Recently numerous banks have hiked their interest rates on loans. However teaser rate home loans are still being offered by the banks. Numerous banks/financial institutions offer numerous products of interest to their borrowers.

The engineering and construction giant in India, Larsen & Toubro (L&T) is planning to venture into the banking sector by applying for a banking license. The company plans to do so via its associate, L&T Finance in order to access cheaper funds and boost its presence in the area of infrastructure financing.

In case of housing loans, banks have a provision for restructuring the loan e.g. terms of extending the tenure of the loan. For the same, the bank must perceive the reason of default to be genuine. The Reserve Bank of India (RBI) has issued guidelines on the same. For. e.g. the loan tenure can be increased by not more than 1 year in most cases. Foreclosure by selling the collaterals with the borrower’s co-operation is also advised as the next step.

If Sunil works in Mumbai and has a purchased a home in Mumbai for which he has taken home loan. Will he still get benefit under the Act for this second home in Nagpur? The answer is ‘Yes’. Benefits under Section 80C and Section 24(b) can be taken for more than one home if all these homes satisfy the requirements of the Act. The home in Mumbai satisfies the condition of self occupancy while the home in Nagpur comes within the exception of the self occupancy rule that the city of work is different. Irrespective of the number of homes the maximum limit of Rs.1L for Section80C and Rs.1.5L for Section 24(b) still apply.  Note that it does not matter if Sunil gives one home on rent. He will still be able to get the tax break.

Buying a property is hardly an easy decision to make. It is the single largest asset investment which will have a financial impact for the next whole decade and perhaps for much more time. So it is best to be cent percent sure of your investment from a legal perspective so that you shield yourself from negative surprises later. Look for pre-approved properties. Builders disclose the list of pre-approved properties.

Try and pay the down payment from your own money, savings or by liquidating some assets. Opting for a personal loan can be a costly affair, as interest rates are very high. If you don’t have enough savings or assets to pay up the money, then its wise to wait and build assets and savings that can come handy for the downpayment, when the time is right.

The oldest personal loan lender in the country, HSBC has opted to slow down its retail and credit card divisions as it plans to concentrate more on global banking, investment banking, wealth management, insurance and mortgages.

The loan portfolio of banking industry has not done up after the Q1 results for this year were declared. The unpaid loans are still below the numbers for June end.

Home loan lender SBI plans to join hands with Western Union Services India Pvt Ltd in order to offer a new service. This was stated by a senior official of Western Union.

The leading car loan lender of the country, State Bank of India has stated its plans of merging its leftover subsidiaries after its merger with State Bank of Indore is over.

Commonwealth Bank of Australia (CBA) has become the 1^st bank to start functioning in India. The bank would concentrate chiefly in areas such as trade finance, remittances and foreign exchange services.

Shriram Group has elected to back out of its plans for buying out the non banking finance company Citi Financial India. The reason given by the company is ranges from the high cost of labor to poor returns on mortgage business, a poor loan portfolio and absence of tax benefits in the planned design.

Use real-life experiences to demonstrate everything you want to teach. Learning by observing and doing is the most powerful tool. Such as when you go grocery shopping, and can use the opportunity to showcase planned spending, or how to recognise value for money. Or if you decide to use a credit card at a restaurant, you could show your child how a credit card works, when it can be used, and how to calculate a tip!

Can you survive a job loss for six months? Do you have some funds stashed away for such emergencies until you gather your reins and surge ahead confidently with a new job and a new plan for the future in place? What about a medical emergency? Do you have resources that you can tap into for such a scenario. If the answer is No, then it is time to take a serious look at how you manage your money.

In case you have lost or have been robbed off your card, you’re in double trouble- your card could be used for a fraudulent purchase and you lose the convenience to pay though the card. Besides, you may have lost all your other important documents such as pan card, driving license etc. which may have been in your wallet that has now been stolen. Look for a ‘Card protection plan’ to help you with such dilemmas.

Decide what you really need by making a list before you venture out. And keep looking at that list while you wander around, so that you’re aware of what you really need, and what you like the look of. Make sure to be armed with only a limited amount of cash and ensure that you stay within your budget.

Japanese car manufacturer Suzuki  has declared an expenditure of Rs 500 crore (Rs 5 billion) to more than twice its manufacturing capacity in India, to 5.4 lakh units a year by 2012.

The merger of State Bank of Indore with State Bank of India will be effective from August 27. After this, all branches of State Bank of Indore will work as those of SBI.

Financial inclusion plans of personal loan lender, Andhra Bank is going gradually towards its goal of financially covering 1144 villages in many states by March 2012.

Maruti Suzuki India is considering producing cars for other car makers, both foreign and Indian,  similar to its agreement with Nissan.