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• Hong Leong Bank Aims For 10 Pct Growth In Housing Loans
• ANZ National Raises Home Loan Rate on Credit Costs, Herald Says
• January’s figures ended the seven month slump in home loan approvals, says the Bank of England…
• Mortgage loans for business and home purposes
• Got a home loan? Take care of property papers
• Loans become an issue as personal savings grows in importance
• Home loan holders express election jitters
• Home loans in Spain from Leeds & Holbeck
• Australia’s Nov. Personal Loan Commitments Down 0.3% On Month
• LOANS ARE AVAILABLE’: Avante offers incentives at Denali

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Hong Leong Bank is aiming for 10 percent growth this year in its housing loans segment, which currently has about 130,000 customers. As part of its efforts, the bank today introduced a cash back home loan product which it said enabled customers to save more on interest payment. Chief operating officer for personal financial services, Moey Tan, said the bank was confident of achieving the target of RM1 billion receivables for the new product by year-end as it was the only one of in the local market to give cash rebate to home loan customers.” The 10 percent cash back will automatically be credited into the customers savings or current account annually from year six onwards,” she said. Tan said for a RM200,000 loan, the first payment is RM1,000 and every year the customer will receive a percentage of the cash back amount until the end of loan tenure. The cash back home loan features include a repayment option and up to 90 percent margin of financing, applicable for completed property with a minimum loan amount of RM200,000.

Hong Leong Bank’s group managing director Yvonne Chia said housing loans today accounted for 58 percent of total household debt and the commitment was long term, averaging from 20 to 30 years.” The cash back concept was tested and validated through independent research and we are confident it will be a success with our customers,” she said.

It’s probably best not to get over-excited just yet, but following on from so many reports of tighter lending and stretched affordability, the latest figures from the Bank of England are quite encouraging. According to their report, the number of home loan approvals rose to 74,000 in January, a modest improvement on the 72,000 approvals in December, and the end of seven consecutive months of decline. However, the total was still some way off the six month average of 93,000 and considerably lower than the 121,000 home loan approvals recorded in January 2007.

Remortgaging approvals fared well, rising from 101,000 to 119,000 in January, well above their 97,000 six month average. This helped to boost the total number of approvals secured on dwellings to 253,000, up ten per cent from December’s 229,000.The value of these loans subsequently increased from £26.1 billion to £29.7 billion over this period.

If you are seeking home loans, then you can also go for close end home loans that provide lump sum amount to the borrower at the time of closing and the minimum money that is allowed to borrow depends upon the dependent factors like assessment value of your home, credit history and income. For more about home loans, home equity, Texas banks, mortgage rates, Mortgage loans are type of loans wherein the equity of borrower’s home is collateral and if you are planning to take home loans then you must possess good credit history.

However, even though your credit history is poor, still Texas banks offer various plans on acquiring home loan that meets your affordability and requirements to purchase a home of your own. If you are seeking home loans, then you can also go for close end home loans that provide lump sum amount to the borrower at the time of closing and the minimum money that is allowed to borrow depends upon the dependent factors like assessment value of your home, credit history and income. This kind of home loan, home equity as well as services can also help to not only realize your dream but also fulfill the same.

Sudhir Bawa had taken a home loan from a multinational bank and repaid it, but when he sought the original sale deed papers back from the bank he was told that his property papers were lost.”I had taken Rs 9,00,000 as home loan from HSBC Bank in Connaught Place in 2000. By 2002 I had repaid the loan. But the bank apprised me that the original sale deed papers were lost,” said Bawa, consultant with an international pharmaceutical company, told IANS. The bank washed its hands of the matter by lodging an FIR at the Connaught Place police station. They informed me by a letter and then merely registered an FIR. However, they refused to compensate me for the loss caused by the bank’s carelessness. If the documents get into the wrong hands they can easily be misused,” Bawa added.

Bawa had to eventually sell off his property at a lower price, bearing a loss of over Rs 10 lakh.”This is sheer negligence on the part of the bank and they are liable to compensate the loan applicant,” said lawyer Manjeet Singh Ahluwalia. Lawyers handling consumer matters also agree that though such cases are not the norm, banks are averse to granting compensation to the aggrieved.”Banks are generally not inclined to compensate the loan applicant, leaving him with no recourse but to move court. This unnecessarily adds to the backlog of cases,” said Sugriv Dubey, a lawyer.

Election jitters are prolonging problems in the stagnant housing market, according to Hometrack’s April survey. Last month saw a small fall of -0.1 per cent in property prices - the tenth consecutive month they have dropped. Hometrack says buyers are returning to the market, but over supply is a problem that is causing prices to continue to fall.

