VR Financial Service

22/07/2020

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02/04/2016

ICICIBANK LTD....NEW HL,BT TOPUP,SENP, ROI New ROI from today based on I-MCLR (9.20%)

Women borrowers HL
upto 5 cr --9.40 %

HL
SALARIED
upto 5 cr 9.45%
>5 cr 9.70 %

SENP
upto 1.5 cr 9.45 %
>1.5 lacs to 5 cr 9.55 %
> 5 cr 9.70 %

For BT+TOP UP
upto 75 lac for SE borrower --9.55 %
> 75 to 3 cr --10.05 %
> 3 to 5 cr --10.30 %
& above its 10.55 %
Top up greater than 100 % orginal loan carry LAP rates

ICICI BANK TOP UP on existing HL LOAN : --10.75 %

NON HL upto 10 cr
LAP RESI/NRP -- 12.00 %
LAP COMM-- 12.50 %

02/04/2016

New ROI from today based on I-MCLR (9.20%)

Women borrowers HL
upto 5 cr --9.40 %

HL
SALARIED
upto 5 cr 9.45%
>5 cr 9.70 %

SENP
upto 1.5 cr 9.45 %
>1.5 lacs to 5 cr 9.55 %
> 5 cr 9.70 %

For BT+TOP UP
upto 75 lac for SE borrower --9.55 %
> 75 to 3 cr --10.05 %
> 3 to 5 cr --10.30 %
& above its 10.55 %
Top up greater than 100 % orginal loan carry LAP rates

ICICI BANK TOP UP on existing HL LOAN : --10.75 %

NON HL upto 10 cr
LAP RESI/NRP -- 12.00 %
LAP COMM-- 12.50 %

ICICIBANK.

20/02/2015

28/01/2013

contact us to HOME LOAN / MORTGAGE LOAN WITHOUT ANY CONSULTANCY CHARGES FROM HDFC BANK....

08/01/2013

Welcome To College of Management Education & Technical Science

Our fundamental purpose is to educate students for life as global citizens. A COMET is a distinctive expression that provides access to an exceptional education for citizens who choose to live and learn in the Indian region. We recognize that an excellent education connects knowledge across disciplines. At COMETS, excellence is founded on integrity, dedication and collaboration. We believe that learning is a vehicle that advances students toward fulfilling lives and meaningful careers.

Our community of learners is strengthened by a diversity of voices. Listening to COMETS community, we have identified four core values that guide us: Excellence, Community, Diversity and Innovation. We share these values and strive to live them.

http://www.cometsindia.com

The global technology scenario is changing rapidly. To remain competitive in this changing environment, there is an increasing demand for professionals who can face the new challenges.

01/01/2013

HAPPY NEW YEAR TO ALL OF MY FRIENDS..........

05/12/2012

You have to switch to new cheques with prescribed standard features before Dec 31. If you've issued post-dated cheques for your home/auto loan EMIs, you'll have to issue fresh cheques. Banks will not charge any fee for replacing the old cheque leaves.

01/12/2012

22/11/2012

Does it make sense to reduce one burden by taking on another? This is the first question that would be top of mind when faced with the question of whether to refinance an existing home loan. Given the fact that a home loan is the biggest reason for cash outflow in most Indian households, this decision has to be taken after a lot of thought. Here is some food for thought to help you arrive at the best decision.

Refinancing a loan can give multiple benefits depending on the situation of your current personal finance

- Get you a lower interest rate thus reducing your EMI and monthly burden

- Give you the option to go for lower tenures and be out of the burden soon

- Reduce your EMI by going in for longer tenures

- Shift from a Floating rate to fixed rate or vice-versa depending upon interest rate trends.

Wow! With so many benefits, I should immediately go and refinance my loan! On second thoughts, should I?

Every home loan buyer will agree that it is a paper work loaded process to get the loan, as all the previous procedures have to be repeated afresh. Add to this the many levels of small print and jargon and it gets more confusing. This one fact alone can trouble you while deciding whether to go for a refinance or not. Here are some facts to help you take the decision.

Refinancing refers to the replacement of a loan from one entity, with a new loan from another in order to gain some benefits. The word refinance though could seem a bit confusing as there is no reworking on your old loan but you simply take a new loan in order to repay the old one.

How do I know if "my" situation warrants going in for a refinance?

The fundamental behind every personal finance decision has to be cash flow. This same principle needs to be applied to your decision. Life is a lot simpler with online tools readily available. A simple "refinance calculator" search will give you some great tools, which will help you know with clarity as to how much lesser or how much more you will pay by deciding to go for refinance.

These calculators have multiple options to try out every scenario. You can choose your tenure, interest rate etc and find out the outflow for each scenario.

Refinance - Yes! When? -If any scenario gives you a positive saving of over 15,000/-, then that would be the ideal choice. The Rs 15000 benchmark is to cover up all the miscellaneous costs that will be involved including your time spent.

Refinance - Maybe, When?- Taking a refinance to get a lower EMI at the cost of a higher net outflow can be harmful in the long term as you will have to pay more interest (negative cash) over the period. But it also depends on your current ability to service the loan. If you feel that the cash saved every month on a lesser EMI can help you lead a better life, then it could make sense.

Refinance- Never- When? If the refinance is going to result in a net outflow of more than 15% of the outflow of current loan, it is better to stay away from the refinance.

How Aparna took her decision regarding Refinance?

