How much you will save, with RBI Slashing its benchmark repo rate by 50 basics point?

Dated : 29-Sep-2015 

RBI slashed its benchmark repo rate by 50 basis points (0.5 percent) to 6.75 percent. This came after a total of 75 basis point cut earlier this year in three tranches as inflation pressures eased in the economy. 

Check out RBI’s trend


Questions which arise for the existing customer… 

Will this reduction be passed to existing home loan customers ? 

SBIHopefully the banks and lending institutions will pass on the benefits to there existing customers. If not full at-least partial in some wave form.

Already, the country’s largest state ­run lender, State Bank of India , has cut its base rate by 40 basis points, or 0.4 percent, to 9.3 percent, effective October 5, Chairperson Arundhati Bhattacharya told CNBC­TV18. 

In an interview, Bhattacharya said that there could be further rate cuts in the future by banks, given that the RBI Governor Raghuram Rajan has indicated that the door for future rate cuts is open. 

SBI also has cut its deposit rates by 25 basis points across maturities, effective next Monday, the bank chief said, adding that it would help bring down cost of funds for the lender.

If  banks/lending institutions doesn’t pass on this benefit to existing customer,  is there a way to avail it. If so how ?

Yes, existing loan lenders can avail the benefit in following ways 

  1.  The old home loaners have the choice to convert their existing rates to current rates by paying hefty penalty charge of minimum of 0.56% on left over principle to the banks/lending institution. Its advised to compare the benefits of paying part-payment over penalty.  Check out part-payment calculator.
  2. The old home loaners have one more choice of switching to new bank or lending institution. Check out Switch & Save option and get rewards and benefits from

How much does it save tenure ?

Definitely, there will be a change in the tenure when you go for a lesser interest rate. Infact, 0.5% change in interest rate will result in closing your loan to a maximum of  30 months earlier. 

For example, if you have a loan of 50 lakhs for a tenure of 20 years with 10% interest, a change to 9.50% interest will change your tenure to 18 years and 2 months. 

How much does it save my EMI ?

If you want to keep your tenure same, your EMI reduces from Rs. 48,251 to Rs. 46,606. This leaves you with a saving of Rs. 1645. 

Competition in home loan space has been quite intense not only from banks, private banks, nationalised banks but also from the NBFC space. SBI has again proved that it stands on the top among its rivals. Infact, with the immediate reduction in the interest rate and implementation, it makes way to the competition.

Reduction in the interest rate is always advantageous. 

For new loans and hassle-free balance transfers, logon to 

Calculate your EMI with the help of our EMI calculator…

Check out our balance transfer calculator..

Get associated with us and help us monitor your home loan against paying higher interest or higher EMIs. Also avail extra benefits like cash back. 

For more details follow the link below..

World Tourism Day – 27 September

Holidays can be a wonderful chance to get to know new places and people. As well as learning about a location’s geography, history, literature and language, visiting a new place can help break down stereotypes and misconceptions. Tourism can also benefit the communities being visited; many areas rely on tourism as their main industry. A massive 231 million people are employed in the tourist business, and recently there has been a dramatic increase in the number of holidays taken, with more people going away more often. 

What is World Tourism Day 

Since 1980, the United Nations World Tourism Organization has celebrated World Tourism Day on September 27. The purpose of this day is to raise awareness on the role of tourism within the international community and to demonstrate how it affects social, cultural, political and economic values worldwide.

Each year has a particular theme. With more than a billion tourists now travelling the world each year, the theme, “1 Billion Tourists, 1 Billion Opportunities”, for 2015 explores the potential of tourism for socio-economic development. The UNWTO has developed a global code of ethics for  tourism,  “to help minimise the negative impacts of tourism on the environment and on cultural heritage while maximising the benefits for residents of tourism destinations”.  It includes sections on ‘The Responsible Tourist’, ‘Trips for travellers’ and ‘Sustainable development’.

Why teach about tourism?

Tourism is a global phenomenon and is a great entry point into looking at other issues such as trade, climate change, sustainable development, workers’ rights and human rights. It naturally fits into the Geography and Modern Foreign Languages curricula, and can be used as a starting point for work in other subjects such as looking at statistics in Maths or sustainable technologies in Design & Technology.

Teaching about tourism raises pupils’ perceptions of the impact they can have on holiday, and can influence their choice of behaviour both while on vacation and towards tourists in their home.

