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- अब होम लोन के प्री-पेमेंट पर नहीं देनी होगी पेनल्टी
होम लोन लेने वालों के लिए खुशखबरी। अगर आपने देश हाउसिंग फाइनैंस कंपनियों से होम लोन लिया है तो आपको इसके के प्री-पेमेंट पर किसी भी तरह की पेनल्टी नहीं देने पड़ेगी। नैशनल हाउसिंग बैंक (एनएचबी) ने इस तरह की पेनल्टीज पर बैन लगा दिया है।
हाउसिंग फाइनैंस रेग्युलेटर, एनएचबी ने हाउसिंग फाइनैंस कंपनयों से यह भी कहा है कि वे यह सुनिश्चित करें कि होम लोन लेने वाले सभी लोग एक समान ब्याज दर का भुगतान करें, भले ही उन्होंने लोन किसी भी वक्त लिया हो। एनएचबी ने इन दोनों फैसलों पर बुधवार को अपनी सहमति दे दी। इस फैसले के दायरे में एचडीएफसी, एलआईसी हाउसिंग और दीवान हाउसिंग फाइनैंस समेत कई कंपनियां आती हैं। एनएचबी के चेयरमैन आर.वी. वर्मा ने कहा है कि ये दोनों फैसले तत्काल प्रभाव से लागू कर दिए गए हैं।
एनएचबी ने हाउसिंग फाइनैंस कंपनियों से कहा है कि वे फ्लोटिंग रेट लोन पर किसी दूसरे तरह की शुल्क नहीं लाद सकती हैं। फिक्स्ड रेट लोन्स का मामला थोड़ा अलग है। इसमें अगर लोन लेने वाला शख्स खुद के स्रोत यानी अपनी बचत या अपने रिश्तेदारों से लोन लेकर भुगतान करता है, तो उसे छूट मिलेगी। लेकिन अगर वह लोन को दूसरे बैंक या हाउसिंग फाइनैंस कंपनियों को शिफ्ट करता है, तो उस पर पेनल्टी लगेगी।
एनएचबी ने कहा है कि अगर इस नियम को तोड़ा जाता है, तो उस पर कार्रवाई की जाएगी। एनएचबी के इस कदम से उन लाखों लोगों को फायदा हो सकता है, जो बैंक और हाउसिंग फाइनैंस कंपनियों से लोन लेना चाहते हैं। गौरतलब है कि अभी बैंक और हाउसिंग फाइनैंस कंपनियों होम लोन के प्री-पेमेन्ट पर 2 से 4 फीसदी तक चार्ज लेती हैं।
- This is a good reason to cheer up, this would bring more competitive rates in market now.
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- होम लोन के प्री-पेमेंट पर पेनाल्टी नहीं
नई दिल्ली, एजेंसी : हाउसिंग क्षेत्र के नियामक राष्ट्रीय आवास बैंक (एनएचबी) ने होम लोन ग्राहकों को बड़ी राहत दी है। उसने सभी हाउसिंग फाइनेंस कंपनियों को समय से पहले होम लोन चुकाने पर जुर्माना (प्री-पेमेंट पेनाल्टी) न लगाने के निर्देश दिए हैं। अभी कुछ कंपनियां प्री-पेमेंट पर चार प्रतिशत तक पेनाल्टी लगाती हैं। एनएचबी ने इस बाबत एक अधिसूचना जारी की है। नियामक के अनुसार बदले घटनाक्रम के मद्देनजर उसने यह फैसला किया है। उसने हाउसिंग फाइनेंस कंपनियों से एक जैसे प्रोफाइल वाले सभी पुराने और नए ग्राहकों के लिए समान ब्याज दरें रखने को भी कहा है। एनएचबी की यह अधिसूचना ऐसे समय आई है, जब रिजर्व बैंक (आरबीआइ) बैंकों द्वारा वसूले जा रहे प्री-पेमेंट शुल्क पर पूरी तरह से पाबंदी लगाने पर विचार कर रहा है। हाल ही में आयोजित बैंकिंग लोकपाल सम्मेलन में भी यह मामला उठा था। तब इस बात पर सहमति बनी थी कि बैंकों को समय के साथ बदलने वाली लचीली ब्याज दर (फ्लोटिंग रेट) वाले कर्जो पर प्री-पेमेंट पेनाल्टी नहीं लगानी चाहिए। इस समय देश में एचडीएफसी, एलआइसी हाउसिंग फाइनेंस, दीवान हाउसिंग, पीएनबी हाउसिंग फाइनेंस और सहारा हाउसिंग सहित लगभग 54 कंपनियां इस क्षेत्र में कार्यरत हैं। एनएचबी के सीएमडी आरवी वर्मा ने कहा कि इस फैसले से ग्राहकों को बाजार में विभिन्न ब्याज दरों पर होम लोन की पेशकश कर रही कंपनियों और संस्थाओं से कर्ज लेने की आजादी मिलेगी। प्री-पेमेंट चार्ज के कारण ग्राहक एक जगह फंस जाते हैं।
- NHB scraps home loan pre-payment
New Delhi: In a Diwali bonanza for thousands of borrowers, housing finance regulator National Housing Bank (NHB) has directed all housing finance companies to desist from imposing a pre-payment penalty on home loan borrowers.
The levy of a charge on borrowers for pre-closure of housing loans by housing finance companies (HFCs) has been considered further by the NHB in the light of subsequent developments and it has been decided that hereafter, housing finance companies should not charge a pre-payment levy or a penalty on pre-closure of housing loans, the regulator said in a notification.
In addition, the regulator has also directed all HFCs to have uniform and not differential rates of interest for old and new borrowers that have the same credit or risk profile.
The notification by the NHB comes amid a separate examination of the issue by the Reserve Bank, which is also considering a ban on the levy of pre-payment charges on loans by banks.
It is to be noted that a consensus was reached at the Banking Ombudsmen Conference organised by the RBI recently that banks should not impose pre-payment charges on loans with a floating rate of interest.
At present, there are about 54 housing finance companies operating in the country, including HDFC, LIC Housing Finance, Dewan Housing PNB Housing Finance and Sahara Housing.
The charges imposed by HFCs and banks on pre-payment of housing loans by borrowers is as high as 4 per cent in some cases.
According to the notification, HFCs cannot levy a charge for pre-closure of floating rate home loans even if the funds are borrowed. However, for fixed rate housing loans, the pre-payment charge will be waived only if the loan is pre-closed by borrowers out of their 'own sources'.
'Own sources' are sources other than borrowings from a bank or financial institution.
“This will allow the borrowers greater freedom to exercise their choice in borrowing from entities and different rates offered in the market. The pre-payment charges were restraining customers from moving around,” NHB Chairman and Managing Director R V Verma said.
“This will enhance the credibility of the housing finance system as well as the confidence of all stakeholders,” he said.
All HFCs are advised to ensure compliance with the notification with immediate effect, he added.In a separate notification, the regulator said it has been observed that some of the housing finance companies are offering different floating rates of interest to their old and new customers. Several complaints have been received by the NHB against such practices.
“We have told HFCs to apply a uniform standard and benchmark old customers who are already on floating rates and new customers entering the market today also on floating rates with the same risk profile,” Verma said.
“Charging of higher interest from old customers against new customers puts them to a great disadvantage, besides being discriminatory. The practice also generally lacks in transparency and fairness,” he said.
“For the growth of the healthy and sound housing finance system, it is considered necessary that pricing of the products by the lending institutions are transparent,non-discriminatory and objective,” he added.
- Bankers fear new borrowers will prefer housing finance firms
The National Housings Bank’s (NHB) latest circular waiving penalty on full home loan prepayment may give housing finance companies (HFCs) an edge over banks this festival season.
Bankers said the Reserve Bank of India (RBI) should also issue the same guidelines for banks to avoid a situation where HFCs have an advantage over banks. R S Sangapure, general manager, Central Bank of India, says, “Even the RBI may waive prepayment penalty soon. We expect to hear something in a month or so because prepayment penalty is an important parameter for customers to choose a lender.”
Yesterday, NHB said HFCs could no longer charge a penalty on the closure of floating-rate loans, even if paid with borrowed money (implying through another loan from another financial institution). Closure of fixed-rate loans will attract a penalty unless paid through own sources. More than 95 per cent home loan borrowers take loans on floating rates.
- Pre-payment Penalty Ban Hits HFC Stocks -Investors fear ban will squeeze earnings, but analysts say penalty earning is minuscule
Shares of housing finance companies fell in a weak market on Thursday on concern the regulatory move to ban these firms from penalising pre-payment of loans would affect their profits. But analysts said such worries are stretched as revenues from pre-payment of loans contributed only marginally to their earnings.
HDFC fell 4.3%, Dewan Housing dropped 2% and LIC Housing Finance dived 6.4% on Thursday. The Sen ended 0.9% lower after cutting early losses. Investors are worried that the ban on pre-payment fee would squeeze earnings on two fronts: the impact of loss in income from such charges, and the impact due to higher early loan closures. “The market is reacting to worries that borrowers will shift between banks looking for cheap interest rates. But this type of interest rate arbitrage is not seen in the Indian market,” said Rajat Rajgarhia, head-institutional research, Motilal Oswal Financial Services.
