Approval of 15,091 Houses for Allotment under PMAY

In a recent Andhra Pradesh cabinet meeting held on 6^th September, 2018 around 15,091 houses have been approved for allotment under Pradhan Mantri Awas Yojana (PMAY) – NTR Nagar (Urban) Housing Scheme.

The cabinet also decided to allot new houses to the rural people living in dilapidated conditions under NTR Rural Housing Program. Individuals who were alloted the house from 1993-94 to 2006-07 will be covered under this program.

NTR Housing Scheme is a part of PMAY through which the Andhra Pradesh Govt. seeks to provide permanent houses to the poor. The scheme also extends Loans at lower interest rate for reconstruction of the houses to the citizens of Andhra Pradesh.

The Government will also pay dearness allowance at revised rates to the State Government Employees and Pensioners.

The State Government also approved the draft bill to set up AP maritime board for the development of seaports in the state and for the revising the exclusive limits of Krishnapatnam port.

An unemployment allowance scheme will be launched on September 14^th, 2018. The Govt. will also set up Arya Vysya Welfare and Development and Corporation for extending Loans to the Vysya Community for Self-employment, Financial aid and Foreign education. Several other proposals were approved by the govt. in the meeting.

Home Loan EMI to go up as Banks hike Lending Rates

Home Loan applicants will now have to pay more as Banks have increased their MCLR on 1^st September, 2018. Leading Lenders of Home Loans such as State Bank of India and ICICI Bank have increased its benchmark lending rates. Public- sector Bank SBI has increased its MCLR by 0.2% (20 bps). ICICI Bank has also hiked its benchmark rate by 15 basis points. Previously, SBI and ICICI Bank had revised MCLR in June, 2018 before the second bi-monetary policy review.

SBI Home Loan Interest rate based on MCLR will get increase with an increase in MCLR. SBI One-Year MCLR stands at 8.45% from earlier 8.25%. Similarly, ICICI Bank’s six-month MCLR has increased by 15 Bps from 8.35% to 8.50%. One Basis Point is equal to hundredth of a percentage point.

As per RBI guidelines, all Loans taken after 1st April, 2016 are linked to the MCLR. Marginal Cost of Funds based Lending Rate (MCLR) is the Minimum Interest Rate below which Banks cannot offer Loans to the eligible customers.

State Bank of India New MCLR

State Bank of India MCLR
Tenure	Existing MCLR	New MCLR
Overnight	7.90%	8.10%
One Month	7.90%	8.10%
Three Month	7.95%	8.15%
Six Month	8.10%	8.30%
One-Year	8.25%	8.45%
Two-Year	8.35%	8.55%
Three-Year	8.45%	8.65%

ICICI Bank Revised MCLR

ICICI Bank New MCLR
Tenure	MCLR
Overnight	8.30%
One Month	8.30%
Three Months	8.35%
Six Months	8.50%
One-Year	8.55%

The increase in Lending rate is due to the 20% increase in bad loans during April-June quarter of the current financial year. This increase in Lending Rates has come ahead of festival time when banks offers special Home Loan schemes to eligible customers.

MCLR Rate offered by Leading Banks

MCLR Rates by Top Banks
Banks	Overnight	One Month	Three Month	Six Month	One-Year	Two-Year	Three-Year
Axis Bank	8.10%	8.10%	8.35%	8.50%	8.60%	8.70%	8.75%
HDFC Bank	8.05%	8.05%	8.10%	8.25%	8.40%	8.55%	8.70%
IndusInd Bank	8.95%	9.00%	9.30%	9.55%	9.60%	9.65%	9.70%
Kotak Mahindra Bank	8.05%	8.25%	8.55%	8.70%	8.95%	8.95%	9.00%
Yes Bank	8.40%	8.80%	9.35%	9.50%	9.65%	–
PNB	7.90%	8.05%	8.20%	8.40%	8.45%	–	8.60%
Bank of India	7.90%	8.05%	8.20%	8.40%	8.55%	–	–
Central Bank of India	8.00%	8.20%	8.40%	8.50%	8.60%	–	–

 

Massive Construction of Houses under NTR Urban Housing Scheme

Around 35,000 Houses have been given for construction under NTR Urban Housing Programme to Tirupati Urban Development Authority (TUDA).

