BankCircle

BankCircle

SBI & Others restrict lending terms for auto dealers as car sales slump

State Bank of India (SBI) has fixed loaning terms drastically for auto vendors, as indicated by a source and an inward notice seen by Reuters, trying to decrease its introduction to hazard from a part amidst a sharp downturn. State Bank of India (SBI) has fixed loaning terms drastically for auto vendors, as indicated by a source and an inward notice seen by Reuters, trying to decrease its introduction to hazard from a part amidst a sharp downturn. 


The shadow banking emergency that started to unfurl in India during mid-2018 has developed for the current year. The liquidity mash in non-bank financing, higher protection expenses and ascends in tax assessment have served to press the vehicle area, with month to month auto deals falling by 17-20% since April.  Month to month traveler vehicle deals in June fell by the greatest edge in 18 years. In one inward notice for financing vendors selling vehicles made by Hyundai Motor Co's India unit, SBI said it is overhauling the loaning terms as a result of "developing worry" in the carmaker's portfolio. Comparable updates have been sent to vendors for every other brand, said a senior SBI official mindful of the issue, however Reuters has not seen reminders identifying with different carmakers. 

Decoding GST Registration Number

The evolution to GST or Goods and Services Tax Enrolment has commenced in India, with prevailing VAT and service tax registration holders being assigned GST or Goods and Services Tax Registration number to standardize the two major indirect tax codes. In this article, we look at the meaning behind a GST or Goods and Services Tax registration number.

GST or Goods and Services Tax Registration number is a 15 digit identification that is assigned to each taxpayer based on PAN number and State of the applicant. In GST or Goods and Services Tax registration number, the first two digits represents the State Code, followed by the next 10 digits indicating the PAN of the applicant, one digit signifying entity code, one digit is left blank and the last digit is a check sum digit.

Essential GST Hacks for Every Tax-paying Indian

GST, an acronym for Goods and Services Tax, is the latest buzz in the Indian economic scenario courtesy of it coming into play from 1st July, 2017 onward. As a form of taxation GST or Goods and Services Tax is employed by more than 150 countries the world over, the honour of being the first belonging to France and that of being the most recent going to Malaysia. Whether or not this system of unified taxation will work in the world’s largest democracy, namely India, is something that will become apparent only after it has been implemented for at least six months at a stretch.

GST

HDFC Reach Home Loans | Home Loan without Income Proof | Home loan without ITR | Housing Loan without ITR

Overview of HDFC Reach Home Loans:

At HDFC, we understand the amount of hard work you have put in and the number of hardships and challenges you may have had to defy on your way to be able to reach so far in life. Now it's time to create your own house, a warm little corner in the world that is yours, tailored by your tastes and needs. There is no place like 'home' and with HDFC Reach Home Loans you can gather hopes, achieve your dreams and create memories in your own space.


Features & Benefits of HDFC Reach Home Loans:

  • HDFC offers customized home loan products on a platter to help you buy a new or second hand house.
  • Construct your house on a freehold or lease hold plot or on a plot allocated by any Development Authority.
  • Transfer your due house loan amount gotten from some other bank or financier to HDFC.
  • Enhance or renovate your house in numerous ways such as tiling and flooring, interior and exterior plaster and painting etc.
  • Spreading or adding space to your house such as building more rooms.
  • Home loans and plot loans up to INR 35 lakh for salaried people with a minimum earning of INR 10,000 per month and for self-employed people with at least INR 2 lakh earnings per annum.
  • Reasonable interest rates beginning from 11.55 % per year.
  • There are no veiled charges.
  • An HDFC representative will assist you throughout the home loan process.
  • Expert lawful and technical advice to help you in making the right decision regarding buying a home.

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme ( CLSS)

Ministry of Housing and Urban Poverty Alleviation (MoHUPA) has initiated in June 2015, an interest subsidy scheme called Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN) - Housing for All, for purchase/construction/extension/improvement of house to cater Economical Weaker Section(EWS) / Lower Income Group (LIG) / Middle Income Group (MIG), given the anticipated evolution of urbanization & the ensuing housing demands in India.

