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RBI not done with cuts


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wibas
Need for a home buyers association
by wibas on Dec 23, 2008 05:36 AM

I think there is a need for home buyers to form a association and collectively bargain, I have written my idea in detail. Please see it in my blog - wibas.rediffiland.com/blogs/2008/12/23/Home-buyers-association-why-do-we.html.

Please note I am not selling any ad here or trying to spread news about my new website. I want the middle class Indians like me to form an association to make home affordable and reality.

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b r
housing survey
by b r on Dec 22, 2008 11:20 PM

results of housing survey:
75% of brokers believe prices have fallen over the past one year.

• 77% brokers believe prices have fallen over the past three months.

• 87% brokers have seen a drop in transactions over the past one month.

• 69% brokers have witnessed a reduction in enquires over the past month.

• 63% brokers expect price trend to be negative over the next three months.


BOTTOM LINE

DO NOT GIVE ANY INQUIRES TO BUILDERS OR BROKERS AND DO NOT TAKE ANY HOUSE LOANS FOR SIX MONTHS

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manish ashar
govt is misleading ppl
by manish ashar on Dec 22, 2008 08:28 PM


govt is not giving coreect picture. when economy is going to fall, it is telling people to invest in housing by offering lower interest.

this will badly affect the people who take loan now. THEY ARE SURE TO LOSE THEIR HOUSE DUE TO DEFAULT IF THEY BUY AT THE CURRENT LEVEL OF PRICES.

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J
Transfer of ICICI loan to PSU bank
by J on Dec 22, 2008 08:17 PM  | Hide replies

Just got my ICICI loan transfer sanctioned by a PSU Bank. The process should be completed in the next few weeks.

For a loan of 14L, ICICI was charging me at 14% (EMI of about 17k for 38 yrs) and this will now translate to a 9.25% loan with about an EMI of 17k for 10 years.

What a harrowing experience with ICICI !!! Will be closing down my other accounts with ICICI shortly.

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howis rashmi
Re: Transfer of ICICI loan to PSU bank
by howis rashmi on Dec 23, 2008 12:54 AM
How much is the preclosure penalty for ICICI bank? is it 2.0% or 2.5%.. apart from this any other charges... we need to pa for transfer for loan?
my loan is of amount 32lakh from ICICI bank.ROI is 13%, my EMI is 37k, Planning to transfer this loan to SBI @ ROI of 9.5 PA. with EMI 29k for 20 years. huge saving of 8k per month. within 6 month i will recover my preclosure penalty. :)

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J
Re: Re: Transfer of ICICI loan to PSU bank
by J on Dec 23, 2008 12:54 PM
Preclosure penalty is 2.25%. And the processing fee with the PSU bank is 0.5%. It works out to an upfront payment of an additional 2 EMI's. But anyday better than paying EMI's to ICICI for 28 additional years.


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sridhar parida
Re: Re: Transfer of ICICI loan to PSU bank
by sridhar parida on Dec 23, 2008 01:44 AM
It is 2.25% including service tax.Please move all ICICI Loan to other bank.

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Dexter6.Blogspot
Re: Transfer of ICICI loan to PSU bank
by Dexter6.Blogspot on Dec 22, 2008 08:47 PM
There will always be a rate cut lag with PSU banks and ICICI.

The cost of deposits for ICICI is still very high. Its probably the only bank still offering 10.5% interest on deposits.

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pravin deshmukh
Home loan
by pravin deshmukh on Dec 22, 2008 03:29 PM  | Hide replies

will home loan will be reduced further ??

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vettyvelai
Re: Home loan
by vettyvelai on Dec 22, 2008 03:50 PM
Not much chances....and even if you take a loan in the current rates, you can't be sure that it will continue in the next Financial Year also...

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HK
Re: Re: Home loan
by HK on Dec 22, 2008 04:06 PM
But if we stay away from Property Market for another 6 months, M sure prices will come down by atleast 30-40 % and home loan will also be available at a discounted rate. Ye bhavishyavani hai, Mark my words

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rama raju
Re: Re: Re: Home loan
by rama raju on Dec 22, 2008 05:19 PM
Will ICICI Bank Reduce Home Loan Rate for Existing Customers?

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kumaran
Re: Re: Re: Re: Home loan
by kumaran on Dec 22, 2008 07:47 PM
Hi,
Those of you who still enjoy(he he he!!!) home loan with icici like me, Pl. cal that buggers & reduce ur ROI bt paying few bucks as conversion charges(from 14.25 to 12%). I did it y'day. I feel something is better than nothing.

regards,
K.Kumar.


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manish ashar
Re: Re: Re: Re: Re: Home loan
by manish ashar on Dec 22, 2008 08:30 PM
kumar
discussion on individual banks not allowd here.

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Dexter6.Blogspot
Re: Home loan
by Dexter6.Blogspot on Dec 22, 2008 08:49 PM
Rates should fall further. With inflation falling so steeply, RBI will go really aggresive on rate cuts.

The government may open a refinance window for home loans too.

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manish ashar
Re: Home loan
by manish ashar on Dec 22, 2008 08:30 PM
DONT WORRY ABOUT INTEREST RATE. ONLY FOOLS THINK OF INTEREST RATE.
START THINKING ABOUT THE HUSE PRICES.

you will be paying more than double of realistic prices. so your loan amount will be automatically reduced by half if you wait for six months or so as prices have to fall by 60% to become realistic.

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