TDP Government has allowed TUDA to take up the housing scheme in 4 constituencies – Tirupati, Chandragiri, Srikalahasti and Nagari. Middle Class and Poor people residing in 167 villages in these 4 constituencies will be benefited from NTR Urban Housing Scheme.

To avail the benefit under NTR Urban Housing Scheme, the beneficiary will have to contribute Rs. 40,000 against which he will be given a subsidy of Rs. 2.5 lakh by the government.

The NTR Urban Housing Scheme is applicable to the apartments for which the government will grant a subsidy of Rs. 3 lakh. The beneficiary contribution is only Rs. 5000 to the people who come under BPL and Rs. 50,000 to others. The beneficiary should have annual income of maximum Rs. 6,00,000 to avail the scheme.

TUDA is expecting the demand for the houses under NTR Housing Scheme to be around 50,000. It will seek the government to increase the number of houses to be constructed under NRT Urban Housing Scheme.

More Applicants for HDFC Bank Home Loan under HDFC PMAY

HDFC Bank has gradually witnessed an hike in HDFC Bank Home Loan under Pradhan Mantri Awas Yojana or PMAY. HDFC Bank offers HDFC Bank Home Loan to EWS (Economically weaker section) and LIG / MIG (Low and Middle Income Group) Categories under HDFC PMAY.

Nearly, 38% of the HDFC Bank Home Loans have been approved under PMAY in volume terms.

Similarly, about 19% of the HDFC Bank Home Loan has been sanctioned in Value Terms under HDFC PMAY. HDFC Bank has been sanctioning about 8,200 HDFC Bank Home Loans to EWS and LIG Categories under HDFC PMAY on monthly basis.

In the F.Y. 2017-18, HDFC Bank witnessed a surge in HDFC Bank Home Loans to EWS and LIG Categories by 32% and 41% respectively.

The Average ticket size for HDFC Bank Home Loan to EWS (Economically Weaker Section) Category stands at Rs. 10.2 lakh whereas the same for LIG (Low Income Group) Category stands at Rs. 17.4 lakh.

Reasons for more applicants for HDFC Bank Home Loan under HDFC PMAY

The Increase in borrowers for HDFC Bank Home Loan under Pradhan Mantri Awas Yojana or PMAY is due to the following reasons-

Rapid Urbanisation.

Favourable Demographics.

Under-Penetrated Housing Market.

Higher Disposable Income.

Stability in Property Prices.

Attractive Rate of Interest.

HDFC Pradhan Mantri Awas Yojana (PMAY)

HDFC Bank offers HDFC Bank Home Loans to EWS and LIG/MIG Categories at affordable rate of interest and longer tenure under PMAY. Eligible Customers can now avail HDFC Bank Home Loans under PMAY for purchase/construction/extension/improvement of house at easy rate of interest and longer repayment period.

More than 3 lakh Families given Homes under NTR Housing Scheme

Recently, around 3,00,346 families in Andhra Pradesh were handed-over homes under NTR Housing Scheme. This event that celebrated house-warming for around 3 lakh families from weaker sections of the society has been tagged as ‘Guinnees World Record Event’. The beneficiaries for the Housing Scheme were chosen through a Smart Pulse Survey.

So far, the Government has built around 5,80,530 houses under NTR Housing Scheme.

The house sanctioned under the Housing Scheme is constructed on an individual plot with a single- bedroom unit of about 750 sq ft. Carpet area, a living room, kitchen, and a bathroom. Apartment complexes with four floors were built in areas where the land was not available.

The NTR Housing Scheme targets those individuals who belong to the poor sections of the society and cannot afford to buy a home for themselves. By granting them subsidy or giving them a house, the Andhra Pradesh Government seeks to make the state hut-free; where all atleast have a roof over their head.

The Andhra Pradesh government has planned to build around 20 lakh houses by 2019. This would cost it around Rs. 50,000 crore.

In addition to this, the Government has also taken steps to eliminate corruption from the project by ensuring that all the payments are made through NPCI (National Payments Corporation of India) gateway and by regularly monitoring the project’s progress through geo-tagging.

Many Sheltered So far under NTR Urban Housing Scheme

NTR Housing Scheme

NTR Urban Housing Scheme was introduced in the year 2016-17 as a pilot project in Eluru, Tadepalligudem, Palakol, and Bhimavaram to provide houses to economically backward classes. The NTR Urban Housing Scheme is under implementation in Eluru, Tadepalligudem, Bhimavaram, Jangareddigudem, Kovvur, Nidadavole, Tanuku, Palakol, and Narsapur town.

Who are Included in the Scheme

NTR Urban Housing Scheme covers all those individuals who have White Ration Card and also those who Never Applied for any Other Housing Scheme.

Benefits So Far

So far, many have been benefited from this NTR Housing Scheme which includes families residing in rented houses.

5,000 houses were sanctioned in the year 2017-18.

Subsidy of Rs. 2.5 lakh will be given to the beneficiaries that will be borne by the Central and State

Government in 50:50 ratio.

Flats are being provided to the poor under the guidance of Housing Board by AP TIDCO (Township and Infrastructure Development Corporation) Urban Housing.

About Rs. 1500 crore have been invested in the same in the Delta Region.

Construction of Multistoried flats begun in July and is expected to get complete by October.

22,000 Houses were sanctioned in Tadepalligudem, Palakole, and Bhimavaram. Of these, 20,000 flats have already got completed.

 

SBI Increases MCLR by 10 Basis Points

SBI MCLR Rate June 2018

With effect from June 1^st, 2018 State Bank of India has increased it Marginal Cost of Lending Rate by 0.10% across all tenure periods. It is the second time that an hike in MCLR has been done by SBI; the previous hike was in March, 2018.

EMIs on loan comprises of loan repayment plus interest payable on the loan. An increase in MCLR, increases the amount payable as EMI unless the bank reduces its mark-up margin in loans.

As per the guidelines of the Reserve Bank of India, all loans including home loans taken after April 1, 2016 are linked to the Marginal Cost of Lending Rate.

Read the table below to know about the percentage of increase in MCLR by State Bank of India.

Tenor	MCLR as on March 31st, 2018 (%)	MCLR from June 1st, 2018 (%)
Over night	7.8	7.9
Over month	7.8	7.9
Three Month	7.85	7.95
Six Month	8	8.1
One Year	8.15	8.25
Two Years	8.25	8.35
Three Years	8.35	8.45

State Bank of India is known to be India’s Largest Bank and Fortune 500 Company that has been offering financial services to eligible customers since 1973. The Bank extends funds in the form of Housing loan, Car loan, SBI Personal Loan, Loan Against Property, Education loan under Personal Finance. SBI is the leading lender and is the most sought after bank for all kinds of loans.

Amazon offers Cashback on purchase of Samsung Smartphones using your Credit Card

Amazon during its Amazon Samsung Days Sale is offering cashbacks on purchase of Samsung Smartphones using your credit card. The offer is valid for a limited time period only from May 28^th 2018 to May 31^st 2018.

You can now buy Samsung Galaxy A8 Plus at a discounted price of Rs. 29,990 from its original MRP of Rs. 32,999. You can also avail off upto Rs. 13,050 by giving your older smartphone as an exchange offer. Additionally, you get cashback worth Rs. 2,500 on using your Citibank Credit Card and Debit Card.

Samsung Galaxy A6 Plus can be purchased at a discount of Rs. 15,050 on exchanging it against the older handset. You receive cashback of Rs. 3000 on purchasing the smartphone using your ICICI Bank Credit Card.

