For the salaried class, owning a house is like a dream. To turn this dream into reality, homebuyers face several hurdles like tweaking income, expenditure and liabilities and slashing household budget. Most in Mumbai are forced to take up a rental space, far away from workplace, for a cheaper solution.
Buying a house is a costly affair. Arranging home finance is a big challenge, coupled with lengthy paperwork and high stamp duty.
Despite the Reserve Bank of India (RBI) substantially reducing repo rate in last three years, banks have failed to pass on the benefits to end-users, complains Sharad Mittal, Director and CEO, Motilal Oswal Real Estate. Currently, RBI’s repo rate stands at 5.15 per cent. It was 6.50 per cent in August 2018, 7.75 per cent in January 2015, and eight per cent in January 2014. However, banks have not slashed lending rates accordingly and this has not helped.
Adhil Shetty, CEO, Bankbazaar, feels typically, interest rates on home loans depend on a number of factors, including creditworthiness of the applicant. Home loan interest rates range from 7.95 per cent to 10 per cent and upwards, he explains.
Mittal argues that the concept of affordable housing needs to be redefined. “Affordable housing has been defined as houses having a value up to ₹45 lakh. This limit should go up since it is difficult to get a house in cities like Mumbai within this limit,” he says.
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The Future Of Credit Card Usage
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Liquidity Coverage Ratio Framework
At the recent monetary policy committee meeting in April 2024, Reserve Bank of India (RBI) Governor Shaktikanta Das proposed changes in the liquidity coverage ratio (LCR) framework to successfully meet liquidity risk.
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Here's How To Install A Solar Panel
It is the season of solar panel subsidy announcements. Right after the Centre launched the PM Surya Ghar Muft Bijli Yojana to offer subsidies to 10 million households to set up rooftop solar systems, the Delhi government has announced an extra capital subsidy of â¹2,000 per kilowatt (kW) to Delhi residents for rooftop solar panel installation. Both governments have caps on subsidies. Some other states, too, offer incentives on the use of solar rooftop panels.
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'People Are Normal. They Are Sometimes Ignorant But They Are Not Stupid'
Meir Statman, the Glenn Klimek Professor of Finance, Leavey School of Business, Santa Clara University, California, is the second generation of behavioural finance experts who refused to label people as \"irrational\" and instead called them \"normal\". In his latest book, A Wealth of Well-Being: A Holistic Approach to Behavioral Finance, he expands the circle of finance to include life well-being and shows how they are inextricably intertwined. As part of an interview series, 'Wealth Wizards: Money Maestros in conversation with Nidhi Sinha, Editor, Outlook Money', Statman spoke about his research, and explained concepts through anecdotes that can help you take balanced decisions. Edited excerpts: