in personal loan segment, says CRIF Report
Money Control
·
1y ago
Medial
The study by CRIF Highmark shows an increase in personal loan disbursals to women borrowers, growing by 26% between December 2022 and December 2023. This segment saw the fastest growth compared to other retail categories such as home loans, gold loans, and auto loans. The overall retail loan outstanding for women borrowers has risen by 19%, reaching Rs 26 lakh crore. This shift can be attributed to advancements like digitization, which provides easier access to formal credit and credit scoring.
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RBI Policy Impact on Home Loans: EMIs to stay unchanged as central bank holds repo rate at 6.5%
Money Control
·
1y ago
Medial
The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5 percent for the sixth consecutive time. This means that home loan interest rates will remain stable for now. Home loan rates currently range from 8.30 percent to 8.75 percent, making it a favorable market for new borrowers. However, existing borrowers may continue to face higher interest rates for a few more months. To mitigate this, borrowers have the options of refinancing their loans to a lower rate, making part-prepayments, or switching lenders to take advantage of lower interest rates.
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Public vs private banks: Who offers the cheapest home loans now after RBI's 50 bps repo rate cut? - The Economic Times
Economic Times
·
1m ago
Medial
The Reserve Bank of India's latest 50 basis point repo rate cut leads to reduced home loan interest rates, potentially lowering EMIs or shortening loan tenures for borrowers. Public and private banks offer varied rates, requiring borrowers to compare fees, processing speeds, and other terms. With differences in costs and approval times between public and private banks, borrowers are encouraged to assess all aspects before committing to revised home loan agreements.
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Home Loan Rates Drop After RBI Cut — Big Relief for Existing Borrowers!
StartupTalky
·
2m ago
Medial
In response to the RBI's 50 basis-point repo rate cut, major public sector banks, including Bank of Baroda and Punjab National Bank, have reduced their lending rates, providing relief to existing borrowers of floating-rate loans. However, new borrowers might not benefit as significantly due to banks adjusting their spreads. As banks aim to maintain profitability, the fixed deposit returns are likely to decrease, balancing credit availability and economic growth against competition within the Indian banking sector.
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Bank of Baroda reduces home loan interest rates to 7.45%; offers nil processing fee - The Economic Times
Economic Times
·
1m ago
Medial
Bank of Baroda has reduced its home loan interest rates to 7.45% per annum and waived the processing fee, following a repo rate cut by the RBI. This makes home loans more affordable, reflecting a series of monetary easing actions by the RBI. The reduction follows an earlier cut in June. Concurrently, Punjab National Bank increased its Repo Linked Lending Rate, although adjustments in Bank Spread balanced the overall customer impact.
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Lower home loan EMIs for these bank borrowers: Bank of Baroda, Canara Bank have lowered loan rates by 5 bps - The Economic Times
Economic Times
·
25d ago
Medial
Bank of Baroda and Canara Bank have lowered their marginal cost of funds-based lending rates (MCLR) by 5 basis points for select tenures, potentially reducing EMIs for borrowers with floating-rate loans. This rate adjustment will primarily affect overnight and short-term MCLRs. Additionally, other banks like HDFC Bank, Punjab National Bank, and Indian Bank have also announced MCLR reductions, contributing to a broader trend of declining lending rates, offering financial benefits to borrowers.
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Gold loan risks: RBI exposes irregularities, borrowers beware
Money Control
·
10m ago
Medial
- The Reserve Bank of India (RBI) has identified irregularities in granting gold loans, including lack of transparency during auction on default and inadequate due diligence. - The gold loan segment has experienced significant growth, with public sector banks accounting for a majority of the loans in recent years. - Borrowers should conduct research and verification, understand loan terms, and be aware of red flags when availing gold loans. - Essential precautions to take include studying loan offers, comparing interest rates and charges, and being cautious of unsolicited offers with hidden terms. - Lenders have been given three months to review their policies and practices related to gold loans and take corrective measures. Non-compliance may result in supervisory action from the RBI.
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Easy Home Finance secures $35 million from Claypond Capital, others
Economic Times
·
9m ago
Medial
Easy Home Finance, a home financing startup, has raised $35 million in a funding round led by Claypond Capital and Sumitomo Mitsui Banking Corporation's Asia Rising Fund. The company aims to cater to the segment of the population in India that needs home loans between Rs 10 lakh and Rs 50 lakh. With the new funds, Easy Home Finance plans to expand its assets under management to $300 million and increase its presence to 150 locations. The company utilizes digital data and government sources for efficient loan processes and offers instant sanctions through its app.
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USDFC extends $50 mn debt funding to Vastu Housing Finance
VCCircle
·
11m ago
Medial
United States International Development Finance Corporation (USDFC) has provided a $50 million loan to Vastu Housing Finance, an Indian company focused on providing affordable housing finance for low-income and self-employed segments. The loan will be used to enhance credit access for low-income borrowers and facilitate women's home ownership in tier-II to IV towns across India. Vastu Housing Finance operates in 14 states and has plans to extend loans to women borrowers in rural areas. The loan will help the company support its mission of providing simpler, faster, and affordable credit solutions to its customers.
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How BASIC Home Loan Is Revolutionising Affordable Housing Finance By Helping 22 Lakh+ Customers
Inc42
·
1y ago
Medial
BASIC Home Loan is a fintech startup that aims to make home loans more accessible and affordable in the affordable housing sector. They have developed a proprietary technology platform that matches lenders and borrowers quickly and accurately. The platform also provides training to a network of direct-selling agents, combining digital efficiencies with in-person assistance. This helps streamline the home loan application process and make it more efficient for borrowers in need of affordable housing.
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