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Bad news for the new home borrowers! State Bank of India, the largest bank and home loan lender has decided to discontinue its special home loan scheme (the teaser loans scheme, to go by its more popular name) from April 30, 2011. Under the new floating rate structure, customers will get new home loans at a spread above the base rate. Loans up to Rs 30 lakh will be available at 9.50 per cent (that is, one percentage point above the base rate); above Rs 30 lakh and up to Rs 75 lakh at 9.75 per cent (125 basis points above the base rate); and above Rs 75 lakh at 10.25 per cent (175 basis points above the base rate).
All refunds in April itself
Waiting for a tax refund? Expect it soon. The Income Tax department has stated that it aims to clear all its pending claims by end of this month. Having made refunds to 8.23 lakh taxpayers in the first half of April, the Central Board of Direct Taxes hopes to clear the remaining refunds amounting to about Rs.4000 crore to 7.9 lakh assessees by end of this month.
Get your credit score to work for you
All of you who have a good credit history can make use of it now. For a fee of Rs 450, you can get your credit score from the Credit Information Bureau of India (CIBIL) and use this to secure a car loan at a lower rate of interest or get your bank to waive the processing charges.
The ‘CIBIL TransUnion Score' will take into consideration factors such as the loan amount, the nature of loan (secured or unsecured), the tenure, repayment history or defaults if any, number of loans and so on of the individual. The final score is arrived at based on the weightage assigned to each of these aspects.
Motor insurance premium rates rise
As we warned you last week, the Insurance Regulatory and Development Authority has increased the premium rates. Come April 25th you will have to shell out more on the third party cover for your vehicle.
The table below gives the new rates across categories of vehicles with earlier rates for comparison. The third party liability cover is a must for every vehicle and has to be renewed annually. All of you who will have to renew your policy after April 25 th will have to pay premium according to the revised rates.
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