Now, Kotak, ICICI banks out with teaser rates
KOTAK MAHINDRA Bank Ltd and ICICI Bank Ltd, too, have come up with teaser home loan rate offers. Under these loans, the interest rate is fixed for initial years and becomes floater, subsequently.
Kotak Mahindra Bank is offering a fixed rate of 8.49% for 30 months from the date of disbursement of the loan. Thereafter, it will become floating according to the prevailing reference rate. The offer is available only till January. These will be applicable across all loan amounts. ICICI Bank is offering 8.25% for the first two years, irrespective of the loan amount. This scheme can be availed till 31 January. The first loan disbursement needs to be done before 31 March.
In a telephonic interview, Kamlesh Rao, executive vice-president (mortgage), Kotak Mahindra Bank, said, “We are giving this loan on new as well as old houses, if they are in proper condition. We don’t need a guarantor in most cases.”
MF industry doubles assets in just a year
THE INDIAN mutual fund (MF) industry has crossed the Rs8 trillion mark. As on November, the assets under management stood at Rs8.07 trillion, up from Rs4.02 trillion, exactly a year back.
The assets have largely grown on the back of large inflows in liquid funds with companies and banks preferring to park their surplus cash in liquid and ultra short-term bond funds. Liquid funds saw a net inflow of Rs8,581 crore in November, as against a net outflow of Rs1,109 crore for equity funds in the same month.
HDFC Asset Management Co. Ltd has crossed the Rs1 trillion mark, with its average assets for November standing at Rs1.02 trillion, making it the second largest fund house after Reliance Capital Asset Management Co. Ltd. Reliance Capital Asset Management remains the largest fund house in the industry with assets worth Rs1.22 trillion.
—Kayezad E. Adajania
Net fund quantum goes offline too
IF YOU wanted to invest in schemes of Quantum Asset Management Co. Pvt. Ltd but were not Internet savvy, now is your chance to get it. After selling funds only on the Internet since its launch in March 2006, Quantum MF is finally ready to walk on the ground.
The fund house is actively looking for listing on the stock exchanges after the recent go-ahead by the Securities and Exchange Board of India (Sebi). The MF’s schemes will be available across 212 centres of Karvy Computershare, its registrar and transfer agent. Earlier, only eight of Karvy’s centres stocked up Quantum’s application forms.
Quantum MF is India’s first no-load fund house whose schemes could only be bought from its own offices and its own website, www.quantumamc.com. As the fund house avoided the distributor route to selling funds, it did not charge any entry load to the investors. The fund still prefers to avoid distributors because it does not believe in paying commissions to distributors, an age-old norm in the Indian MF industry. Note that selling schemes through an registrar and transfer office is not the same as selling through an agent. The latter throws in an advice or two and charges you a commission, the former is a place where you can pick up forms and submit them, without getting any advice.
—Kayezad E. Adajania