NATIONAL HOUSING BANK AND THE RBI- pass on the benefit of lower interest rates uniformly to all customers RBI has directed the top banks to charge lower home loan rates to old customers instead of just using the lower interest rates to pull new borrowers. But lenders continued to resist the proposal, citing cost mismatch. The contentious issue cropped … Continue reading UNIFORM INTEREST RATE TO ALL HOME LOAN BORROWERS – NHB AND RBI
A Private sector `YES Bank` on Tuesday has raised savings deposit rate for all savings accounts by 200 basis points to 6%. It is also reliably learnt that other banks will follow this suit to attract SB account deposits.
The Supreme Court has suggested that the Negotiable Instruments Act, 1881, could be amended so that a convict in a cheque bounce case is made to pay a fine from which the complainant can be paid compensation. ”One other solution is a further amendment to the act so that in all cases where there is … Continue reading CHEQUE BOUNCE CASE – APEX COURT SUGGESTS FINE!
IT HAS COME TO OUR NOTICE THAT SOME BANKS ARE OFFERING HOME LOANS ON `B` KATHAS. PLEASE DO NOT SEEK THE DETAILS OF THE BANKS, WHICH ARE OFFERING IT,FROM US. THE SANCTION/OFFER OF LOAN WILL NOT CONFER ANY RIGHT, TITLE AND INTEREST AND THE BUYERS ARE ADVISED TO BE VERY CAUTIOUS BEFORE THE PURCHASE. … Continue reading B-KATHA – HOME LOANS
AMONG OTHER FISCAL MEASURES TO CONTAIN THE EVER INCREASING AND UNCONTROLLED INFLATION, THE GOVERNMENT AND THE RBI PROPOSE TO INCREASE THE INTEREST RATES, HOPING THAT THIS MOVE WILL HALT THE GALLOPING TREND, SO FAR, ALL THE ECONOMICAL MEASURES FAILED TO CONTAIN THE PACE OF INFLATION. HOME LOAN INTEREST MIGHT REACH UP TO 12% BY DECEMBER, … Continue reading INTEREST RATE HIKE
The Supreme Court observation on the sale of properties on General Power of Attorney: The SC has clarified that it was only stating the well-settled legal position in this connection and not laying down a new law, the order was necessary because a good proportion of property sales have been affected through the GPA route of … Continue reading GENERAL POWER OF ATTORNEY – PROPERTY DEALING – SUPREME COURT OBSERVATION – TAKE UTMOST CARE!
The Supreme Court of India has observed that any alienation or sale through GPA is invalid. More details are awaited.
There has been a substantial increase in bad loans and this is primarily because public sector banks have been very lenient on willful defaulters and on real estate sectors. The Reserve Bank of India (RBI) has asked banks to focus on recovery and follow a stringent credit appraisal procedure. The RBI has asked banks to remain cautious in the wake of a higher-than-expected … Continue reading RBI TIGHTENS THE SCREWS ON LENDING
SERVICE TAX SLABS AND PAYMENT DUE DATES 1 In case of Individuals or Proprietary Concerns and Partnership Firm, service tax is to be paid on a quarterly basis. The due date for payment of service tax is the 5th of the month immediately following the respective quarter (in case of e-payment, by 6th of the month immediately following the respective quarter). For this purpose, quarters are: April … Continue reading SERVICE TAX