Business

Looking to Avail a Home Loan? Know the Best Types of Home Loans Available in India

A home loan is our gateway to owning a home someday. And with growing popularity and competition amongst lenders for attracting prospective homebuyers towards a home loan, there are many forms of loan options available apart from regular loans. These different types of loans are aimed to cater to varying homebuyer needs.

So, before you zero in upon any category of loan, it would be prudent to assess your requirements and avail the most suitable type of loan:

Home purchase loan

The most common type of loan availed is for home purchase which caters to almost all requirements of homebuyers, also subject to their qualification for SBI Home Loan Eligibility. This category of loan usually includes the purchase of ready built property, under-construction property and pre-owned homes/resale property. Upon finalization of property, homebuyers can approach a suitable lender to avail of this loan for a home. Make sure you have accumulated an adequate downpayment amount according to the LTV ratio offered by the lender and also the set criterion as per SBI Home Loan Eligibility.

Home construction loan

As the name suggests, home construction loans are offered for the purpose of self-construction of a residential house property. If you are eligible to take this type of loan as per the set criterion pertaining to ICICI Loan Eligibility, this product can turn out to be suitable for you in case you already own land and require funds for financing the construction of the residential house property on that land.

Availing a small business line of credit enables the borrower to construct a home according to his/her needs and preferences instead of purchasing an already constructed/ready built one. The disbursement of this loan is usually in parts, instead of lumpsum, depending upon the level/stage of construction and conditions pertaining to ICICI Loan Eligibility.

Home renovation and extension loan

For improvement or modification of already owned residential property, lenders often provide this specific category of loans. The funds can be utilized for a wide variety of purposes, such as renovation, up-gradation, repair, flooring, tiling, painting etc. While funding the cost involved in home improvement, lenders may fund the entire cost of renovation, provided the loan amount does not exceed the threshold LTV ratio set as per RBI’s guidelines and also the ones preset according to SBI Loan Eligibility.

As far as home extension loan is concerned, homeowners qualifying for

ICICI Home Loan Eligibility and also wishing to make additions to their existing residential house property, whether in the form of a new room, floor etc., can avail this.

Composite loan

A composite loan is a combined loan for purchasing a plot and subsequent construction of your residential property on that plot within a specified period of time. Unlike other loans wherein the loan amount is disbursed in a lump sum, a composite loan usually involves disbursement in parts. The disbursement is first made towards the purchase of the plot, and the subsequent ones take place based upon stages of construction of the house, similar to the disbursement process carried out in the case of SBI Home Loan Eligibility set for a home construction loan.

Bridge home Loan

A lesser-known category of loans to which many existing homeowners might be unfamiliar is bridge loans. Those who wish to upgrade themselves to bigger or better homes from the sale proceeds of their existing home property can opt for this loan. As homeowners often require more time to liquidate their existing home property, their new home purchase is often adversely affected due to the liquidity gap. Bridge loans are exactly designed for this purpose, as they provide short term loan which bridges the liquidity gap, thereby enabling the homeowner to finance the new purchase and meanwhile providing enough time to get the best deal on the sale of existing home property.

However, keep in mind that the interest rates of bridge loans are usually higher than those of regular loans, and the tenure also involves very short, usually up to 2 years. Make sure you check whether you fit in ICICI Loan Eligibility before going ahead with the submission of a loan application for any particular type of loan. Doing so would assist you in striking the right loan deal which is best for your financial health.

Smart home loan

Some lenders have been offering loans that are usually linked to the borrower’s bank account. Those who qualify for ICICI Home Loan Eligibility can move forward and enquire with the lender regarding this home loan option and whether it would be suitable as per your repayment capacity and financial requirements. Depositing your surplus funds in this linked account would assist in maximizing the benefit of this loan category, as the interest is calculated after deducting the monthly average balance in the linked account from the outstanding principal of the loan, thereby resulting in interest saving.

Moreover, borrowers are generally allowed to make withdrawals or put in the deposit of funds in this account as and when required. Thus, this ensures liquidity as well. But keep in mind that the home loan interest rate offered on this loan can usually be marginally higher than that of regular home loans.

Step up home loan

Young salaried individuals in the initial years of their career are often unable to avail themselves of higher loan amounts due to income constraints, which reduces their overall loan eligibility. For such loan aspirants, qualifying for SBI Home Loan Eligibility would make them eligible to avail of step-up loans, whose repayment structure works well for young learners.

Taking into consideration the brighter scope of expected growth in income of such individuals, this loan’s EMI repayment is a structure in such a way that the borrower needs to pay moderated EMIs in the initial years, post which the EMIs would be stepped up in subsequent years of the loan’s tenure. Based on the expectation of income growth, young salaried individuals can avail of higher loan amounts by opting for this loan product. The option to repay only the interest component in the moratorium (Pre- EMI) period may also be available to borrowers.

However, while availing of step-up loans, it’s important to keep in mind that in case the future income doesn’t increase as per expectations and do not meet the set criterion mentioned according to ICICI Loan Eligibility, the repayment may become difficult in subsequent years of loan tenure when the EMI amount would rise.

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP