Unbelievably light interest Rates

Source : Economictimes | Dated : July 17, 2020

 

The Reserve Bank of India (RBI) has directed all scheduled commercial banks (except regional rural banks), local area banks and small finance banks to link interest rates of all retail loans, including home loans, offered by them, to an external benchmark with effect from October 1, 2019.

Complying with this directive, most commercial banks have opted for the RBI’s repo rate as the external benchmark to which all floating rate loans are linked. Interest rates linked to the repo rate is called repo rate linked lending rate or RLLR. The RLLR comprises of repo rate plus bank’s spread or margin. As per RBI, banks are allowed to charge a spread or margin plus risk premium over and above the external benchmark rate from borrowers.

Remember, the repo rate is subject to revision by the RBI in every two months.

While the spread charged by a particular bank remains same for all borrowers, the risk premium will differ from one individual to another. For instance, it is usually seen that banks charge higher risk premium from self-employed borrowers as compared to salaried individuals.

Here are 10 banks offering the lowest home loan interest rates for salaried individuals

Bank Name RLLR Minimum Interest rate(%)** Maximum Interest rate(%)
Union Bank of India 6.80 6.70 7.15
Bank of Baroda 6.85 6.85 7.85
Central Bank of India 6.85 6.85 7.30
Bank of India 6.85 6.85 7.15
UCO Bank 6.90 6.90 7.00
Punjab & Sind Bank 6.90 6.90 7.25
Canara Bank 6.90 6.90 8.90
IDFC First Bank 7.00 7.00 8.00
Punjab National Bank 6.65 7.00 7.60
SBI Max Gain 6.65 7.00 7.35

**Sorted on minimum interest rate charged by the bank after adding risk premium
*Union Bank of India charges a processing fee of 0.50% of loan amount, max.Rs.15000
*Bank of Baroda charges 0.25% to 0.50% of loan; Min. Rs.8500/- Max. Rs.25000/-
*Central Bank of India charges 0.50% subject to maximum Rs.20,000/-
*Bank of India charges 0.25 % of loan; Min. Rs. 1500/- Max. Rs. 20000/-
*UCO Bank charges 0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-
*Canara Bank charges 0.50% subject to a maximum of Rs.10,000/-
*Punjab & Sindh Bank is offering full waiver of processing &inspection charges
*IDFC First Bank charges up to Rs 10,000 as processing fees (additional premium is charged based on risk profile)
*Processing fees for PNB is 0.35%; min Rs 2,500 and max Rs 15,000 plus documentation charges Rs 1,350/-
*SBI as processing fees charges 0.40% plus GST minimum Rs 10,000 and Maximum Rs 30,000 + GST (Exception: Builder Tie-up projects)

Here are 10 banks offering the lowest home loan rates for self-employed individuals

Bank Name RLLR Minimum Interest rate(%)** Maximum Interest rate(%)
Union Bank of India 6.80 6.85 7.15
Bank of Baroda 6.85 6.85 7.85
Central Bank of India 6.85 6.85 7.30
Bank of India 6.85 6.85 7.75
UCO Bank 6.90 6.90 7.00
Punjab & Sindh Bank 6.90 6.90 7.25
Canara Bank 6.90 6.90 8.90
IDFC First Bank 7.00 7.00 8.00
Punjab National Bank 6.65 7.00 7.60
SBI Max Gain 6.65 7.15 7.50

** Sorted on minimum interest rate charged by the bank after adding risk premium
*Union Bank of India charges a processing fee of 0.50% of loan amount, max.Rs.15000
*Bank of Baroda charges 0.25% to 0.50% of loan; Min. Rs.8500/- Max. Rs.25000/-
*Central Bank of India charges 0.50% subject to maximum Rs.20,000/-
*Bank of India charges 0.25 % of loan; Min. Rs. 1500/- Max. Rs. 20000/-
*UCO Bank charges 0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-
*Canara Bank charges 0.50% (Min Rs.1500/- and Max. Rs.10,000/-)
*Punjab & Sindh Bank offers full waiver of processing & inspection charges
*IDFC First Bank charges up to Rs 10,000 as processing fees (Additional premium charged based on risk profile)
*PNB charges 0.35 per cent as processing fees; minimum Rs 2,500 and maximum Rs 15,000 plus documentation charges Rs 1,350/-
*SBI Max Gain: 0.40% + GST Min Rs.10,000 and Max Rs.30,000 + GST.(Exception Builder tie-up Projects)

All data sourced from Economic Times Intelligence Group (ETIG)
Data as on July 17, 2020

Why RBI took this decision
The central bank took the decision to link the interest rate of home loans and other retail loans to an external benchmark for greater transparency and faster transmission of the policy rate changes.

Previously, under the MCLR (marginal cost based lending rate) regime, whenever RBI cut the repo rate, banks did not pass on the benefits to customers swiftly. On the other hand, when RBI hiked the repo rate, banks swiftly raised interest rates on loans.

In its circular mandating banks to link loans to an external benchmark, banks can choose from any of the following benchmarks:

  • RBI’s repo rate
  • Government of India 3-month Treasury bill yield published by Financial Benchmarks India (FBIL)
  • Government of India 6-month Treasury bill yield published by FBIL
  • Any other benchmark market interest rate published FBIL

When can borrowers’ EMI change?
As per RBI’s circular, banks are required to reset the home loan interest rates linked to the external benchmark at least once in three months. This would imply that any change in the external benchmark rate would have to be mandatorily passed on to the customer within three months of the change in the external benchmark

 

If you are looking to buy a home this year, there is no better time than this. As the interest rates offered by the financial institutions are the lowest ever interest rate in a decade! There can no better rates offered in the future. Get the dual advantage of buying your new home with the lowest ever interest rates from the banks & the special offer from KG.  Check out this detail and reach us for any clarification.

 

Selecting the perfect time to purchase a house is almost as crucial as identifying what house you ‘re planning on buying, isn’t it?
Well, your wait to purchase a ”perfect house at the best price” is now over. 

Considering the present situation, the interest rates being offered by banks & financial institutions right now are at their lowest ever in a decade and it’s likely they’ll never go as low as this again.
But that’s not all – When you choose to buy your new home with us, you’ll also benefit from our special offer that’s an extra little something designed to make you truly happy! 

Check out the details mentioned below and reach out to us for any clarification. 

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Happiness
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KG Builders' customer-centric programs place customer-satisfaction first and our Happiness Meter is a testimony of our commitment to that. A measurable metric that tracks and monitors the degree of happiness of our customers on different home buying parameters rated by fellow customers. Our Happiness Meter tool aims to help new customers in their home buying process and create an enjoyable home buying experience.

  • The incumbent is responsible for the delivery of the assigned projects
  • within the stipulated Scope, Time, Cost 8 Quality
  • Capable of spearheading multiple projects in the region.
  • Able to plan and organize a team effort
  • Capacity to motivate, lead and boost morale of the teams.
  • Capacity to identify and mobilize labour resources and piece work contractors needed.
  • Effective time management and logical decision-making ability.
  • Capacity to handle pressure.
  • Willingness to travel extensively across the construction sites.
  • Strong focus on quality.
  • Overall project planning and scheduling, resource allocation, project accounting, and control, while providing technical direction and ensuring compliance with quality standards.
  • The responsibilities span a broad spectrum, covering all the areas of project management like - Project Planning, Cost Management Time Management Quality Management, and Safety Management.
  • Charting out the project objectives and plans, setting performance requirements, and selecting project participants.
  • Bringing about optimum utilization of resources- labor, materials and equipment, and ensuring their procurement at most cost-effective terms.
  • Implementation of various operations through proper coordination.
  • Development of effective communications and mechanisms for resolving conflicts among the various participants.
  • Oversee the construction projects from start to finish.

Duties Relating to site :

1.Material Indent Process

  • On receipt of indent from the project in charge, the site material request (MR) is raised through the ERP to purchase department, after verifying the existing stock, by stores in charge.
  • The material indent should clearly mention the entire material specification (including the brand, grade, color, size, dimension) quantity, and required date. The date mentioning immediate will not be accepted by the purchase department for processing.
  • Minimum stock of material, defined is maintained by the stores in charge along with the lead time requirement of such material furnished by the Purchase department. In case of Bulk Materials to ensure that ONE Month stock is available at site.
  • On becoming the stock level below the minimum level, the intent needs to be raised, after getting approval from the project in charge.
  • If the Material item has not captured in the ERP already, or any new material items identified for the project will be added in the material tree with the help of Purchase before making an intend.

2.Material receipt process.

  • The stores in charge on receipt of the material, verify the delivery challan and purchase order for the correctness and verify the purchased material at par with the purchase order for the quantity and Date / time of delivery.
  • The quality of the material purchased is verified by the quality in charges of the respective activities, viz civil, electrical, plumbing, HVAC etc., @ the time of receipt of material and material acceptance. Rejection will be done based on QC feedback. Once the verification of the incoming material is done, the delivery challan with Site Material Receipt (SMR) details dispatched to purchase department for further process, within the time frame of 48 hours from the clearance of quality check. The SMR has to be signed by project in charge and quality person (QC if available) in charge.
  • In case of any discrepancy in materials (in terms of quality quantity) the same is communicated to purchase department on same day.
  • The items are placed in the designated lock and key place immediately after the clearance by the quality in charge.
  • The arrangement of the material should be in such a way that proper identity and traceability established for easy retrievability.
  • The stock register of the project is updated then and there the stock is cleared by the quality in charge and words and numeric legible and readable.
  • If any unintended items arriving in the project with the top management approval, will be regularized after making an entry in the material tree by Purchase.
  • After the approval of Projects G.M. Stock register for such items also maintained updated. Inter site transfer of the material is captured through ERP or manually maintained registers and stock registers updated accordingly.
  • Inter site transfers are routed through purchase department, to have better control over the bill of quantity, after getting approval.

3.Material Issue Process

  • Material Issue slip to maintain for each contractor wise/block wise / activity wise, in order to establish the easy reconciliation.
  • Each Issue slip book should be mentioned with the Contractor name, Block Name (WBG), Activity undertaken and the serial numbers provided should be maintained in Hard/Softcopy.
  • Before issue of any material, the clearance from the Supervisor/engineer/Project in charge, for the conformity of the requirement material needs to be established.
  • The consumption/status of the already issued material needs to be ascertained before issuing any material and comment on the same in the Material Request Slip.
  • The signature of material receiving personnel is obtained in the material issue slip.
  • The excess quantity if any issued for the day activities will be kept by the said contractor. In case of requirement within 2 days else to be returned to store.
  • Materials stock to update with the material Issue slips for the day then and there.
  • The bulk material issues like sand and aggregate is done as against the material clearance by the quality in charges to the contractor concerned directly for the quantity received.
  • Those activities, for which the materials have been taken out of the site, the exact weight/count of the materials needs to be done and recorded in the issue slip or issue for production/receipt from production in ERP for the reconciliation while returning the materials to the site. Any discrepancy in weight/count needs to bring to notice of the project in charge.

4.Reconciliation of stock material

  • Weekly once, preferably week end day, reconciliation is being taken with the help the supervisor/engineer, for materials issued to various activities.
  • Month end stock report needs to be submitted to HO with the pending material indent report.
  • Unannounced random verification of the material stock is done by project incharge once in a month, which is recorded.
  • Physical verification of all the items to be done and updated once in three months, by stopping the regular stores activities on the week end after getting consent from the project incharge.

5.Material Receipt of Specified Items

  • Materials such as Transformers, DG set, Chillers, STP, MV Panel Lift, Pumps & Motors, Distribution Boards, and any other major equipments delivered by the vendors, needs to be inspected by the indenting department within 24 hours, of delivery of such items in site.
  • The stock register needs to be updated as per the delivery challan content, in the presence of indenting department and obtain authenticated signatory.
  • The detailed stock has to be taken in the presence of the specialist contractor/consultant and the indenting department personnel at the time of starting of the activity Confirm the receipt of the entire materials as per the checklist if any maintained.
  • Make detailed item wise entry in the stock register.
  • Obtain authenticated signatory from all concerned for the entry made for the received items only.
  • The site material receipt may be forwarded to HO for the received materials only. Any issue in the material receipt needs to be sorted out with Project incharge before clearing for the payment to HO.
  • The received materials needs to be stored with proper identity and traceability and in more secured manner, as described by the vendors.

