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Hong Leong Bank Aims For 10 Pct Growth In Housing Loans

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.

Posted in home equity loan bankruptcy, home equity loan comparison, bank loan, banking finance, home finance, home equity loan minnesota, loan rate, loan, home loan, loan calculator, home equity loan rate, home improvement loan, home equity loan | Comments(0) March 2008

ANZ National Raises Home Loan Rate on Credit Costs, Herald Says

ANZ National Bank.. New Zealand’s largest lender raised its fixed mortgage rates for the second time this year as global credit market turmoil increases funding costs, the New Zealand Herald reported. ANZ National lifted its two-year fixed rate to 9.7 percent from 9.5 percent, the Herald said, citing a statement issued by the bank. The three-year rate rose 0.25 percentage points to 9.55 percent.

The move is in response to “severe” market conditions and an increase in wholesale interest rates, ANZ National said, according to the newspaper. Another New Zealand bank, ASB Bank., raised its floating mortgage rate by 20 basis points to 10.75 percent, the Herald reported. The official cash rate set by New Zealand’s central bank is at a record 8.25 percent after it was increased four times last year. It is the highest benchmark rate after Iceland’s among Aaa rated economies.

Posted in bank loan, banking finance, home lender mortgage, home finance, home loan lender, loan rate, loan, loan calculator, home equity loan rate, home improvement loan, home loan | Comments(0) March 2008

January’s figures ended the seven month slump in home loan approvals, says the Bank of England…

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.

Posted in home equity loan minnesota, home equity loan comparison, home equity loan bankruptcy, home finance, loan rate, home improvement loan, home loan, loan, loan calculator, home equity loan rate, home equity loan | Comments(0) March 2008

Mortgage loans for business and home purposes

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.

Posted in home equity loan comparison, home equity loan minnesota, home equity loan bankruptcy, bank loan, home finance, banking finance, home loan lender, loan rate, loan, home loan, loan calculator, home loan lending, home improvement loan, home equity loan rate, home equity loan | Comments(0) March 2008

NAB lifts variable home loan rates

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.

ASK THE MORTGAGE EXPERT: Sometimes a home loan requires the human touch

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?

Posted in home equity loan comparison, home equity loan bankruptcy, home finance, home equity loan minnesota, home improvement loan, home loan, loan, home equity loan | Comments(0) February 2008

It’s hard to keep track of the best home loans

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.

What to do if you’re about to lose your home

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.

Budget Wishlist | Delink tax relief on home loan principal from Section 80C

The fact that real estate is one of the greatest drivers of economic growth can hardly be understated. Consider this: according to the Federation of Indian Chambers of Commerce and Industry, while 5% of the country’s GDP is contributed by housing alone, the real estate sector as a whole is the largest employer in the country after agriculture. The Union Government, in recognition of real estate and infrastructure as the engines of GDP growth, has earmarked an outlay of as much as Rs20,00,000 crore.

While the amount is certainly worthy of appreciation, the Finance Minister might consider providing further fillip, both at the micro and macro levels, to ensure not only the growth of the sector, but also that the benefits of growth reach out to larger sections of the citizenry. Currently, the Income Tax Act, 1961, provides maximum relief of Rs1 lakh for principal repaid on a home loan during a year. This relief is clubbed with other investments/ contributions such as those made in equity-linked savings schemes, PPF, NSC, insurance premium, among others.

Credit ratings blow for home loans

The hard-pressed home lending market faces not just another interest rate rise but also another bout of higher funding costs after a warning yesterday that the credit ratings on a significant chunk of the Australian mortgage-backed bond market could be cut. The decision by the credit agency Moody’s to review the investment ratings on up to $83 billion in loans insured by two US insurers could put increased financial pressure on lenders who have previously tapped the Residential Mortgage Back Securities (RMBS) market to raise cheaper credit.

It is yet a further sign of how much the subprime home loans crisis in the US has eroded confidence in global credit markets and spilled over into sources of Australian mortgage funding. The ratings alert particularly affects the US-based insurer PMI, which, along with its rival Genworth, is a major player in the local bond insurance market.PMI recently reported a $US87 million third-quarter loss after making increased payouts to US home loan lenders facing mounting bad debts as a result of the North American credit crunch.

Its Australian arm provides cover for bonds that make up about 45 per cent of the local $180 billion RMBS market - much of which has the highest investment rating that is issued by Moody’s. The chief executive of PMI Australia, Ian Graham, said last night that the potential downgrade only affected a small proportion of the loans in question. There was no reason to doubt the financial strength of the insurer.”I can be quite categoric about that,” Mr Graham said. The bonds involved are mortgage-backed securities which are made up of parcels of residential loans. Banks and other lenders bundle these together and raise money by selling the securities to other investors.

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