Jan 24
NEW DELHI: It may be a case of too little too late. The government is moving to provide some relief to small home loan borrowers by providing a 1% interest subsidy for loans upto Rs 15 lakh, provided the cost of the property does not exceed Rs 25 lakh. The proposal, which is expected to be approved by the Union Cabinet on Tuesday, is aimed at providing some cheer to households saddled with high inflation and rising EMIs (equated monthly installments). The move, announced in the budget, is being operationalised now to give a message that the government is trying to address concerns of households ahead of Diwali when low sentiments are affecting spending. The scheme is an improvement of the existing facility where the benefit of interest subsidy is available to loans upto Rs 10 lakh, provided the cost of the property is Rs 20 lakh. Read all post…
Tags: Interest Subsidy, Loans
Dec 08
NEW DELHI: LIC Housing Finance sanctioned over Rs 100 crore toward home loans during a three-day property exhibition that concluded in the city today, a senior company official said. The company organised the ‘Home for All Expo ’11′, starting November 4, at Pragati Maidan to attract home loan seekers. “We have sanctioned more than Rs 100 crore to home seekers in this three-day property show. The majority of the people are looking for better housing projects at affordable prices in the Delhi-NCR region,” LICHFL Regional Manager Ajay Grover said in a statement. He added that the idea behind having such expo was to give people better deals to buy their dream houses. Grover said that people from different walks of life were seeking more affordable housing and nearly 5,000 families from various parts of the Delhi-NCR and neighbouring cities visited the expo. Read all post…
Tags: 100 Crore, Loans, Rs 100, Rs 100 Crore
Jul 12
The Obama Administration recently quadrupled the mortgage payment forbearance period for unemployed homeowners and announced interest-free loans for unemployed and under-employed homeowners.
The adjustment to the Federal Housing Administration loan program will require mortgage servicers to extend the forbearance period for unemployed homeowners from three to 12 months.
FHA borrowers will have to pay back any past due balance after the forbearance period expires, but the order means servicers can’t begin foreclosure on unemployed homeowners until 12 months after unemployment.
“The current unemployment forbearance programs have mandatory periods that are inadequate for the majority of unemployed borrowers,” said U.S. Housing and Urban Development Secretary Shaun Donovan.
The Administration will also require servicers participating in the Making Home Affordable Program (MHA) to likewise extend the minimum forbearance period to 12 months wherever possible.
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Tags: Extended Forbearance, Loans