Home loan rates set to fall to 15-yr low

The Times of India (Mumbai edition) - - FRONT PAGE - Prab­hakar.Sinha @times­group.com Bhavika Jain & Malathy Iyer

New Delhi: The RBI's an­nounce­ment is good news for home loan bor­row­ers with a se­cure in­come, as in­ter­est rates in this cat­e­gory will come down by 40 ba­sis points (100bps equal 1 per­cent­age point) to around 7%. This is the low­est level in over 15 years.

Also, bor­row­ers who are fac­ing in­come un­cer­tainty be­cause of the Covid-19 lock­down can avail of an ad­di­tional three-month mora­to­rium to get their fi­nances in or­der. Those bor­row­ers who have not availed of a mora­to­rium so far but are now fac­ing in­come pres­sure can still de­fer their re­pay­ments for three months. For a loan of Rs 30 lakh with a re­main­ing ma­tu­rity of 15 years, the net ad­di­tional in­ter­est would be ap­prox­i­mately Rs 2.34 lakh — equal to eight EMIs. A part of this bur­den could come down be­cause of the re­duc­tion in in­ter­est rates.

For ex­ist­ing bor­row­ers, SBI’s in­ter­est rates on home loan up to Rs 30 lakh will au­to­mat­i­cally come down to 7% from the ex­ist­ing 7.4%.

A Pak­istan In­ter­na­tional Air­lines plane from La­hore with

91 fly­ers & 8 crew mem­bers “loses both en­gines”

to tech­ni­cal fault, crashes into res­i­den­tial area be­fore land­ing in Karachi

A video shows the

hit­ting a mo­bile tower be­fore skid­ding off rooftops of build­ings;

New Delhi: The In­dian econ­omy is ex­pected to con­tract for the first time in nearly 41 years, while the out­look for in­fla­tion re­mains un­cer­tain, Re­serve Bank of In­dia’s (RBI) as­sess­ment of the eco­nomic sit­u­a­tion showed on Fri­day.

“...GDP growth in 2020-21 is es­ti­mated to re­main in neg­a­tive ter­ri­tory, with some pick-up in growth im­pulses from H2: 2020-21 on­ward,” said RBI gov­er­nor Shak­tikanta Das.

If the con­trac­tion as fore­cast by RBI and also by other econ­o­mists is re­alised, it will be the first con­trac­tion for Asia’s third-largest econ­omy since 1979-80, when GDP growth shrank 5.2%. Sev­eral in­vest­ment banks, bro­ker­ages and econ­o­mists have pre­dicted the eco­nomic growth to re­main flat or con­tract in the range of 1.5% to 6.8%. IMF’s April es­ti­mate, how­ever, showed that In­dia and China will be the only coun­tries to dis­play growth, while the rest will con­tract.

Mum­bai: Ma­ha­rash­tra re­ported 2,940 Covid-19 cases on Fri­day, its high­est ad­di­tion in a day so far and the high­est jump for any state, tak­ing the to­tal in the state to 44,582.

This is the sixth day in a row the state has added over 2,000 cases. Ma­ha­rash­tra also re­ported 63 deaths, tak­ing the Covid-19 toll so far to 1,517.

Health min­is­ter Ra­jesh Tope ad­mit­ted that cases were in­creas­ing and said the fo­cus was on re­duc­ing deaths. “We have is­sued or­ders to make avail­able 80% of beds in pri­vate hos­pi­tals for Covid-19 pa­tients and have capped treat­ment rates. We have in­voked five Acts un­der which ac­tion can be taken if this or­der is not fol­lowed. I urge pri­vate hos­pi­tals to fol­low the norms is­sued by the state govern­ment,” Tope said.

The city’s toll breached the 900 mark even as cases con­tin­ued to rise by over a thou­sand for the sixth con­sec­u­tive day. On Fri­day, 1,751 cases — the high­est sin­gle-day rise — were regis­tered. The only sil­ver lin­ing was that it recorded 27 deaths as against 41 on the two pre­ced­ing days, tak­ing the toll to 909. h h h h h h h

Uma Kadam

20 BEST staffers test pos­i­tive, 12 cops at Oshi­wara PS hos­pi­talised city’s old­est to re­cover from Covid West­ern Express high­way is spruced up on Fri­day ICSE and ISC ex­ams to be held from July 1 to 14

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