Realty Venture Market India - RealAcres.com
Interest Rates on Housing Finance Falling
Housing finance is becoming major issue and major area of operationfor corporate in India. Besides private sector, semi government andnationalised banks are in the race. With various schemes to suityour requirement and with attractive interest rates, these housingfinance companies are offering most attractive finance options forhome seekers.
Recently entered ICICI and IDBI bank have changed total equationsin the housing finance market. With personalised housing financeloans to suit every need are offered by ICICI. IDBI Bank has firstexperimented with in-house customers, and now in big leap withother corporate in the league. It is learnt, that more then 100crore disbursement by ICICI, has started ball rolling in themarket. With most professional team, the institution has achievedand created new horizon in the housing finance market. The retailoutlays of the institutions are giving services, which home seekersoften do not get with traditional housing finance companies. Onehas to take countless leaves to do documentation for housing loans.Interest rates were also made by the institution a major issue tothink before deciding on housing loans. Tata Homes Finance Ltd.,Birla Home Finance Ltd., Reliance Industries and GE Capital arelikely to storm housing finance market in near future.
Private housing finance sector is also doing very well in cateringthe need for housing finance. Dewan Housing Finance CorporationLtd. is one of the best options in private housing finance sector.Having 22 branches all over the country and dealing in the marketfor more then 15 years, the group is well established in themarket. Rural housing finance is one of the best schemes in Indiaoffered by Dewan Housing. With most competitive interest rates inprivate sector housing finance market, and personalised finance ismade available to informal sectors besides formal sector likeservice class. HUDCO is a powerful government organisation.Financing state government for infrastructural development is themain aim. But ever since it has entered individual housing financesector, the entire scenario has changed. The main war of interestrates has actually began when HUDCO has started giving housingfinance for 11.5 % and after deductions the interest rates comesto
8.81 %
.
After NHB, many housing finance companies looked at HUDCO forrefinancing their proposals.
Hometrust Ltd., a company by Gujarat Ambuja Group, Global Housingfinance Ltd., a syndicate of reputed builders, Weizmann Homes Ltd.,a company from Weizmann Finance Ltd., Maharishi Housing FinanceCorporation Ltd., a company from Maharishi Group are also cateringto housing finance sector. SBI Home finance Ltd., a subsidiary ofSBI, PNB Housing Finance Ltd., a subsidiary of PNB are also doingvery good business. SBI Home Finance Ltd. is doing little bit slowfor the time being but PNB Housing Finance Ltd. has recently openedits new branch near Shoppers Stop, Andheri. The timing are 12.00noon till 8 pm and it remains closed on Tuesday.
BOB Housing Finance Ltd., a subsidiary of Bank of Baroda alsohaving very attractive housing finance schemes. Can Fin Homes, veryaggressive subsidiary of Canara Bank in Southern India, is alsodoing very good job in Western parts of the country.
Nationalised banks are coming in a very big way into housingfinance market. SBI, an oldest financial institution and bankersfor majority of Indians have entered with interest rates of 12.24%. PNB has crossed Rs. 50 crore alone in Mumbai region for housingfinance in very short period of time.
According to sources PNB has sanctioned housing loans of 50 crorejust after Oct 99 , that is just after they participated in HOUSINGFINANCE 2000, an exhibition organised by Accommodation Times.
Dena Bank, Union Bank of India, Syndicate Bank, UCO Bank, AndhraBank, Oriental bank of Commerce, Bank of India, Central Bank andother nationalised banks are offering housing loans and haveidentified intensive housing finance branches all over thecountry.
In Cooperative bank sector major players like SaraswatCo-operative Bank Ltd., New India Co-operative Bank Ltd. BharatCo-operative Bank Ltd., Maharashtra Co-operative Bank; a bank fromFederation of Co-operative societies in Maharashtra which alsogives loans to housing societies for repairs etc, MandviCo-operative Bank Ltd and most aggressive Punjab and MaharashtraCo-operative Bank Ltd. are giving retail and most attractive offerin housing finance sector. IndsInd Bank, Citi Bank NA, AnzGrindlays Bank Ltd., HSBC are catering easy finance for local aswell NRI housing finance.
LIC housing finance Ltd., is one of the largest and oldest housingfinance institute, is offering one of the best services in theindustry. Having its branches all over India, it offers variety ofloans like housing finance for new purchases, re-constructions,renovations, NRI housing finance etc. GIC Housing Finance Ltd., acompany from the house of General Insurance Company is also havingvery strong clientele in recent years. A silent company, but veryvibrant in its performance, is also gearing for new land marks inthe industry.
Last but not the least, HDFC, one of the best housing financecompany in the country is all set to take on the challenges ofhousing finance sector. With reduced interest rates, starting from12.75 %, the company is having its name as synonymous as, housingfinance, also giving yeomen service to the industry.
The company has recently modified most of its schemes andinterest rates for giving customers advantage. Gruh Finance, asubsidiary of HDFC is also giving very good business inGujarat.
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Smita Thorat
Architect,
CEO InfoMedia Corporation,
India
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