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It’s not just large private sector banks that are offering instant loans to their customers through ATMs or via online bank accounts. Financial technology start-ups are changing the way personal loans are disbursed to borrowers. Recently, India’s largest private sector lender, ICICI Bank, started offering personal loans to its pre-selected salaried customers through its ATMs. Only those on the bank’s pre-approved customers’ list based on their credit score would get the option to avail the facility. HDFC Bank has been offering instant loan through net banking. But if you don’t have a credit history or a longstanding banking relationship, you can approach start-ups such as EarlySalary.com, LoanTap, and so on. As these lenders target customers who don’t have any credit history, they use a variety of parameters to evaluate the customer’s profile. They access an applicant’s social media account and build a profile after getting information through the app such as friends’ list, loc...

Housing Development Finance Corporation (HDFC) on Tuesday said it has exposure of Rs 909 crore in one case referred by the Reserve Bank of India (RBI) for insolvency resolution. The housing finance major did not name the account. In a filing with the BSE, HDFC said the account to which it has the exposure was not a non-performing asset (NPA) as of March 31, 2017. Yet, as a prudent step it had made adequate provision against this exposure. At this stage, it does not have to make additional provision on this exposure for the quarter ended June 2017 (Q1FY18), HDFC said. In June 2017, RBI’s internal advisory committee had identified 12 dud corporate loans for insolvency resolution. These are being referred by banks to the National Company Law Tribunal (NCLT) under the Bankruptcy and Insolvency Code 2016. The total exposure of lenders to these 12 accounts are more than Rs 2 lakh crore. Meanwhile, HDFC assigned loans amounting to Rs 2,458 crore to HDFC Bank in the quarter en...

Financial News Mortgage lender Housing Development Finance Corporation (HDFC) will seek shareholders' approval at the annual general meeting (AGM) next month to raise up to Rs 85,000 crore through various debt instruments. HDFC AGM is scheduled to be held on July 26, 2017. "The approval of the members is being sought by way of special resolution...Authorising the board to issue NCDs and/or any other hybrid instruments (not in nature of equity shares) which can be classified as being tier II capital up to an aggregate amount not exceeding Rs 85,000 crore," it said in a regulatory filing. The fund is to be raised by issuing redeemable non-convertible debentures or other hybrid instruments on a private placement basis for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions, it said. The capital may be raised in one or more series during a period of one year commencing from the date of the AGM (July 26...

Buy A House Lower prices, lower interest rates and rising affordability have made it the best time to buy residential properties, say experts. In a recent interview, Keki Mistry, chief executive at HDFC said it is the best time to buy a property. " First, by virtue of the fact that interest rates are significantly low. Since 2008, e whave not seen rates as low as this. I don't believe rates will go down any further.Second, property prices haven't gone up in recent times so one would believe there is time correction of prices. Third, all incentives are provided by the government for people to buy houses,"Mistry said. Rates: Mortgage rates have come down by 150 basis points in the last two years bringing them down to 12-year lows, and this is gradually improving affordability. Every 100 basis points mortgage-rate cut is equal to 5-6 per cent price cut, CLSA has noted. Prices: Housing prices fell by 1.67 per cent to Rs 6,185 per sq ft in Q4 (January- Ma...

Retirement means taking things easy. But in order to have a happy one it is never a good idea to be complacent about the planning. Finance institutions like  HDFC  Life offer tailor-made innovative pension plans to provide financial security for a happy retired life without compromising on living standards. Experts, in fact, recommend that retirement planning should start from the day you start earning. Presenting six steps to help retire in comfort. 1. Budget for retirement Knowing post-retirement expenses is crucial to retirement planning. Two ways to do it: a. Estimate the retirement fund Every individual needs roughly about 70% to 80% of pre-retirement gross income. Sooner one starts, the better it is. That way even after the paychecks stop coming, life doesn’t. It’s a good idea to consult a financial advisor on how to create a monthly budget. Many reputed financial firms, like HDFC Life, have formulated retirement expense worksheets, so the help needed t...