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How your credit card affects home loan eligibility

How your credit card affects home loan eligibility

Finance
Did you know that having a higher credit card limit can considerably reduce your chances of getting a home loan application approved? Yes! While evaluating a home loan application, banks or lenders, calculate an applicant's borrowing ability based on his/her credit limit. Not just this. Lenders also reject housing loan applications if prospective borrowers have too many credit cards, huge credit card debts, and default payments. Basically, when you apply for a loan, the lender looks at various details to check if you have the capability to repay. Banks will also try to analyse the percentage of risk involved in giving you a loan. The factors considered to assess repayment capability include salary, collaterals, age and credit history. When it comes to credit history, your credit card ...
SBI brings home loan rate to lowest in industry at 8.3%

SBI brings home loan rate to lowest in industry at 8.3%

Finance
NEW DELHI: The largest public lender, State Bank of India (SBI), today lowered home loan rate by 0.05 per cent to 8.30 per cent, the lowest in the industry. It has also reduced the auto loan by a similar percentage point to 8.70 per cent. The reduction in the retail loan rate by SBI is expected to prompt other lenders to go for a similar move. "With this reduction, SBI's offering in home loan is the lowest in the market. The new rates will be effective November 1," SBI said in a statement. The reduction follows a cut in marginal cost of funds based lending rate (MCLR) two days ago, which came after a gap of 10 months. The bank had last cut the rate on January 1. On the rate reduction, P K Gupta, SBI MD retail banking, said, "With this reduction in rates, we are offering lowest rates...
Rising home prices and stagnant wages have home buyers in a pickle

Rising home prices and stagnant wages have home buyers in a pickle

Finance
Home ownership remains elusive for many Americans a decade after the collapse of the real estate market sent the U.S. economy into a tailspin. More than one-third of Americans ages 18 to 34 said they are likely to opt out of home ownership over the next decade, according to an annual survey conducted by the U.K.-based consumer credit reporting agency Experian. About a quarter of Americans of any age also said they were likely to opt out of home ownership in that period. The number of Americans who said they are likely to opt out of homeownership increased 8 percentage points in this year's survey, compared to 2016. More from Smart Investing:Bitcoin too risky for "serious" investing, say advisorsMillennials lack confidence to invest: Bank executiveWhat investors should do before market gets...
For sale: £17m home that regular money can't buy

For sale: £17m home that regular money can't buy

Technology
In 2010, Laszlo Hanyecz made the first purchase of physical goods using Bitcoin. He paid 10,000 Bitcoin for two pizzas.Five thousand Bitcoin per pizza seemed like a fair deal at the time.Today, the same amount would buy you a Notting Hill mansion, valued at £17m. In fact, the sellers of 4 Stanley Gardens will only accept bids in bitcoin - not pounds or dollars.It's a long journey for the currency, long favoured by hackers and libertarians, and the de facto currency of the black market of the dark web.Image:Could Bitcoin take over from paper currencies such as the dollar?Bitcoin was released in 2009 by the elusive Satoshi Nakamoto, who remains unidentified today.Jon Matonis, founding director of the Bitcoin Foundation, worked with Satoshi in 2010.He said that the bitcoin breakthrough w
Can major league home runs and strikeouts really track the stock market?

Can major league home runs and strikeouts really track the stock market?

Finance
Why in the world would Major League Baseball home run statistics track the U.S. stock market?It's tempting to dismiss such a finding as a wild coincidence or a fluke, but as you can see in the chart, the relationship between the two has persisted for nearly 150 years. What's more, it gets even stronger if you add strikeouts into the mix. Most hitters and pitchers don't check stock tickers before swinging and flinging, and most stock investors don't check baseball stats before buying and selling. So what's the connection? The simplest explanation is that society's overall mood influences performance in both arenas.For example, on Friday, June 2 of this year, the Dow Jones Industrial Average set a new all-time high for the first time in three months. The next day, confidence wafted on the br...