Eligibility

  • The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.
  • In case of married couple, either of the spouse or both together in joint ownership will be eligible for a single subsidy.
  • The beneficiary family should not have availed of central assistance under any housing scheme from Government of India or any benefit under any scheme in PMAY.

Beneficiary

The beneficiary family will encompass husband, wife and unmarried children. (An adult earning member regardless of marital status can be treated as a independent household in MIG category)

Coverage:

All statutory towns as per Census 2011 and towns’ notified subsequently, including planning area as notified with respect to statutory town.

Goods and Services Tax (GST) rate structure finalised, majority of items in 12% and 18% tax slabs

India progressed a step closer towards executing the Goods and Services Tax (GST) after the centre and the states hit a consensus on the rates and structure of the aspiring tax reform. However, the second and final day of the fourth Goods and Services Tax (GST) council convention on Friday is likely to be prickly, with both sides set to debate the sharing of administrative powers under the new tax regime.

The Goods and Services Tax (GST) has been one of the key things that has grasped the attentiveness of the market given its repercussions on earnings of companies. The government has kept a hefty number of articles under 18% tax slab. The government classified 1211 items under diverse tax slabs.

Here is the comprehensive item wise list of Goods and Services Tax (GST) Slabs 2017.

Zero Taxation

Goods : No tax will be imposed on items like Jute, fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc. 

Services : Hotels and lodges with tariff below Rs 1,000, Grandfathering service has been exempted under GST. 

PAN CARD OR PERMANENT ACCOUNT NUMBER

The PAN card is a unique identifying card with a number for taxpayers in India. The Permanent Account Number – PAN - is actually a number which will identify you to the Income-tax Authority. A computer system assigns the PAN to all Indian tax payers whether you are an individual or a company. All your tax-paying information is stored under your PAN and can be retrieved at any time using this unique number. This PAN is available to every citizen in India. A PAN is allotted to each individual or company and there is no duplication.

The Pan can be compared to the Social Security Number or SSN in the USA. The SSN is allotted to every legal resident of the USA whether citizen or not. It was chiefly used to identify people for social security benefits but today the nine-digit SSN is used in tax processes also.

June 2017

June 2017 9 15 22 23 26 30
Agartala          
Ahmedabad          
Aizawl        
Belapur          
Bengaluru          
Bhopal          
Bhubaneswar        
Chandigarh          
Chennai          
Dehradun          
Gangtok        
Guwahati          
Hyderabad          
Imphal          
Jaipur          
Jammu      
Kanpur          
Kochi            
Kolkata          
Lucknow          
Mumbai          
Nagpur          
New Delhi          
Panaji          
Patna          
Raipur          
Ranchi          
Shillong            
Shimla          
Srinagar      
Thiruvananthapuram            

 

Holiday under Negotiable Instruments Act
Holiday under Negotiable Instruments Act and Real Time Gross Settlement Holiday
RBI's Annual Closing of Accounts
Banks’ Closing of Accounts and Real Time Gross Settlement Holiday
Holiday DescriptionDay
Saga Dawa 9
Y.M.A Day/Raja Sankranti 15
Shab-I-Qadr 22
Jumat-ul-Veda 23
Ramzan Id (Id-ul-Fitr) 26
Remna Ni 30

Advisory for implementing mitigating controls against Wormable Ransomware

As you would be aware, a self-propagating ransomware (WannaCry) outbreak has disrupted several organizations globally. We hope the IT systems implemented at your end are safe and secure against this and such threats, and the required mitigating steps would have been taken in this regards by your organization. 