Aparna had taken a home loan of Rs 2,5,00,000/- for a 25 year tenure at a fixed rate of 14%. She had already paid the EMI regularly for 5 years when, she happened to go to a loan mela. Dinesh, a sales manager offered her a refinance at an interest rate of 13%. The offer of 2% lesser combined with the fact that her EMI would be lesser made Aparna think of the offer seriously. She met her personal finance advisor to take an informed decision utilizing an online calculator (refer pictorial alongside).

Aparna's current principal outstanding was Rs. 24,20,066/- this was the amount that Dinesh was ready to fund as a new loan.

Aparna had three choices:

Lower rate, 20 Years tenure (Lower EMI) — from the calculator she could see that if she reduces her EMI by around Rs.1700 every month and also saves Rs.2,99,257 in interest over the next 20 years.
Lower rate, 15 year tenure (Higher EMI, Lower months to pay) — This results in a marginal increase of Rs 526/- but saves her Rs 15, 92,377/- over a period of 15 years.
Lower rate, 25 year tenure (Lower EMI) — This results in reducing the EMI by Rs 2800 but an extra interest outflow of over Rs 10 Lakh.

Aparna's Choice: Based on the calculations Aparna and her financial advisor decided to not only take the refinance option but also to go for a lower tenure.

22/11/2012

Things to watch out for in your loan agreement...

Buying your dream home can be very exciting! If you are opting for a home loan then this article will provide some insights on what are the key elements you should watch out for in your loan agreement. Scan your agreement thoroughly to understand what each clause implies before you sign it.

You need to especially focus on the clauses that affect the cash flows, such as interest rate and pre-payment charges.

Rate of interest

The rate of interest determines the EMI. The rate of interest, generally, can be of two types: fixed and floating though the latter is the most common these days. There is another addition to this category now called teaser loans which costs you less in the first few years.

Let's see what clauses affect your interest rate:

Changes in Base Rate: Base rate is determined by an individual bank depending on various internal parameters including RBI's changes in repo and reverse repo rates. Banks cannot lend at a rate lower than the base rate. The floating interest rate would be the base rate + spread. The spread is the premium the banks charge from customers. The base rate is an important tool in a bank's armoury and often makes changes to it in response to the market conditions. The consumer is impacted due to this as interest rate changes with change in the base rate.

Reset clause: In the case of a fixed interest rate, the rate is usually fixed but there is a reset clause which allows banks to reset the fixed interest rate in relation to base rate at particular intervals.

Force majeure: This phrase means "greater force". This implies that banks can raise the interest rate in exceptional conditions. However, defining such a condition is left to the discretion of the bank.

Pre-payment Penalty: The pre-payment clause explains the penalty that is charged if you decide to close the loan early by pre-paying the amount due. Some banks do not impose any penalty while others differentiate this according to circumstances. For instance, when you refinance the loan through another bank opting for a lower interest rate such a pre-payment may involve a different and heavier penalty from the bank where you currently hold your loan.

Defining a Fault: For you a 'fault' could simply mean not paying your EMI at some point in your loan tenure. However some banks specify a fault as a case when the borrower expires, the borrower is divorced and stops paying (in case of more than a single borrower), or the borrower is/are involved in any civil litigation or criminal offence. Therefore, you must be clear about what your lender means by the term 'fault'.

Security cover at times of falling property rates: This clause states that a bank is eligible to demand additional security when property prices fall. Such a demand could exist even if you are very regular with your EMIs. In such a scenario, if you are unable to provide a security cover in addition to your loan amount chances are that you could be declared a defaulter by the lender.

How to interpret the clauses:

Remember that a borrower's goal is to get the loan at the least expensive interest rate while a bank's goal is to lend at a profit. Keeping this objective in mind, we will discuss the meaning of these clauses.

Teaser loan features: Teaser loans charge you less interest first and then increase it to the market rate. If you are opting for this, make sure you understand the interest rate you will pay for the life of the loan. Most of the borrowers look at the next 1-3 years EMI and decide accordingly. The right way is to see the projected EMI after 3-5 years when the teaser rates are done with.

Floating rate loan: The banks increase floating interest rate as soon as RBI raises rates but do not lower it with the same enthusiasm.

Fixed rate loan: Though fixed rates are fixed over the period of the loan, banks insert a clause for resetting the fixed rate based on market conditions. Considering this aspect, it could be better to opt for a floating rate as you might get the benefit when market conditions turn favourable for a lower interest rate.

Pre-payment penalty: Discuss upfront with your bank about the prepayment penalty they charge and whether it works differently when you opt to prepay and refinance the loan. Make sure everything is in writing. Currently RBI has already insisted on implementing a measure to do away with prepayment penalty completely. Discuss this with your bank and see if you can avoid paying a prepayment penalty at all.

Points to note:

- Try to arrive at a rough estimate of the effective interest rate you will need to shell out for your teaser loan and see if that can fit into your long term budget easily. Teaser loans can work to your advantage if you plan to close the loan in the short term i.e. 5-6 years.

- Though banks reduce interest rates as per the reduction in base rate it could still be applicable to new borrowers only. Again the RBI has stressed that the benefits should be passed on to existing customers as well, so figure out with your bank if that could be possible in your case.

Last but the most important, document the discussion and take everything in writing. A home loan is too important to be taken upon by verbal assurances.

By BankBazaar.com - an online marketplace for your personal loan and home loan needs.