Material Issue of specified Items:

  • Materials such as Transformers, DG Set, Chillers, STP, MV Panel, Lift, Pumps & Motors, Distribution Boards, and any other major equipments from the stock register needs to be issued to the specialist contractor, upon starting of such activity.
  • The entire material received on that category needs to be issued to the contractor in one lot, in the presence of the intending department.
  • Confirmation on issue of entire material to the contractor needs to be obtained through authenticated signatory from contractor concerned and indenting department.

Transfer of Excess Materials:

  • The excess materials if any lying in the site should be notified to the purchase department with the details of the item and quantity immediately, if the concerned activity has completed, in all respects. This information has to be authenticated by the project in charge, for transfer of such materials.
  • Can Handle day to day accounts
  • Proper working knowledge in Tally
  • Can handle Taxation, VAT, ST, Vendor Bills, TDS, filing of Tax returns.
  • Experienced in Statutory Compliances
  • Well versed in MS office
  • Sufficient knowledge in ERP
  • Attend to incoming and outgoing calls and transfer to the respective departments
  • Visitors management with great hospitality
  • Inward and Outward registers
  • Emails and fax management
  • Employee movement management
  • Management of all courier related activities
  • Managing all stationary items and requirements
  • Managing front office housekeeping and cleanliness
  • Managing board rooms and meeting rooms for readiness
  • Maintaining office filling and storage systems
  • To take instructions from the Senior Managers and carry out day to day duties as the situation demands. Work efficiently with perfect understanding and coordination with each other. Getting clarifications as and when necessary and ensure that no arrears is built up at any point of time.
  • Duties will include attending phone calls being present at site sales counters. Keep confidential information whenever instructed to do any part with material given for effective sales and be totally devoted to the organisation to ensure smooth flow of work in co-ordination with all sections of the organisation.
  • The day to day execution of work shall include the following: (a) Preparing the Builders Agreement. (b) Preparing Undivided Share Sale Deeds. (c) Preparing and dispatching letters of correspondence. (d) Preparation of Receipts (e) Proceeding to the concerned Sub Registrars office for execution and registration of Undivided Share Sale Deeds.
  • Updating the necessary supporting documents such as Encumbrance Certificates, Guideline value and ensuring that the incoming and outgoing correspondences, Receipts etc. are properly filed in the concerned files.
  • Periodical statements in coordination with Account Department.
  • Collecting all data as and when required from the competitors and media.
  • Co-ordinating with Bankers, Advocates for getting Project approvals.
  • Collecting Payments from customers, verification of Bank documents, Affidavits, Tripartite documents. Clarification to customers, Bankers, Advocates regarding parent documents and preparation of forecasts.
  • Sending statement of Accounts to customers.
  • Welcome Call & Welcome Mail after the sale is closed.
  • Instruct the Team to send Allotment letters & Demand letter along with their Payment Schedule.
  • Motivate the team for payment collection and achieve the target.
  • Educate Team to improvise payment Collection.
  • Meeting with the team on daily basis on solving concerns raised by the customer & Collections.
  • Inspect whether the dispute raised by the customer is solved immediately.
  • Maintaining the Collection & Due status of all the customers.
  • Reconciliation with the Accounts department on monthly basis.
  • Intimate Team to send demand letters on time as per the stage and inspect the same.
  • Inspection of sale deed and Sale & Construction Agreement before execution.
  • Coordinating with the technical team on alterations raised by the customer
  • Inspect the final cost sheet inclusive of statutory tax.
  • Negotiating with the customers on Delay Payment Charges.
  • Preparing Month end outstanding report for review meeting.
  • Inspect on Bank documentation and any legal queries raised by the banker. Check on Pre-delivery inspection update.
  • Interacting with customers and follow-up
  • Preparing the Sale deed & Agreement.
  • Maintenance of Customer database
  • Educate buyers about our products to generate interest
  • Engage in proactive and reactive communication to build revenue and loyalty from end-user. Following up with bank for payment collection and loan arrangement.
  • Maintaining the UDS calculations and area statement in place from the architects. Collect the draft Sale deed and Agreement ready.
  • Filing and documentation
  • Updating the progress of the construction to the customers.