Towards the same, kindly refer the enclosed advisory issued by the Reserve Bank of India, Cyber Security and Information Technology Examination (CSITE) cell on May 13, 2017 vide advisory no. 8/2017. The advisory refers to an Indian Computer Emergency Response Team (CERT-In) issued advisory CIAD20170024 dated May 13, 2017, which elaborates the details about the subjected ransomware and the recommended preventive measures. The advisory also refers the CERT-In vulnerability note CIVN20170032 issued on March 15, 2017. This note details the Microsoft vulnerability which is getting exploited by this ransomware. Enclosed herewith are all the above mentioned three advisory notes for your reference and required action.

Some of the key mitigation steps which we would recommend implementing on priority are enumerated below:

  • Apply patches to Windows systems (servers as well as end user computers) as mentioned in Microsoft Security Bulletin MS17-010
  • Maintain an updated antivirus software on all systems
  • Update signatures/rules at Intrusion Detection System/Intrusion Prevention System and Security Incident and Event Management (SIEM) to ensure detection and prevention of malicious traffic
  • Educate users about safe web browsing practices and email usage
  • Implement strict external device (USB drive, CD etc.) usage policy

The same has also been published on the Cyber Swachhta Kendra website: http://www.cyberswachhtakendra.gov.in/alerts/wannacry_ransomware.html

The Process of Home Loans in India

Home loans are planned long term loans availed by various customer segments in India. It is preferred by both individuals and business users. Home loans are important but can be tricky if proper planning and adherence of the same is not taken into account. Henceforth it is important to understand the process of seeking a home loan and following the same in a step-by-step manner.

  1. Self-Assessment:  Self-Assessment usually works on two levels. At the individual level, you got to assess your own risk factors before taking a home loan. It’s like understanding your current salary and assets and forming an idea how much loan and what should be your ideal repayment time. Secondly, if you have a property in your mind, home loan process becomes quicker. You need to visit the website of a bank or HFC (Housing Finance Company) for list of documents. For cases where you have already finalized your property, arrange the property documents as per as list of property documents required by bank. The main objective is to understand all documents are in place and you have a clear idea that you want to avail a home loan.
  2. Application: You can avail assistance of Bank Representatives or you can yourself visit nearest bank branches to avail a home loan. You can also enquire via the bank website. The representatives automatically will get in touch with you. Fill up the application form and submit all the necessary documents.
  3. Evaluation of application by Bank: Next step is the assessment by bank that the application is duly submitted with all the documents. This is the 1st step of initiation for the internal process. Bank will evaluate all of your documents and fix the loan eligibility. Some factors considered by  bank are :
    1.  Age Proof.
    2.  Income Proof.
    3. Nature of Job.
    4. Existing Liabilities.
    5. Existing Assets.
    6. Repayment capability.

                                    Banks generally carry a Residence, Office and CIBIL verification during home loan process.

  1. Bank Verifications: Banks usually do both property and legal verification for home loan clearance process. As part of the legal process, independent legal verification of the property is conducted by the lawyer. A legal verification report is submitted by the lawyer to the bank. Customers can also have the same paying a nominal amount of fee.

                                  As a part of technical valuation, Bank will appoint a valuer who will assess the fair market value of the property so that appropriate loan amount can be disbursed against the property.

  1. Home Loan Sanction: After all the requisite verifications completed by the Bank, Bank will sanction home loan against property. A sanction letter is issued to the borrower who has to sign the home loan agreement. Home loan agreement will have all the information along with terms and conditions. Borrower has to submit the original documents, ECS along with cheques, as per as Banks requirement for completion of the process.
  2. Loan Disbursement:  Borrower may finalize date of registration after home loan agreement is signed. Borrower may give written request to Bank for disbursement letter and the Bank will issue the DD/Banker’s cheques and the process is completed.

Some Important points to understand here:

  1. Property value less than Rs. 20 Lakhs, You can avail loan up to 90% of property value , else it is 80% of the property value subject to your repayment capability with the bank.
  2.  No matter where in India you want to have a property, you can avail home loan from your base location.
  3. A CIBIL score of 750 is a must but it does not guarantee assured home loan approval.
  4. The entire process usually takes maximum of 10 days to complete.

                                       So Go Grab your home Loan today only.

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