Similarly, Samsung Galaxy A6 is being offered by Amazon at an exchange discount of upto Rs. 15,050. The original cost of the phone is Rs. 21,990. You get additional cashback of Rs. 3000 on purchasing the smartphone using ICICI Bank Credit Card.

Own Your Dream Car with SBI New Car Loan Scheme

Owning your brand new car has never been so easy. Well, SBI’s new car loan scheme has all that you ever dreamt of. With minimal documentation and quick disbursal, get yourself a new passenger car, multi utility vehicle (MUVs) and Sports Utility Vehicle (SUVs).

Under SBI’s new car loan scheme, avail lower interest rates, zero foreclosure charges, quick disbursal, and minimal paperwork.

SBI Car Loan – Processing Fee, Repayment, Tenure Period, Pre-Payment.

State Bank of India (SBI) finances upto 90% of the vehicle on-road price as loan. So, you no more have to worry about lesser funds for buying yourself a car. (On-road price includes the vehicle price, registration charges, insurance and extended warranty or total service package or annual maintenance contract or cost of accessories). The bank charges a processing fees of Rs. 1000/- plus GST on car loan upto Rs. 6 lakh and Rs. 1500/- plus GST on a loan amount above Rs. 6 lakhs. Borrow the SBI Car Loan for upto a period extending to 7 years. Make repayment of the car loan in easy monthly instalments at an interest rate of 8.90% to 9.40%. SBI calculates interest on daily reducing balance. You may also opt for pre-payment of the car loan as it levies you zero penalty charges on pre-payments. The Bank offers SBI life insurance cover on your new car.

Eligibility Criteria for SBI Car Loan

In order to avail Sbi car loan, the applicant should be in the age group 21 to 65 years.

• The bank offers car loan to regular employees of the state/ central government, public sector undertaking, private company or a reputed establishment with an annual income of Rs. 2,50,000. (loan amount- 48 times of Annual income).
• It is also offered to professionals, or self-employed businessmen, partnership firms with gross taxable income of Rs. 4,00,000 per annum. (Loan – 4x of annual net profit).
• SBI Car loan is also extended to individuals engaged in agricultural and allied activities with an annual income of Rs.4,00,000/-. (Loan amount- 3x of annual net profit).

Documents Required for SBI Car Loan

Documents that need to be submitted while applying for SBI Car loan include identity proof, residence proof, last 6 months bank account statement, 2 Passport size photographs. Apart from these, you require to submit-

• Salaried- Latest salary slip/ form 16, ITR for the last 2 years.
• Businessmen/ self-employed- ITR for last 2 years, Audited balance sheet, P&L statement for 2 years, Shop & establishment act certificate/ Sales tax certificate/ SSI registered certificate/ copy of partnership.
• Persons engaged in agricultural and allied activities- Direct agricultural activity, allied agricultural activity.

Get RBL Bank Personal Loan via ETMoney App

RBL Bank offers an easy solution for those seeking Personal loan through ETMoney App. ET money mobile app is available for both iOS and android users.

ETMoney Creditline provides solutions to the customer’s financial queries such as expense management, investment, and insurance solutions. It has simplified the process of borrowing of funds from RBL Bank with digital banking. Get Instant access of funds on ET Money mobile app. In addition to this, enjoy the dual benefits of a credit card and RBL Bank personal loan on ET Money mobile app.

The applicants of RBL Bank Personal loan can avail it through ET Money App.

• Amount: Rs. 3000 to Rs. 5 lakhs.

• Tenure: Few days to few years.

• 14% per annum interest rate.

• No pre-payment charges/ hidden costs.

• Quick/ paperless/hassle-free.

• Transfer money directly to your bank account.

The users can also use it as a Credit Card for making purchases. The applicant simply has to enter a few basic details to set up a credit limit.

• Pre-approved creditline. (existing user on ET Money).

• Machine learning- based proprietary scorecard to enable users with no credit score to get a Creditline.

• Get 50 days interest free spending power.

• Make Regular purchases (both online and offline).

• Multiple repayment options.

• Smart Reminders for Repayment.

• Instant withdrawals.