  • Addressing the queries of the client from time to time.
  • Sending payment due letters & reminders.
  • To take instructions from the Senior Managers and carry out day to day duties as the situation demands. Work efficiently with perfect understanding and coordination with each other. Getting clarifications as and when necessary and ensure that no arrears is built up at any point of time.
  • Duties will include attending phone calls being present at site sales counters. Keep confidential information whenever instructed to do any part with material given for effective sales and be totally devoted to the organization to ensure smooth flow of work in co-ordination with all sections of the organization.
  • The day to day execution of work shall include the following :
    • a) Preparing the Builders Agreement.
    • b) Preparing Undivided Share Sale Deeds.
    • c) Preparing and dispatching letters of correspondence.
    • d) Preparation of Receipts
    • e) Proceeding to the concerned Sub Registrars office for execution and registration of Undivided Share Sale Deeds.
  • Updating the necessary supporting documents such as Encumbrance Certificates, Guideline value and ensuring that the incoming and outgoing correspondences, Receipts etc. are properly filed in the concerned files.
  • Periodical statements in coordination with Account Department.
  • Collecting all data as and when required from the competitors and media.
  • Co-ordinating with Bankers, Advocates for getting Project approvals.
  • Collecting Payments from customers, verification of Bank documents, Affidavits, Tripartite documents. Clarification to customers, Bankers, Advocates regarding parent documents and preparation of forecasts.
  • Sending statement of Accounts to customers.
  • Interaction with customer and Banker for arranging loan to customer.
  • Meeting with Bank officials in sorting out mortgage documents for customers.
  • To do sale of flats to customers, arranging site visits to customers and Bankers values.
  • Accompanying with higher officials to do registration for customers.
    Handle Sales / Leasing of residential, commercial, IT properties and plotted developments.
  • Identify market segments, define and execute Sales Strategies.
  • Create and manage Client Relationships.
  • Generate business for products and services of the company.
  • Create new business opportunities and achieve business targets.
  • Independently market the projects of the company from head office and at sites assigned to you from time to time besides other specific assignments.
  • Be responsible to collect 100% of consideration amounts due from sale of flats/shops.
  • Build contacts with estate agents and brokers.
  • Successfully plan and participate in real Estate Exhibitions.
  • Marketing the plan of the Projects of the Company, Commercial space renting and selling.
  • Deal regarding the sales, license of flats/offices/properties belonging to the company.
  • In-charge of sales and leasing of flats, offices, plotted developments, IT space etc.
  • Hard and soft selling through ads, tele-marketing, internet etc.
  • Follow-up all leads for conversions into sales / leases
  • Conduct site visits with customers
  • perform sales pitches in PPT
  • Negotiation skills with customers to close the deal
  • Prepare sales reports in prescribed formats for management & in ERP.
  • visit other projects frequently and study their sales techniques.
  • set monthly sales target for himself and also to other sales executives and work towards achieving it.
  • MIS Reporting.
  • Handle Sales / Leasing of residential, commercial, IT properties and plotted developments
  • Identify market segments, define and execute Sales Strategies
  • Create and manage Client Relationships
  • Generate business for products and services of the company
  • Create new business opportunities and achieve business targets
  • Independently market the projects of the company from head office and at sites assigned to you from time to time besides other specific assignments
  • Be responsible to collect 100% of consideration amounts due from sale of flats
  • Build contacts with estate agents and brokers
  • Successfully plan and participate in real Estate Exhibitions
  • Marketing the plan of the Projects of the Company, Commercial space renting and selling
  • Deal regarding the sales, license of flats/offices/properties belonging to the company
  • In-charge of sales and leasing of flats, offices, plotted developments, IT space etc
  • Hard and soft selling through ads, tele-marketing, internet etc
  • Follow-up all leads for conversions into sales / leases
  • Conduct site visits with customers
  • Perform sales pitches in PPT
  • Negotiation skills with customers to close the deal
  • Prepare sales reports in prescribed formats for management & in ERP
  • Visit other projects frequently and study their sales techniques
  • Set monthly sales target for himself and also to other sales executives and work towards achieving it
  • MIS Reporting

