HUDCO re-enters home loan lending with most competitive rates

HUDCO is offering home loans at a floating rate of 10.2% for loans up to Rs25 lakh, which is marginally lower than SBI's 10.25% interest for home loans of up to Rs30 lakh

Mumbai: State-run Housing and Urban Development Corp (HUDCO) on Tuesday said it has restarted lending for home purchases by launching a competitively priced product, reports PTI.
The corporation, mandated with affordable housing and urban development, will be offering home loans at a floating rate of 10.2% for loans up to Rs25 lakh, its regional office in the city said in a statement.
The interest rate on the product is better than the 10.25% currently charged by the country's largest lender State Bank of India, also the market leader in the segment with one of the most aggressive pricing, for home loans of up to Rs30 lakh.
"This makes it the most competitive home loan product available for salaried individuals in the major capital cities of India," the statement said.
The HUDCO statement said it will also offer other features like free personal accident insurance, no charges before sanction, and no pre-payment charges, which are offered by a host of players.
The home loan lending was frozen since May 2011 and has been re-started on 15th August, an official said, without giving the reasons for either the closure or restarting.
Additionally, HUDCO will not charge any processing fee till the sanction of the loan, unlike some commercial lenders who charge upfront, the official said.


Power bills in Maharashtra set to shoot up from September

With the upward revision to 20% from 10%, the FAC ceiling for MSEDCL works out to be at 94.91 paise per kilo watt hour, 99.9 paise for Tata Power, 128.4 paise for RInfra and 144.58 paise for BEST per kWh at the prevailing retail tariffs

Mumbai: Monthly electricity bills of consumers are set to increase from next month with the Maharashtra Electricity Regulatory Commission (MERC) hiking the fuel adjustment cost (FAC) ceiling to 20% from the present 10%, reports PTI.
"...The commission revises the average FAC ceiling to 20% of variable tariff for all distribution licensees in the state," MERC said in its order yesterday.
The revised FAC ceiling will come into effect (for the FAC allowable to be charged to consumers) from September onwards.
The FAC is a variable energy rate that can fluctuate each quarter with fuel and purchased power costs of suppliers.
The decision is bound to affect monthly budgets of consumers who are already reeling under high tariffs and will now have to factor in the hike.
Suppliers, including Tata Power, Reliance Infra, MSEDCL and BEST, have been claiming that rising fuel cost and earlier ceiling of 10% on passing this burden to consumers have further aggravated their losses.
After analysing the monthly FAC of all utilities, MERC had suo-motu proposed to increase the cap to 25%as it observed under-recovery of the cost in recent past. The state power regulator, however, relented only after the public hue and cry over its decision.
"...The commission has already clarified that there has to be a balance between the interests of the consumers and the utilities and the FAC ceiling has to be stipulated in such a manner that fuel cost incurred by the distribution licensees under normal circumstances is allowed to be passed to the consumers on a regular basis, subject to post-facto approval of MERC and only certain spikes due to steep fluctuations in fuel prices or other developments may not get passed through directly within the ceiling," the order said.
With this revision, the FAC ceiling for Maharashtra State Electricity Distribution Co Ltd (MSEDCL) works out to be at 94.91 paise per kilo watt hour (kWh), 99.9 paise for Tata Power, 128.4 paise for RInfra and 144.58 paise for BEST at the prevailing retail tariffs.


Manesar violence casts shadow on Maruti Suzuki AGM

Maruti Suzuki India chief Bhargava, while speaking at the company's AGM attended by Osamu Suzuki, said the management and workers need to improve relationship

New Delhi: Maruti Suzuki India Ltd (MSI) on Tuesday admitted it needs to improve management-worker relationship in the aftermath of violence at its Manesar plant, reports PTI


"The management and the workers need to improve relationship," MSI Chairman RC Bhargava said at the company's Annual General Meeting (AGM), in the capital.


The violence at its Manesar plant last month in which a senior official was killed and 100 others injured, cast a shadow on MSI's 31st AGM which was also attended by Osamu Suzuki, Chairman of the company's parent, Suzuki Motor Corp.


Bhargava, who led shareholders in observing a minute's silence in the memory of slain General Manager (HR) Awanish Kumar Dev before the proceedings of the 31st AGM, expressed hope that the company would resume full scale production at the Manesar plant soon.


"Manesar plant violence was pre-meditated. It was unprecedented, not only in the history of MSI, but also in the industrial relations history of India," Bhargava said.


He, however, stressed that to the management there were no "ostensive reasons" for the violence and at the time of the incident "there was no pending demand from the union".


Recollecting Dev's contribution to the company, he said: "Awanish was a very dedicated HR Manager. He had a very good relation with union and it is an irony of fate that he was killed by workers."


On restoration of normal production at the plant, Bhargava said, "We do hope to restore full production in a reasonable period of time." However, he did not specify a timeline.


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