GET READY TO RESET YOUR LOAN OPTIONS

Existing floating rate home loan borrowers can benefit by shifting to new interest rates by paying the processing fee.

SAVINGS THROUGH LOAN RESET (Figures in Rupees)

Year Int.@10.5% Int. @ 9.0% Difference


6 9,108 7,985 1,123
7 8,821 7,706 1,116
8 8,503 7,400 1,103
9 8,151 7,066 1,085
10 7,761 6,701 1,061
11 7,330 6,301 1,029
12 6,851 5,864 988
13 6,322 5,385 937
14 5,735 4,862 873
15 5,086 4,290 796
16 4,367 3,664 703
17 3,570 2,979 591
18 2,688 2,231 457
19 1,711 1,412 299
20 629 516 113

Total 86,635 74,360 12,275







Loan Interest Saved Processing fee Net Savings


1 lakh 12,275 1,351 10,924
10 lakh 1,22,750 13,510 1,09,240
20 lakh 2,45,500 27,020 2,18,480


This article is read and published for the benefit of home loan borrowers.

The author is Director, DMS Financial Services P.Ltd. and Visiting Faculty at IIMS and can be reached at: suresh.dms.finance@gmail.com

BEFORE YOU BUY A PLOT

• Check whether the details of approved plan have been displayed at the site.
• Check whether the promoter/power of attorney has the right to transfer the undivided share of the land.

NEWS

New tax code eliminates home loan benefits

The suggestion about removing income tax incentives would hurt middle and lower income groups and the construction sector.

MARKET SCAN

Some of the world’s largest commercial real estate service companies are turning to online auctions to sell property and debt to help kick start the stalled U.S. commercial real estate market. Jones Lang La Salle Inc. said it had partnered with residential real estate online auctions provider Real Estate Disposition LLC (REDC) to offer online auctions. The first property to be offered for auction will be a 100,000 square foot office building sitting on 12 acres in Dayton, Ohio on behalf of Proctor @Gamble Co.

This message is read and posted here for public interest

BULLETS FOR THE WEEK

SURVEY ON AFFORDABLE HOUSING

Affordable property prices in Chennai, according to the research report, for the middle income group earning Rs. 3.5 lakh per annum is about Rs. 14 to 21 lakh.

A WEAK MARKET FOR OFFICE SPACE

Supply has outstripped demand.

MODULAR CARPETS FROM RECYCLED YARN

Now, old nylon fibre too is transformed into attractive carpet tiles through green methods.

RBI CAUTION

The Reserve Bank cautioned the public to verify the credentials before dealing with entities promising various loans, saying there were cases where such entities disappeared after taking the processing fees.

Warning against the unincorporated bodies, the central bank advised people to exercise utmost caution while dealing with such entities and to verify the credential of those entities before dealing with them, the statement said.

TATA CUTS STEEL PRICES BY UP TO Rs. 1500/- A TONNE

CONSTRUCTION TIPS

Ferro Cement walls are fire resistant.
It can also resist termites.
Ferro cement walls are weather proof but a coating of quality can make it durable.
Read from a daily news paper.

IMPORTANT SUGGESTIONS

Important tips are given to check before buy a plot.
Check whether the details of approved plan have been displayed at the site.
Check whether the promoter/power of attorney has the right to transfer the undivided share of land.
Check whether the completion certificate has been obtained after the completion of the building.

Courtesy:CMDA