Oriental Bank of Commerce on Saturday said it will raise home loan rates in the range of 50 to 75 basis points for new borrowers seeking loan up to Rs 20 lakh.
“We may increase it around 50-75 bps probably from May 1,” OBC Executive Director Allan CA Pereira said.
The bank has passed on three consecutive increase in PLR to its home loan borrowers but in light » Read more after the jump →
Millions of families face foreclosures because they trusted lenders who offered new homebuyers only the riskiest and most expensive financing options.
For most American families, a home is their primary asset. This is especially true of low-income and minority families, for whom a home represents the single greatest opportunity to build wealth. But with recent subprime loan rates skyrocketing, communities of color are finding that the American dream remains out of reach.
Research from the Center for Responsible Lending predicts that one in 12 Latinos will be in foreclosure soon. For years, many organizations have warned lenders and policymakers that Latino and black families, even more than others, were not getting reasonable, effective home » Read more after the jump →
NEW DELHI: Customers looking for a reprieve in their home loan EMIs may have to wait longer,or worse still, expect a further hike in interest rates. Despite a cut in risk weights on home loans up toRs 20 lakh, banks are in no mood to lower the rates.
They are looking at differential pricing of loans based on their amount and tenure. Public sector banks, which had sofar refrainedfrom raising rates following a government diktat to hold rates on home loans, are now planning to go for a rate hike. Even private banks may take some time to pick up the cue.
With cost of funds increasing,lending rates have only one way to go— upwards. With banks belting out super-saver deposit schemes yielding 9-9.5% returns, the rates on advances need » Read more after the jump →
Home loans, including those below Rs 20 lakh, are set to turn costlier.
A few public sector banks, including the Oriental Bank of Commerce, Punjab National Bank and Allahabad Bank, are planning to raise interest rates on such loans despite the RBI reducing the risk weight on them in the latest monetary policy.
“Home loan rates would be increased in the range of 50-75 basis points for new borrowers seeking loans up to Rs 20 lakh,†said Allen C.A. Pereira, executive director of the Oriental Bank of Commerce. A decision will be taken by the bank’s asset liability committee on Monday.
However, existing borrowers will be spared from any rate hike, Pereira said. » Read more after the jump →
As an owner of a property-title search business for 23 years, William Soodul figured he knew a thing or two about real estate transactions.
So it came as a shock to Soodul, of Allentown, when he discovered his $233,000 mortgage had a little-known “gotcha” clause in it.
If he refinanced the loan within three years of its inception, he would have to pay a $10,000 prepayment penalty to the lender that provided him with the money in the first place.
Soodul said he never dreamed he would face such a fee. State law has barred prepayment penalties for nearly 40 years.
But Soodul, whose business is to ensure property records for new buyers are clear of any liens, wasn’t aware that, in many cases, state law no longer can stop prepayment penalties. » Read more after the jump →
By Kristin M. Kraemer, Herald staff writer
Stephanie Garcia was undecided about where she was going to study mathematics in the fall until Friday night, when the 18-year-old was awarded a $24,000 scholarship.
Despite a planned visit today to another campus, Garcia says Western Washington University in Bellingham has been her college of choice and now can become a reality thanks to the Hispanic Academic Achievers Program.
The Pasco High School senior was the biggest winner of the night with the 2007 Dan Frost Scholarship. The announcement caught her by surprise and brought tears to her eyes before a crowd of more than 2,700 at TRAC in Pasco. » Read more after the jump →
MIDDLETOWN — The rich jazz sounds of Charles Mingus, Thelonious Monk, John Coltrane and others will emanate from Orange Hall Theater at 3 p.m., Sunday, April 29, when bassist Robert Kopec leads the Big Bang Jazz Gang to SUNY Orange for a concert that will benefit the College’s Arts and Communication Department’s scholarship fund.
The Arts and Communication Department at SUNY Orange offers two-year associate degree programs in art, communication, music and theater, with students preparing to either enter the workforce or transfer to a four-year college or university following graduation.
Kopec, an accomplished bassist, will be joined by Bob Meyer, drums; David Winograd, tuba; Bill Pernice, piano; Joe Bacci and Len Pollara, trombones; John Leonard, Chris Klinkhardt and Freddie Jacobs, trumpets; and Dale DeMarco, Bob Rosen, Jim Perry, David Savitsky and Gary Brown, reeds. » Read more after the jump →