Most collection agencies operate as agents of creditors and collect debts for a fee or percentage of the total amount owed. The term collection agency is usually applied to third-party agencies, called such because they were not a party to the original contract. The creditor assigns accounts directly to such an agency on a contingency-fee… Read More »
While credit worthiness is one of the major reasons a person is asked for a guarantor, it also does not necessarily mean that the borrower’s credit worthiness is being questioned. However, when you sign on the dotted line and agree to become a guarantor, you are legally bound to pay off the debts if the… Read More »
When you go for home loan, you have to pay around 10% to 15% of the project cost and around 85% to 90% is funded by the bank or financial institution. If you have more than the required amount for ‘down payment’ then pay more, so that your required debt is reduced significantly.
Banks have something called the benchmark prime lending rate, which is a reference interest rate that is used as a benchmark to determine the interest rate that is passed on to the customer. This will accordingly reflect in the EMI the borrower has to shell out to repay his loan. The interest rate that is… Read More »
This type of home loan offers the flexibility of an increased loan amount eligibility keeping in mind the future, career growth, prospects of the home loan borrower. You can either opt for an increasing EMI component with time or a higher EMI payment initially, which reduces in later years. It can be structured according to… Read More »
In the case of real estate transactions, mortgage deeds etc. which tend to be high, the stamp duty value is also high. Stamp Duty charges also vary from state to state and are left to the discretion of the state government. There is a state to statewide variation in stamp duty rates across the country.… Read More »
Kolkata-based UCO Bank has reported a 38.40 per cent rise in net profit to Rs 207.72 crore for the second quarter compared to Rs 150.09 crore in the same period last year.
A top official of Public Sector lender, Central bank of India said in Mumbai that the bank was expecting its home loan segment to grow by 25 per cent in the current fiscal, which would widen the portfolio size to Rs 10,000-crore.
According to Macquarie Research, the Reserve Bank of India is likely to keep its benchmark lending and borrowing rates unchanged in its monetary policy review next week, but may start hiking them from April 2010.
It was in 1931 that The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was incorporated with an authorised capital of Rs. 5000 at Nedumpuram in Central Travancore under the Travancore Company’s Act. In 1941, Shri K.P Hormis and friends stepped in to help the bank which was on the verge of liquidation and… Read More »