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Understanding Income Bases Repayment : The Basics

November 18th, 2009

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student Income-based repayment is a new federal student loan repayment opportunity for students graduating with a large amount of debt and a small income. Income-based repayment helps borrowers keep their loan payments affordable with payment caps based on their income and family size. This plan is particularly beneficial for people graduating from expensive graduate programs, like medical or law school, who could have loan debt of $100,000 or more. It can also help anyone who graduates into a poor job market.

In order to enroll in income-based repayment you have to qualify by demonstrating financial hardship. The good news is that it is not hard to qualify. A borrower is eligible for IBR if the total initial standard monthly payments for Stafford, Grad PLUS and Federal Consolidation Loans in repayment exceed 15% of the borrower’s discretionary income. What is discretionary income? It is the borrower’s adjusted gross income minus the poverty guideline (which is $16,245 this year). The borrower’s initial IBR payment would then be 1/12 of 15% of their discretionary income.

U.S. mortgage applications drop even as rates fall

November 18th, 2009

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NEW YORK, Nov 18 (Reuters) – U.S. mortgage applications fell last week, with demand for home purchase loans dropping to a 12-year low even as interest rates on 30-year loans fell to their lowest level in six months, data from an industry group showed on Wednesday.

Home purchase loan demand fell for a sixth straight week, a trend that does not bode well for the U.S. housing market, which has been showing signs of stabilization after a three-year slump.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications USMGM=ECI, which includes both purchase and refinance loans, decreased 2.5 percent to 611.7 for the week ended Nov. 13.

The hard-hit housing market, a primary driver of the worst U.S. recession since the 1930s, remains highly vulnerable and many are hopeful that the federal government’s intervention will prevent any setbacks.

SBI Beats its Competitors in Few Sectors

November 18th, 2009

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Low-priced loan schemes introduced over nine months back have propelled State Bank of India (SBI) onto the top of the growth charts in several credit segments, piping the erstwhile leaders to the post. These sectors include home, auto, small and medium enterprises (SMEs), infrastructure and education segments. In some of the project finance areas, the bank has become a global leader.

“Especially in home loans it is important, because HDFC and ICICI Bank were the leaders earlier. Now, SBI is number one. In auto loans it used to be HDFC Bank, in infrastructure finance, there are specialised institutions like IDFC, IIFCL, in SME space there is SIDBI, but everywhere we are number one now,” said Om Prakash Bhatt, chairman of SBI, in an interview to M AIL T ODAY recently.

In the auto loan segment, SBI had gained 44 per cent to Rs 11,594 crore during the 12 months ending September 2009. During the last nine months, SBI entered into tieups with several car manufacturers and their dealers for providing auto finance.

Till recently, HDFC Bank was the leader in disbursing loans in this segment.

SBI Extends 8% Home Loan Offer till March 2010

November 18th, 2009

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home The prospective homebuyers, who are looking to cobble together funds to buy an attractive property, now have every reason to cheer.

The country’s largest lender State Bank of India on Friday decided to extend its 8 per cent home loan scheme till March 31, 2010, just a day before it was due to expire. The move is sure to further intensify the already heated competition in the home loan market.

In the past few days banks like Axis Bank and Bank of Rajasthan have launched special scheme for home loan borrowers. Axis Bank came out with a special 8 per cent scheme for the first year and Bank of Rajasthan too dropped home loan rates to 7.5 per cent w.e.f. from November 9 and Punjab National Bank extended its 8.5 per cent scheme till December 31.

Benefits of Secure Loans

November 18th, 2009

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secred loans Loans are wonderful financial options to pursue if you or a family member must be a purchase, but not enough money in the bank for the purchase actually worth. There are different types of loans to private individuals and companies interested in raising funds through this type of leave. Loans into two main types of categories, secured and unsecured loans, and the following sections will highlight the formerCategory, and show why these loans are advantageous to borrowers and how to work in their favor.

How secure loans differ from their counterparts Unsecured

Secure loans and unsecured loans can be on opposite sides of the lending spectrum. Unsecured loans considered money that is received from a debtor, without any kind of security interest on the loan. In other words, the hands of the money lenders on the borrowers withoutany type of collateral, should the resumption of the individual refuses to repay the loan. On the other hand, enable secure loans financial institutions to lend money to borrowers, and a kind of collateral for which it should not be the borrower on the loan can be occupied. Secured loans are very beneficial for the lender but they also benefit the borrower in a few different ways.