Penalty from pre-payment of loans contributes an average of 2% to the revenues of HFCs, said an analyst with a local broking firm. Housing loan companies charge nearly 4% of the opening balance at the beginning of the financial year as penalty. Sector regulator NHB sees this as a deterrent for customers to shift between banks that offer cheaper interest rates.
“There will be hardly any impact on earnings of housing finance companies as pre-payment charges are a very small part of income,” said Vaibhav Agrawal, analyst at Angel Broking. “Tight interest rates among different lenders, especially larger ones, will lead to negligible loss of customers. It’s like how number portability led to very little churn among different telecom providers,” he said. Agrawal said he won’t change his earnings guidance for housing finance stocks under Angel’s coverage, following the NHB directive.
“While there will be very little change on the financials of these companies, some business strategies will have to be revisited,” said Rajgarhia “They will need to realign products and rate structures,” he said.
In October 2010, NHB banned levies on all pre-payments made from a debtor’s “own sources” — sources other than loans from other banks. However, Wednesday’s circular extends this to all floating rate loans irrespective of the source of pre-payment. Fixed rate loan pre-payments will continue to be charged unless paid back from the borrower’s own sources.
- Applying for a Home Loan Need not be a Harrowing Experience for You
Irrespective of your financial standing, a first home has a very special emotional place in your heart. Then, why should it be a cause for anxiety? The reason is obviously the housing loan that we need for buying the house. Questions that arise are before buying a home are: How much will I get as loan? How much paperwork will be involved? Will my application be rejected? What if I get a raw deal on the interest rate?. And so on.
THE DOWNPAYMENT DILEMMA
Most banks and housing finance companies fund only up to 80% of the cost of the house. It means that we have to arrange for the balance 20%. The best way to do this is to have sizeable savings, which can be used for down payment. In fact, if you have cash, it is better to make as big a down payment as possible. You straightaway save on interest.
WHAT IF YOU HAVE NO CASH IN HAND?
Ideally, one should not take a home loan if there isn’t enough savings for the down payment. Nevertheless, in situations where it is not possible, see if any of the ways mentioned below can help:
BRIDGE LOANS: Many employers offer bridge loans at minimal interest to help employees buy assets. Enquire if your employer can give you a bridge loan.
REQUEST THE BUILDER: Some promoters/builders can be magnanimous enough to let you pay a minimal down payment and pay the balance later. The key is to ask.
JEWEL LOANS: If there is gold jewellery in the house, you could encash it as a loan to tide over the immediate need. Simultaneously, we need to be aware that the interest will be an extra burden!
CHECK YOUR INVESTMENTS: If you have investments, and if the returns on them is at least 2% less than the interest rate being charged on the loan, then it is better to redeem them and use the amount for downpayment.
CREDIT RATING AND ELIGIBILITY DILEMMA
Knowing how a bank calculates your loan eligibility will help you put things in place before you apply for the loan. Principally, every lender looks for two things in a borrower:
ABILITY TO REPAY: This is decided by looking at your current income, other income sources, monthly cash flow (to decide whether you can service your EMI and still live a good life style), age to retirement, job profile, employer profile, etc.
INTENTION TO REPAY: This is decided based on your history of loans/credit cards with the same lender or other lenders. Your Cibil score will be a big indicator of the same.
HOW TO MEET A BANK’S ‘ABILITY-TOREPAY’ CRITERION?
INCOME: Good income is the main criterion.A lender will look at your salary statements or income-tax filings to ensure if you can service the loan properly. In case you are expecting a hike or bigger profits, apply for the loan after you get the hike or after having shown higher profits on your returns.
BANK ACCOUNT: Try to reduce major regular cash outflows from your main account. Examples could be the EMI on a car loan (close the loan), rent payments to your landlord (use another account/pay in cash), etc.
Always ensure that you maintain a bank account with good cashflows into it, minimal outflows and is devoid of cheque bounces or bank charges. Use this account when applying for the loan.
CO-APPLICANT: Another way to shore up the income criteria is to have a coapplicant. Father-son, unmarried daughter-father, brother-brother, husband-wife, are possible combinations of co-applicants.
WHAT IF YOU GET A RAW DEAL?
Keep the following pointers in mind to get the right deal on your home loan.
The ‘best deal’ or the ‘cheapest deal’ might not necessarily mean it’s the ‘right deal’
Avoid lesser-known lenders while applying for loans
Compare at least 4-5 different lenders and rate them on the final cost of loan, service, ease of applying, ease of repayment and references from past borrowers
Use online portals to compare parameters like interest rates, charges, etc.
Study and understand the various clauses applicable for each lender. For example, the reset clause, fore-closure clause, etc.
Choose lenders who have lenient regulations for prepayments.
With the kind of competition and the base rate rule in place, the maximum you can get by bargaining could be 0.25 to 0.5, but there is always a chance that this might be negated in the next rate revision.