However, the last four months have seen reducing price falls, which suggests the market is now stabilizing.”The forthcoming election, a change of pope and a newly married heir to the throne have done nothing to improve the housing market which remains in the doldrums,” commented Hometrack’s housing economist, John Wriglesworth.”Despite buyers returning to the market, there continues to be an excess supply of unsold properties.”Election jitters are not helping, but this is only temporary,” he added. Mr Wriglesworth believes that after the election, no matter who wins, there will be “a bounce back in the market”, as the economic and political prospects begin to even out once again and consumer confidence grows.

Leeds & Holbeck Building Society has unveiled two new mortgage products for properties on Spain’s Costa del Sol. The new two-year fixed rate mortgage and three-year Base Rate Tracker are reportedly ideal for customers looking to purchase either a home to live in or a holiday home in the south of Spain.

The loans are available to EU (including UK) nationals permanently residing in Spain, Gibraltar or the UK and UK expatriates resident in Gibraltar or Spain. The two-year fixed rate offers a rate of 5.59 per cent until August 1st 2007, up to 66 per cent loan to value, no higher lending charge, a £199 completion fee and tapered early repayment charge. The three-year Tracker tracks Bank of England Base Rate plus 0.90 per cent until August 1st 2008, has no higher lending charge, no completion fee, one per cent cash back up to a maximum of £1,000 and also offers tapered early repayment charge. Leeds & Holbeck also offers an Espana Variable mortgage, which tracks the Bank of England Base Rate plus 2.00 per cent and allows unlimited capital repayments, with no completion fee payable.

NAB’s standard variable home loan rates will increase by 0.29 of a per cent to 8.98 per cent. That increase is higher than the official rate hike of a 0.25 of a per cent, but below the Commonwealth Bank’s increase of 0.3 of a per cent, and AMP Bank’s 0.33 percentage point hike.

But the NAB says a number of its fixed rate home loans will fall by 0.11 of a per cent to 8.1 percent. It says even with the changes, the bank will still bear a significant amount of the funding costs associated with the credit crunch that it has been incurring since August last year. It has also announced it is launching a new home loan with no exit fees, to address government and community concerns about fees.

The mortgage industry can usually tell you in a matter of minutes whether you are approved for a loan by entering your information into an automatic underwriting system. But what if your credit profile doesn’t fit inside the standard guidelines? You may be eligible for a manual underwrite, where a real person eyeballs your credit file. In the mid 1990’s, the mortgage industry saw the credit score and its predictive power to assess a borrower’s ability to repay a mortgage step into the limelight as one of the most indicative factors for loan approval. After conducting statistical test after statistical test, Fannie, Freddie and Ginnie, the three big lending institutions, mandated that the credit score should be used in conjunction with manual underwriting to assess loan approval.

Not too long after, automated underwriting systems (AUS) were developed that expedited and streamlined the underwriting process even further. Today, a loan officer simply inputs a borrower’s key information into the preferred underwriting automatic engine, including credit score, income, amount being borrowed, cash reserves, employment and housing history, and the value of the property. The underwriting engine recommending approval or denial for the loan returns a response. If your loan receives a denial from an AUS, the buck doesn’t necessarily stop there.

Life happens to people, and oftentimes it’s going to take a real live person understanding the nuances of a file to make an underwriting decision. That’s when your lender may suggest submitting your file to underwriting for a manual review. After all, not everything in life can be automatic, right?

Britain’s biggest mortgage lender has increased rates on its tracker home loans by up to 0.20 percentage points – a week after the Bank of England cut the base rate by a quarter point.

Traditionally, borrowers have expected tracker rates to fall when interest rates have been cut, but the current liquidity crisis affecting the mortgage market means new rules apply. Halifax’s decision is perhaps even more surprising when you consider that it was one of the first lenders to announce that it would pass on this month’s full 0.25 of a percentage point cut in interest rates to borrowers from March 1, lowering its standard variable rate (SVR) from 7.5pc to 7.25pc.And Halifax has not been alone. Rates on some tracker mortgages have risen by as much as 0.23pc since the beginning of December 2007, despite the Bank of England cutting the base rate twice by a total of 0.5pc, The company’s analysis highlights a Lloyds TSB tracker aimed at borrowers taking an interest-only £100,000 loan. At the beginning of December the rate was 6.11pc – 0.36pc above the Bank of England base rate – and the monthly cost was £509.17.

SOARING home loan costs following 11 successive interest rate rises has turned the screw on struggling homeowners, many of whom are now finding it impossible to cope. According to Veda, the credit agency, there has been a 35 per cent increase in the number of people defaulting on credit agreements in the past year. For many, the situation is chronic, while for others it might be a temporary blip.

But, with experts reporting that lenders are instigating repossession proceedings more quickly than ever, borrowers need to act fast. Unfortunately, borrowers under such pressure often make the mistake of sticking their heads in the sand, hoping their problems will simply disappear. So, to make it easier, here are some of the most frequently asked questions.