Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Sunday, March 15, 2015

SBI offers personal loans to existing borrowers at housing loan rates
[Editor:  Why anyone has to go for loan to SBI or other Financial Institutions for LOAN? You come to me, I will arrange LOANS at interest rate of 5-12% from Financiers. You will have to pay one time service charge of 5-7%, when the loan has been disbursed into your account. The Loans however should be above Rs.50 lakhs]
MUMBAI,Mar 12, 2015: State Bank of India is offering a bonanza to its existing home-loan customers. They can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer from the nation's top lender.

In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his homeloan EMIs on time. For women, this will be even cheaper at 10.10%. The rates imply a 0.35-0.40 percentage point cut in the top-up loan rates that SBI has been charging.

It charges 13.50-18.50% on personal loans to other customers. A senior SBI official, who did not want to be named, said the rate on top-up loans was lowered to boost the bank's loan book. "Also it is a safe bet for the bank to attract their existing customers with good track record to borrow from them rather than approaching its rival banks."

The rate reduction comes at a time when RBI has signalled a softer interest rate regime by cutting policy rates twice - both by a quarter percentage point - in 2015.

Despite the signal from the central bank and a nudge from the finance ministry, banks have mostly stayed away from cutting rates, citing subdued demand for loans and arguing that a reduction would hurt their bottom lines in the final quarter.

Most banks have pegged their base rate - the rate below which they don't lend — in the range of 10% to 10.25%.

To attract customers, SBI has also waived off the processing fee, but at the same time said the reduction was valid only for a limited period. The bank plans to charge its existing home-loan borrowers 10.5% for top-up loans from next fiscal year.

A woman home-loan borrower can take up to Rs 50 lakh at 10.10%. The tenure of the top-up loan will be linked to the customer's outstanding tenure of the home loan. Top-up loans between Rs 50 lakh and Rs 2 crore will cost 10.75%. For Rs 2 crore to Rs 5 crore, the rate will be 11.25%. Analysts say the move will help SBI achieve its loan growth targets.

The bank has lowered its credit growth target to 11% for this fiscal year through March from the originally planned 14%.

"Even 11% (growth in credit) is also a stretch," Chairman Arundhati Bhattacharya had said while announcing thirdquarter results.

The bank's advances portfolio rose just 2% in the first nine months of this fiscal year.

SBI's home-loan book rose 13.2% year-over-year to aboutRs 1.56 lakh crore as of February 2015. Top-up loans totalled Rs 4,800 crore.

Courtesy: The Economic Times 
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