Home loan rates set to fall to 15-yr low
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
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