Desired Candidate Profile

  • Candidate must have 5 years successful experience in sales of residential flats, commercial spaces and plotted developments
  • Must be willing to travel to the various projects / customer locations
  • Must have excellent English and Tamil - written, spoken and comprehension skills
  • Must have excellent computer skills - word, excel and PPT
  • Experience in ERP is a must
  • Smartly attired with pleasant personality
  • Must be self driven and target oriented to produce a minimum of 10 sales a month

*All Fields Are Mandatory

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KG Dogra Gardens

Location Advantages

Exclusive living spaces for the privileged few in the bustling heart of Kodambakkam. Located at the heart of Chennai, between 100’ Road and Anna Salai, Kodambakkam is getting ready to witness a new housing star, With the comfort and convenience of what the people look for in a locality & the premium lifestyle that KG Offers!

KG Earth Homes Phase 2

Location Advantages

The location of KG Earth Homes was carefully planned to ensure that residents would need minimal travel time to access prime work areas, schools, colleges and shopping. Less travel time would result in less fuel consumption and more free time to spend on family.

KG Earth Homes Phase 1

Location Advantages

The location of KG Earth Homes was carefully planned to ensure that residents would need minimal travel time to access prime work areas, schools, colleges and shopping. Less travel time would result in less fuel consumption and more free time to spend on family.

KG CENTRE POINT

Location Advantages

Located in the perfect spot between the city and lush greenery, between the older parts of Chennai in the north and the new developments in the south, it offers easy access to the industrial area of Sriperumbudur, the IT hub on OMR as well as the purely residential areas of Porur, Poonamallee and Valasaravakkam. Surrounded by premium schools, colleges, shopping and medical facilities, the entire project still manages to remain tucked away from it all in a spacious, verdant layout near the Chembarambakkam lake.

KG SIGNATURE CITY – PHASE II

Location Advantages

Located at Mogappair, near Anna Nagar, KG Signature City 2.0 is KG's latest offering to Chennai's skyline. It is strategically situated on the wide new 200 feet bypass road connecting Maduravoyal to Red Hills through Ambattur and Poonamallee. Its proximity to Anna Nagar, Ambattur, Maduravoyal, Mogappair, Poonamallee and Koyambedu make it an ideal place to reside! KG Signature City 2.0 is just a few meters away from Poonamallee High Road and less than 5 kms from the buzzing activity of Anna Nagar. The abundance of highly ranked schools, colleges, specialized hospitals and the recent influx of IT offices in the Ambattur Industrial Estate (AIE) have all catapulted it into a strategic location for business activities and makes it a highly desirable residential neighbourhood. Surrounded by IT companies, educational institutions and well developed social and public infrastructure, KG's latest offering in this high profile location conveniently serves the needs of its signature clientele.

KG SIGNATURE CITY – PHASE I

Location Advantages

KG Signature City is strategically situated on the new high profile 200 Feet ByPass Road in Mogappair connecting Maduravoyal in the south and Red Hills in the north through Poonamallee and Ambattur. It is just a few meters away from Poonamallee High Road and less than 5 Kms from the buzzing activity of Anna Nagar. Surrounded by IT companies, educational institutions and well developed social and public infrastructure, KG’s latest offering in this high profile location conveniently serves the needs of its signature clientele. The abundance of highly ranked schools, colleges, specialized hospitals and the recent influx of IT offices in the Ambattur Industrial Estate (AIE) have all catapulted it into a strategic location for business activities and makes it a highly desirable residential neighbourhood.

KG CENTRE POINT

Location Advantages

Located in the perfect spot between the city and lush greenery, between the older parts of Chennai in the north and the new developments in the south, it offers easy access to the industrial area of Sriperumbudur, the IT hub on OMR as well as the purely residential areas of Porur, Poonamallee and Valasaravakkam. Surrounded by premium schools, colleges, shopping and medical facilities, the entire project still manages to remain tucked away from it all in a spacious, verdant layout near the Chembarambakkam lake.

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