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 GE Wizard Home Loans in India, GE Money
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GE Wizard Home Loans in India has created sensation in the market of home loans in India. Wizard Home Loans the non-banker lender and an asset of Australian Financial Investment Group (AFIG) is a renowned name in Australia that deals in home loans, credit cards, and insurance. GE Money acquired Australian Financial Investment in 2004. Now GE Money is a big name in India's financial field.
At present almost all the leading banks and financial institutes in India like ICICI Home Loans, LIC Home Loans, HDFC Home Loans, IDBI Home Loans et al are giving home loans with interest rate of 11-12.5 percent, which makes the loan a burden. But this wizard will give home loans at the interest rate of 9.99 percent, at least 50-175 basis points lower than that offered by major Indian lenders.
Wizard will work with an aim to set up over 250 branches all over the country by the end of 2011. The first two branches will be opened in Delhi and Hyderabad with others in pipeline. The wizard in the beginning will offer its services through GE Money's Indian Arm. Wizard Home Loans will invest $US200 million in India by 2011. The main aim of this is to be among the five top leading mortgage companies in India in 5-10 years. Wizard is a subsidiary of General Electric Co's retail branch GE money.
India has the potential and no one can stop the economic growth in India. With this the housing sector will definitely get boost. Due to scarcity of place and increase in demand in India has increased the loan interest rates offered by many banks like ICICI, HDFC, and IDBI etc. People now and in future as well be interested to get a home by taking loans. At present interest rates are quite high so GE Wizard Home Loans in India has a definite future.
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It even expects to double its business annually and the officials are also expecting a loan book of $2 billion by 2011. India mortgage sector is growing very swiftly. Central bank Data upto may 2007 shows that total home loans outstanding with banks and housing finance companies are 2.3 trillion rupees. More information on GE Money can be checked online in their website.
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| India Housing- Real Estate India |
| India Housing- Property in India |
| PNB Home Loan |
| IDBI Home Loan |
| ICICI Home Loan |
| SBI Home Loan |
| SBI Mutual Funds India |
| SBI-State Bank of India |
| SBI Life Insurance |
| SBI Cards |
| SBI Online |
| LIC Home Loans India |
| LIC Housing Finance Corporation India |
| LIC Housing Loans |
| FDI-Foreign Direct Investment |
| ETF-Exchange Traded Fund |
