MAHARISHI OFFERS 40-YR HOUSING LOANS
Article Abstract:
The Maharishi Housing Finance Development Corporation (MHFDC) has decided to offer housing loans with 40 year term in India. In order to fund the scheme, the company aims to increase its equity capital from Rs20 crore to Rs25 crore. It is planning to bring down the interest rates from 17.5 percent to 14-15 percent in the next four months. MHFDC offers a maximum of Rs2 crore assistance under the 40 year term loan. The loan is given to only those constructions which will be built according to the Vaastu Shilpa Shastra (an ancient Indian mystic science of designing and constructing buildings). It is also focusing on rural financing. It plans to disburse loans upto Rs50,000 for the lower income bands. During 1998, it has sanctioned 1,000 loans worth Rs22 crore. It aims to touch Rs100 crore disbursement before March 2000. (um)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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HFC TO MAKE HAY WITH RISE IN DEMAND
Article Abstract:
The Indian government in its 1998-99 Budget has increased the tax rebate to Rs30,000 from Rs15,000 on the interest component of the loan repayment. Tax rebate on the rental income is hiked to 25 percent from 20 percent. The housing finance companies (HFCs) expect the disbursals of loans to increase in 1998-99. The construction companies getting a tax holiday for five years is likely to favour the HFCs. Six HFCs had disbursed Rs2,842 crore in 1995-96, Rs3,334 crore in 1996-97 and is likely to disburse Rs4,000 crore in 1997-98. (rk)
Comment:
India: Govt will increase tax rebate to Rs30,000 from Rs15,000 on interest component of loan repayment in 1998-99 budget
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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HDFC BUILDS 16% RISE IN NET ON REALTY SLUMP
Article Abstract:
Housing Development Finance Corporation (HDFC) has posted 16 percent rise in net profit to Rs147.76 in the first half of 1998-99 as compared to Rs127.90 crore during same period in 1997-98. The improvement in performance has been attributed to fall in real estate prices and interest charges. This has resulted in 42 percent growth in disbursal of individual loans by the corporation, during the period. It has disbursed Rs1,510.35 crore in loans in the first half of 1998-99. (gs)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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