Suggested WTD Activities 

The possibilities are endless to promote the theme. See below for just a few suggestions of how you can get involved.

Spread the word

The WTD website is full of resources you can use to spread the word .

The message of the UNWTO Secretary-General can be freely used in conference materials, brochures, documentaries etc.

You can feel free to upload the logo on your website. You could also use the logo to make your own WTD-themed materials, such as t-shirts, stickers, posters etc.

Hold an event 

WTD is a celebration. So concerts, festivals, shows and parades are a great way to take part.

Launch a competition

A competition – essays, paintings, videos – on tourism and sustainable energy is a fun and simple way to get involved in World Tourism Day.

Take a trip

What better way to celebrate WTD than enjoying being a tourist yourself? Whether it’s around the world or within your own country, with your family or your classmates.

On previous WTDs, a number of destinations and sites have offered free entry or special discounts to the public, so look out for special offers!

World Tourism Day Celebrations in India

People can visit Taj Mahal and nearly 200 other ticketed monuments and museums across the country for free on September 27 that coincides with the World Tourism Day. 

Apart from 116 ticketed monuments which include World Heritage Sites like Taj Mahal, Agra Fort, Vitthala Temple Hampi, Western Group of Monuments of Khajuraho and Buddhist Monuments at Sanchi, entry will also be free for 35 site museums and all other museums under the administrative control of the culture ministry, such as the National Museum and the Salar Jung Museum. 

Other ticketed monuments which will not carry any entry fee on September 27 include Golconda Fort, Charminar, Hydrabad Fort, site of Mauryan Palace, Kumrahar, Patna, Shershah Suri’s Tomb at Sasaram, excavated site of Vikramshila, Antichak, excavated Site of Nalanda, and ancient remains at Vaishali. 

Note : Check World wide  home loan interest rates  in

World wide Home loan interest rates!

World wide Home loan interest rates!

As on Sep-2015

home loan interest rates

India’s economy with a population of 1.26 billion (Est 2010) ranks 4th in the world with a GDP PPP of 3.5 trillion and GDP PPP per capita of 3,015 vs 45,934 home loan interest rates(United States) according to the IMF in 2009. India inflation was 8.3% in 2008 and 10.9% in 2009 . Approximately ~6.80 in 2015.

Home loan interest rates around the world in 44 countries. 

Country Inflation GDP Population Interest Rate Currency
Hong Kong 5% 45,277* 7,234,800 2.15% HKD
Singapore 4.60% 50,180 5,469,700 2.50% SGD
Switzerland 0.40% 40,484 8,183,800 2.62% CHF
Norway 1.90% 53,471 5,156,450 2.75% NOK
Germany 2.20% 34,388 80,767,000 3.28% EUR
Canada 2.80% 37,947 35,540,419 3.30% CAD
Sweden 2.50% 35,951 9,728,498 3.55% SEK
Chile 3.30% 15,002 17,819,054 3.70% – 4.90% CLP
Netherlands 2.30% 39,877 16,876,800 3.90% EUR
Slovakia 3.90% 7,325 5,415,949 4.04% EUR
Taiwan 1.60% 31,776 23,410,280 4.047% ~ 6.797% TWD
Poland 4% 18,837* 38,496,000 4.05% PLN
Slovenia 27,900 2,064,647 4.10% EUR
Austria 3.30% 39,634 8,527,230 4.30% EUR
Qatar 2.80% 78,260 2,187,326 4.35% QAR
Ireland 2.40% 38,685 4,609,600 4.40% EUR
China 5.40% 6,778 1,367,900,000 4.50% RMB
United States 1.50% 45,934 319,094,000 4.88% USD
Panama 5.90% 14,097 3,713,312 4.95% USD
United Kingdom 2% 34,388 64,105,654 4.99% GBP
Bulgaria 4.20% 13,789 7,245,677 5.80% BGN
Fiji 8.60% 4,366 859,178 6.15% FJD
Vietnam 18.90% 2,942 89,708,900 6.49% VND
Greece 2.90% 29,663 10,992,589 6.55% EUR
Australia 3.40% 38,663 23,665,600 6.70% AUD
New Zealand 4.50% 26,670 4,541,340 8.55% NZD
Bahamas 1.80% 31,324 368,390 9.00% – 10.5% BSD
Nepal 8.30% 1,200 27,646,053 9.00% – 10.50% NPR
Bosnia 8,127 3,791,622 9.37% BAM
Jamaica 9.40% 9,029 2,717,991 9.50% JMD
South Africa 5% 10,229 54,002,000 9.50% ZAR
Solomon Islands 3,345 581,344 9.95% SBD
India 6.80% 3,275 1,262,530,000 9.70% – 11.5% INR
Georgia -0.50% 6,145 4,490,500 10.25% GEL
Malaysia 3.30% 13,800 30,401,400 10.50% MYR
Philippines 5.30% 3,546 100,553,900 10.50% PHP
Indonesia 5.70% 4,151 252,164,800 11.00% IDR
Maldives 9,173 341,848 11.00% MVR
Sri Lanka 7.70% 5,220 20,277,597 12.75% LKR
Thailand 4.10% 8,051 64,871,000 12.87% THB
Bangladesh 10.70% 1,565 157,322,000 13.50% BDT
Russia 8.90% 14,913 146,149,200 14.50% RUB
Turkey 7.80% 13,905 76,667,864 16.08% TRY
Zimbabwe 8.30% 559 13,061,239 18.50% USD
Ukraine 9% 6,665* 42,977,367 22.30% UAH

