Dear Readers, All are in the hands of Mr Chidambaram. He needs to see upto the level of Common man. If you analyse any reforms,it may appear useful for common man bit overall it is useful only for Higher socities for a long run.My request for all is just pray .
Day by day, interest rates are going high as well as the residential prices. It is becoimng difficult for a middle class person to go for a resale flat (forget new constrcution ! ) in Mumbai suburbs. There is no control of the Govt seen on the prices demanded by the flat sellers. They are demanding much much higher than the market price and no body has any control. Also the middle Agents are the culprits for these high prices of flats and they assure the flat sellers that they will get a suitable buyer. Can someone take initiative and bring in control on such prices ? Also refering to the pre-payment of loans, note that many banks put a clause about pre-payment not allowed for initial 10 years and if at all yes, there is a severe penalty clause on top of it.
There was simply no need for intrest rate hike. Economy was doing wonderfully well.
They are hiking the same to look after thier constituency. ( poor people ) Who they would love to keep them poor and illeterate as they are there only vote banks.
The only people are laughing to the bank is Hig Net worth Individuals. who are getting as much as 12% return on FD.
There vote banks are happy with dal and rice prices remaing the same.
RE:goto this link..too good
by Vikas on Apr 09, 2007 01:49 PM Permalink
Why can't rediff ban these users and put key word filtering so that they cannot report with new user names. These people are a big nuisance to wonderful discussion grounds.
Finance Institutions never care for Customers, they just care their profit. If RBI put some rules on the FIs, the FIs never share the pain with the Customers, they just look of their target of profit is achieved or not. The entire hype is beared by the customers. Whenever I see a borad named Customer Care, I just laugh. There is no customer care only Profit care is going on.
RE:Finance Institutions never share the hype, only Customers bear it. WHY?
by Anurag Shrivastava on Apr 09, 2007 01:33 PM Permalink
Property prices rise BECAUSE loans are easily available and people lose perspective on real worth of a property. If interest rates go up - property prices will come down - which will more than negate the effect of rising interest rate as outflow per month. Of course , people who bought flats at crazy rates will find that their EMIs go up and property prices come down which is a sort of double whammy. Good luck guys. There is no such thing as easy money. Speculation always leads to downfall.
RE:RE:Finance Institutions never share the hype, only Customers bear it. WHY?
by Karan Hi on Apr 09, 2007 01:44 PM Permalink
Wonder What Pleasure you are getting in rubbing salts in thier wounds.
All the panwallas must have told them that is only wayto get rich quick.
But selling a house even at these rates would be a a good idea as they would always get thier investment back with a neat profit. So what are they cribbing about anyways ?
RE:Finance Institutions never share the hype, only Customers bear it. WHY?
by Anurag Shrivastava on Apr 09, 2007 02:17 PM Permalink
People attach a lot of emotional value to the houses they purchase. They will do modifications and make a temple of their favorite god. Have some major Puja and house warming before entering it. Would tell their kids how they would inherit this house. Housewife would have made kitched as per her taste. Its not easy for people to treat it as just another investment though they initially purchased it because they thought it is a great investment. Folks who make money are those who ruthlessly cash out leaving the property in the hands of the greatest fool who buys at the highest price. Not knowing that interest costs, stamp duty and other aspects makes that property really expensive.
Get rid of the house that you bought ; quick and fast before the prices come down further. The yield on a house today is less than 3% as rent because there is no "real" shortage of houses as most purchases have been speculative. You would be better off putting cash in bonds/FMPs which give you 10 % interest. Buy property when the prices come down in the next cycle.
RE:EMI problem
by muthu arounassalame on Apr 09, 2007 02:32 PM Permalink
It better to sell house and stay comfortably in a rented flat happily instead of suffering with loan burnden
RE:EMI problem
by Central Excise on Apr 09, 2007 03:14 PM Permalink
Do you know that "land Maffia" is operating in real estate that will provide prevalent rate of your house on sale.S.k.Singh (personal view)
RE:EMI problem
by anil b on Apr 09, 2007 01:47 PM Permalink
HI Buddy ,
You are abosultely right .I sold my property when things were very hot and made a great profit .now the same property is languishing .many people who are suffreing are those who paid huge unworthy rates and they are paying the price for that act of foolishness.they are to blame for thier follies .real estate investments at such huge rates were downright stupid and hope people evaluate real estate like any other asset class .it is worth only if resturns are in the range of 15% per annum otherwise it is not worth the invetsment unless you have money to burn .
Problem is with govt policies. Govt. did not interfere when they decreased the rates in 2004-2005. It's all is in haphazard way. At time of decrease itself, Govt. should have stopped Bank until unless the rate is sustaiable at longterm. Banks attracted customer at that lower rate knowing that it will increase in shortterm. And Govt. does not mind that. And who suffer in the end... we! We should raise a voice against this.. I gues, somebody whould come forward.
RE:Government Policies!
by Karan Hi on Apr 09, 2007 01:36 PM Permalink
Blame it on Chidambram and Beloved SoniaJi.
There was simply no need for intrest rate hike. Economy was doing wonderfully well.
They are hiking the same to look after thier constituency. ( poor people ) Who they would love to keep them poor and illeterate as they are there only vote banks. They are happy with dal and rice prices remaing the same.
Well it is not only the interest rate which has been increased by the RBI, it is the individual financial institutions including all the leading Banking / Financial institutions barring some nationalised banks in the name of the RBI have not only increased the rate of interest on different products but has also started charging different amounts on different heads. This is really shocking. The entire matter requires an independent investigation so as to ascertain that how the individual customers were being cheated through out by the Financial Institutions. Be it is processing charges, bouncing charges, interest rate increse charges etc. etc.
The integrity of the officials of the FI's these days are very much is in to question. Now the time has come to take all the financial institutions in to account. The individual officers / managers of these institutions found to be involved in to such mala-fide activities be booked. After all one can be asked to pay as has been represented to be and in case of any dificulty, the consumers at large cannot be taken for granted.
