IDBI Bank too joins dual rate bandwagon
IDBI Bank too joins dual rate bandwagon (13-oCT-2011) Mumbai: More banks have started coming out with dual-rate home loans and other freebies like festival rate discounts in the sluggish home loan market. After ICICI Bank and HDFC, public sector IDBI Bank on Wednesday said it would give a discount of 25-50 basis points (bps) to prospective floating home loan customers and offer a fully floating rate or a combination of fixed and floating rates during the festive season. “All new borrowers would be given an option...
Sale deed must for selling property: SC
Sale deed must for selling property: SC (13-OCT-2011) New Delhi: All property sales will be held invalid unless the transaction is by way of a sale deed duly stamped and registered, the Supreme Court ruled in a judgment today, meant as a blow to “land mafia” and the black money menace. “Transfer of immoveable property by way of sale can only be by a deed of conveyance (sale deed). In the absence of a deed of conveyance (duly stamped and registered as required by law), no right, title or interest in an immovea...
Government of India to Check Unaccounted Money in Real Estate Transactions
The Prevention of Money Laundering Act, 2002 (PMLA) forms the core of the legal framework put in place by India to combat money laundering. PMLA and the Rules notified there under came into force with effect from July 1, 2005. Director, FIU-IND and Director (Enforcement) have been conferred with exclusive and concurrent powers under relevant sections of the Act to implement the provisions of the Act. The PMLA and rules notified there under impose obligation on banking companies, financial institutions and intermediaries to...
Reliance Portfolio to Raise Rs.1,500 Crores (Sept-2011)
Reliance Portfolio Management Services, a part of Reliance Capital Asset Management, plans to raise over Rs 1,500 crore from the domestic market to invest in real estate projects in various parts of the country. The fund will be raised though a limited liability partnership structure and will be named as Reliance India Realty Opportunities LLP. Reliance Capital Asset Management –Portfolio Management Services will act as the advisor to Reliance Realty, Economic Times reported, citing sources. The Reliance-ADAG group had t...
US Billionnaire Sam Zell to Invest in Indian RE Markets (Sept 2011)
Billionaire Sam Zell is entering the real estate markets in India and Columbia soon as he continues to favor international investments other than in the US. Sam Zell, Chairman of Chicago-based Equity International, will invest in real estate in Colombia and will eventually move on to residential projects. In India, he plans to make investments in the hospitality sector, particularly hotels. He is planning a hotel/motel program on the lines of Residence Inn at Marriott and would soon build a chain across the country. Zell, ...
No Prepayment Penalty on Floating Home Loans (Sept,2011
The Reserve Bank of India (RBI) in a meeting with Banks representative agreed to remove the prepayment charges on floating rate loans. The exact date by which this notification will be implemented is to be announced shortly. The move is aimed at bringing fairness in bank charges. Prepayment penalty in some banks can range between 1 – 3 percent on the outstanding loan amount. The removal of prepayment penalty will make it easier for customers to partly pay their loans in case they are able to generate surplus cash or shif...

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