Know about CIBIL Score- It’s growth & impact!

About CIBIL 

Credit Information Bureau (India) Limited, CIBIL, is India’s first credit information company. It creates immense value for financial institutions by providing objective, data and tools to help them manage risk, and devise appropriate lending strategies thus reducing cost and maximizing portfolio profitability. CIBIL benefits both credit grantors and consumers by collecting, analyzing, and delivering information on credit histories of millions of borrowers. It provides its members with information on both consumer and commercial borrowers, thus enabling them make sound credit decisions across both individuals and businesses. It also provides services and education to consumers to help them better manage their finances.

CIBIL’S Growth 

In May 2006, CIBIL commenced commercial credit bureau operations.

In November 2007, CIBIL  TransUnion Score is introduced to banks.

In April 2011, the score is made available to individuals.

“CIBIL today is one the fastest growing credit bureaus globally as it has established its leadership in India’s high potential credit sector within a decade of operations”, said Mr. Satish Pillai- CIBIL’s new Managing Director and CEO. “Over the years, CIBIL has achieved several milestones of growth and is the partner of choice on credit risk management for banks and credit institutions in India. 

CIBIL, India’s largest credit information bureau, maintains credit information on more than 406 million consumer accounts and 22 million business accounts and has a membership base of over 1400 banks and credit institutions. Credit institutions check an applicant’s CIBIL report and CIBIL-TransUnion Score before making lending decisions. Today, banks and credit institutions can lend to consumers confidently based on the information received from CIBIL on the consumer’s past credit behavior as well as anticipate likelihood of default based on the CIBIL-TransUnion Score. CIBIL has also benefitted the consumers by helping make access to credit opportunities faster and easier while driving credit penetration. Anyone who has 750 or more CIBIL TransUnion score can get loan from banks easily, though each bank has its own policy.

Impact of CIBIL 

Home Loans and credit card accounts have witnessed a positive trend in the recent past. The credit demand too has witnessed significant growth during the past five years. 

CIBIL Senior Vice-President-Customer Relations, Harshala Chandorkar said over 3.9 lakh home loans were disbursed between April and June, 2015.

The delinquency of repayments (90 days and more) had come down from 1.06 per cent by end of 2010, to 0.57 per cent by this year’s first quarter, she said, adding that home loan growth was driven by higher demand in Mumbai, Pune, Bengaluru and New Delhi.

As for credit cards, 10.8 lakh new credit card accounts were opened this quarter, against 8 lakh accounts in the first quarter of the last financial year. Delinquency on credit card payments too had come down from 3.27 per cent at the end of 2010, to 1.06 per cent this quarter.

The maximum number of credit card applications came from Mumbai, New Delhi and Bengaluru, she pointed out. The growth, she said was driven by the increased growth by increased availability of credit information.

Quoting from CIBIL’s latest data trends report, Ms. Harshala said that 79 per cent of retail loans were approved for individuals whose CIBIL TransUnion rating were beyond 750. She said the number of disputes every month, arising out of incorrect information furnished to