Friday, April 24, 2009

Banks Ease Home Loan Repayment Norms for Job-Loss Victims

Debt restructuring packages:
1) Extending the loan tenure
2) Waiver of part-interest
3) An EMI holiday

Banks are taking a considerate view on home loan repayment by job-loss victims, thereby helping borrowers retain their homes.

Although the March 31 deadline set by the Reserve Bank of India for receiving loan restructuring applications has expired, banks continue to consider such proposals from home loan borrowers.

The relief offered by banks include granting EMI holidays to borrowers faced with job losses and pay cuts.

“We are open to such restructuring proposals, including EMI holidays, even now and are mulling other options,” confirmed a senior official with a leading private bank, on condition of anonymity.
To read more, please, visit - IndianRealtyNews

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Thursday, April 23, 2009

Demand back for ready homes, cautiously

Real estate industry executives and financiers say that while demand for housing is slowly beginning to return in Indian cities after a contraction for much of 2008, it is restricted to constructed and ready-for-possession projects.

Most buyers, according to executives at leading real estate developers, don’t want to take the risk of waiting for two-three years for a project’s completion, and this marks a shift from earlier when demand was for under-construction flats.

“Demand for under-construction properties has dropped by at least 50% compared with a year ago, because buyers are sceptical about whether builders have adequate funds to complete the projects they have undertaken,” says Shweta Jain, head (residential) at Cushman and Wakefield, a property advisory firm.
To read more, please, visit - livemint.com

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