Page 2 - Mortgage

LIC Housing Finance raises lending rates by 35 bps, cites market conditions

'Good sustenance in home buying', says mortgage lender in statement

Why India's growth should stay resilient

Indian property cycle has multi-year pent-up demand and is more dependent onpricing sentiments (now strengthening) instead of mortgage rates.

Mortgage lender HDFC to raise up to Rs 5,500 cr via bonds on Thursday

Mortgage lender HDFC will raise up to Rs 5,500 crore by issuing bonds on private placement basis to shore up its resources. The secured redeemable non-convertible debentures (NCDs) issue will have a base size of Rs 4,000 crore with an option to retain oversubscription of up to Rs 1,500 crore. "The object of the issue is to augment the long-term resources of the Corporation," HDFC Ltd said in a regulatory filing on Tuesday. The largest mortgage lender of the country said it will use the proceeds from the issue for financing or refinancing the housing finance business requirements. The bonds issue opens on November 17, 2022 and closes the same day. Housing Development Finance Corporation (HDFC), set for a merger with its subsidiary HDFC Bank, will offer a coupon at 7.70 per cent per annum on the bonds. The tenor of the bonds is of three years. HDFC stock was trading at Rs 2,667.10 on the BSE, up 0.21 per cent from the previous close.

HDFC corners 15% of CLSS housing market with Rs 67,000 crore loans

With over Rs 7,200 crore in subsidy disbursals, the largest pure-play mortgage lender HDFC has cornered over 15 per cent of the credit-linked subsidy scheme for affordable housing since its launch in June 2016. The 45-year-old Corporation, which is awaiting a reverse merger with its subsidiary HDFC Bank, has also won the best housing finance company award from the government for this for the third time this year. Its Managing director Renu Sud Karnad said they have over 3.13 lakh credit linked subsidy scheme (CLSS) customers, who have cumulatively borrowed more than Rs 67,000 crore from them since the launch of the plan under the Pradhan Mantri Awas Yojana (PMAY). These customers have received more than Rs 7,200 crore in subsidies, which is a tad over 15 per cent of the total subsidy of Rs 48,250 crore given by the government. The corporation has been awarded the best performing housing finance company under the CLSS and the same was given away by Union Housing Minister Hardeep Sin

Can Fin Homes revamping top management; new CEO before end of Dec

Mortgage lender may raise equity capital before closing Q4 of FY23

Residential sales might see a slowdown as RBI hikes repo rate: Experts

The repo rate hike does not augur well for the real estate sector, especially the residential segment as it will result in increased mortgage rates.

Navigating the affordable housing finance market

The demand for affordable housing finance is very high, but housing finance companies have not disbursed loans up to their potential, owing to a lack of awareness among customers about such firms

US mortgage rates rise 6% for first time since 2008 housing crash

Average long-term US mortgage rates climbed over 6 per cent this week for the first time since the housing crash of 2008, threatening to sideline even more home buyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02 per cent from 5.89 per cent last week. The long-term average rate has more than doubled since a year ago and is the highest it's been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86 per cent. Rising interest rates in part a result of the Federal Reserve's aggressive push to tamp down inflation have cooled off a housing market that has been hot for years. Many potential home buyers are getting pushed out of the market as the higher rates have added hundreds of dollars to monthly mortgage payments. Sales of existing homes in the US have fallen for six straight months, according to the National Association of Realtors.

Term plan works better for covering home loan liability, say experts

Home loan protection plan may only cover accidental death, which could leave the borrower's nominees exposed

Better.com fired around 250 employees in fourth round of layoff: Report

In a report published on TechCrunch, Better.com's list containing the names of the people who will be laid off from the company on Friday, was leaked internally on August 23, 2022

China central bank cuts mortgage rate to support crisis-hit property market

The People's Bank of China (PBOC) lowered the five-year loan prime rate (LPR) by 1.5 percentage points, which matches its biggest cut on record, the BBC reported.

HDFC hikes retail prime lending rate on housing loans by 25 bps from Aug 9

The mortgage lender has raised rates by 140 bps since May, passing on the entire repo hike to borrowers

HDFC Ltd net profit surges 22% YoY to Rs 3,668 crore in June quarter

It looks to raise $1.1 billion in external commercial borrowing

'China to rescue property developers after homebuyers boycott mortgages'

By having customers purchase homes "off plan," builders can receive construction financing and shift risks - such as costly pandemic-related supply chain delays and bankrupt builders to homebuyers

US existing homes sales fall to a two-year low as prices hit record high

Contract closings fell 5.4% from May to an annualized 5.12 million, figures from the National Association of Realtors showed Wednesday.

Average US mortgage rates show biggest single week jump in 35 years

Average long-term US mortgage rates had their biggest one-week jump in 35 years with the Federal Reserve this week raising its key rate by three-quarters of a point in bid to tame high inflation. Mortgage buyer Freddie Mac reported on Thursday that the 30-year rate climbed from 5.23 per cent last week to 5.78 per cent this week, the highest its been since November of 2008 during the housing crisis. Wednesday's rate hike by the Fed was its biggest in a single action since 1994. The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market. Mortgage applications are down more than 15 per cent from last year and refinancings are down more than 70 per cent, according to the Mortgage Bankers Association. Those figures are likely to worsen with more Fed rate increases a near certainty. The Fed's unusually large rate hike came after data released last week showed US inflation rose last month to a four-decade high of 8.6 per

Banks in nearly 90 Chinese cities cut mortgage rates: Report

Banks in nearly 90 Chinese cities cut mortgage rates in February in a bid to boost sales in a residential property market chilled by a prolonged liquidity crunch for many developers.

Vishal Garg's return as Better.com CEO triggers more resignations

According to the report, employees were reportedly leaving the company in 'droves' after Garg returned to his role as CEO after a month-long break

Better.com CEO Vishal Garg taking time off with immediate effect: Report

Chief Financial Officer Kevin Ryan will be managing the day-to-day decisions of the company and will be reporting to the board, Vice reported

Top executives at Better.com resign after CEO fires 900 employees

The mortgage company's top three executive have left the company, the Insider reported