How to Calculate PMI Mortgage Insurance for a FHA Loan?



As a matter of fact, premium to be paid as part of mortgage insurance, on loans catered to by Federal Housing Administration, or FHA is substantially higher than those provided by as part of a conventional transaction. While, the premium happens to be 1.50% of the sales price; renewal premium to be paid subsequently is .500%. In the event of defaulting; the premium seeks to protect the interest of lenders. The department catering to housing & metropolitan development in United States- charges premium to the tune of 2.25%. Charged on the entire loan amount; it is to be paid on a monthly basis until 20%of the equity is achieved. For calculation of the average outstanding balance; the following point may come in handy.

  • The amount availed of as loan is to be multiplied by its rate of interest. The obtained amount should be rounded off as one whole number, without involving any decimal.
  • The whole number obtained should be divided by 1,200
  • Number obtained by way of division should then be added to the amount taken as loan
  • Now you can obtain the outstanding balance, if you deduct the monthly principle in addition to its interest from the amount arrived at previously in point 3.
  • Next you ought to repeat the mentioned process taking the amount arrived at as outstanding balance. You have to keep repeating the calculation for the entire phase of eleven months.
  • Keep adding the left over outstanding balance of every month to the amount availed of initially as loan. This will help you to arrive at the yearly figure of outstanding balance.
  • If you divide the obtained figure by twelve you can settle on the average amount.

For calculating the monthly ‘private mortgage insurance’; you have to

  • Have the figure obtained as average amount divided by.005
  • Then have the total arrived at in point 1 divided by 1.0225
  • Yearly PMI arrived at in point 2 should be divided by 12 to arrive at the charge of monthly PMI

 

Bharti Airtel launched new logo

One of leading telecom comapny Bharati Airtel launched its new logo.The new Airtel Logo features more curves and lighting effects compared to the old sharp-edge Airtel logo.& curved ‘A’ with little bit of highlighting to indicate what they call dynamism and the warm and friendly appeal of Airtel , Apart from Bharti Airtel logo, they also changed their signature tune which was composed by A R Rehman.

The company announced that it has 150 million users in the domestic market alone. The company designed logo to attract more new customers and they announce they will introduce more offers for new and exisiting ciustomers

Now, world’s first ‘boob-lift’ bra that takes 10 years off your looks (Re-issue)

London, Sept 3 (ANI): Lingerie brand Ultimo has claimed that it has created the perfect bra, which can turn saggy boobs into perky, take ten years off one’s looks, and is apparently so comfortable one can sleep in it.

The company revealed it spent two years and more than 100,000 pounds talking to women about their idea of the perfect bra, as they wanted to create something that was supportive enough to make breasts look shapelier without feeling too restrictive.

They came up with the 19 pounds ICON bra, which is made from a mix of natural and synthetic materials, and features microscopic fibres, concealed in compressed foam hidden in a sling at the bottom of the cup.

Ultimo, which has applied to patent the design, says the bra makes a woman’s neckline look up to ten years younger, and is so light that most would be happy to wear it for 24 hours.

“Lack of shape and perkiness to the breast area is a dead giveaway to a woman’s age,” the Daily Mail quoted Ultimo boss Michelle Mone as saying.

“This is the world’s first boob-lift bra. It works to prevent younger breasts from sagging and for women who already have saggy boobs, it uplifts to the perky pair they once were,” she added. (ANI)

Bailed Satyam founder Raju makes second appearance before Hyderabad court

Hyderabad, Aug.26 (ANI): B.Ramalinga Raju, the key accused in the Satyam fraud case, made a second appearance before a court here on Thursday after being granted bail by the Andhra Pradesh High Court.

Raju, who has been diagnosed with Hepatitis-C, said he was fine for the time being.

“I m fine now , procedure unduly extended. I”m recovering now. Bail is a good relief,” said Raju.

Raju was granted bail on August 18 on health grounds, with the high court saying he should not be discharged from the hospital.

Raju has been hospitalised at the Nizam”s Institute of Medical Sciences in Hyderabad since September 2009.

“Raju has been given bail on the condition that he will remain in Hyderabad till further orders and will have to give two securities of Rs 20 lakh each. He will have to depose before the investigating officer every day once he has been discharged from NIMS,” Raju”s lawyer Bharat Kumar said.

The Central Bureau of Investigation (CBI), which has been investigating the case, has decided to approach the Supreme Court against Raju”s bail order.

It has alleged that doctors have been prolonging Raju”s treatment to delay his trial in connection with the Satyam case.

Raju has been charged under various sections of the Indian Penal Code including Section 120B for criminal conspiracy, under Section 409 for breach of trust, under Section 420 for cheating, and under Section 468 and Section 471 for forgery.

Raju, Satyam founder and former chairman, resigned from the company after confessing to country”s biggest financial fraud of Rs 14,000 crore and disclosing massive financial irregularities in January 2009.

Raju and his brother Rama Raju were arrested by the Andhra police on January 9, 2010. Nine other accused, including top company officials and auditors, were also arrested in the case. (ANI)

World Trade Centre to come up in Bangalore

Bangalore, Aug 26 (ANI): A leading developer, the Brigade Group, obtained a license from the World Trade Centre Association to build the coveted building in Bangalore.

The board of directors of the Brigade Group disclosed this to the media persons at Bangalore on Wednesday.

According to provisions granted under the license, the developer would classify and manage the 1,000 square feet premises of a mixed project called the ”Gateway” as the World Trade Centre in the city.

Chairman of the Brigade Group, M R Jai Shankar, said the WTCA certification testified the unrelenting pursuit of quality and global standard in all the works undertaken by Brigade group, and that the WTC would add significant value to the process and growth of international businesses.

“The primary objective of World Trade Centre Association is to bring prosperity and peace through trade, be it national or international. Bringing the World Trade Centre to Bangalore would showcase it on the international map. It will become a primary address for businesses across the world,” said M R Jai Shankar.

The World Trade Centre at Bangalore would be the second WTC in the country after the one at Cuffe Parade in Mumbai. (ANI)

India plans to review its export sector by 2010 end, says Anand Sharma

New Delhi, Aug.24 (ANI): Union Minister for Commerce and Trade Anand Sharma said on Tuesday that the country was planning its next export sector review by the end of 2010.

India on Monday offered incentives to some exporters to help them tide over an uncertain and “fragile” global economic recovery, but said fiscal consolidation might not allow continued support in the future.

Speaking at a seminar on “Foreign Trade Policy” organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) in the national capital, Sharma said: “Yes, we will have a sectoral review again. Like last year, we had two sectoral reviews, you would recall, what we did in our Foreign Trade Policy, and on 27th of August, I had said that we will have the reviews beginning mid-November. We did so, and by December, the sectoral reviews were over. On 12th of January, we had come out with some more measures or incentives for sectors which needed support.”

The Commerce Ministry has already conducted two sectoral reviews in November 2009 and April 2010.

Sharma also informed that India was aiming to increase its share in global trade to 200 billion dollars.

“For a country of India”s size, its resources, especially the human resources, the spirit of innovation and enterprise, our share is abysmally low in the global trade. This has to change. We had set very modest targets, because of the uncertainty of 200 billion dollars this year, looking at a growth of 15 percent, and thereafter adding 25 percent every year to double India”s trade,” Sharma added.

India”s exports, which make about one-fifth of its economy, returned to double-digit growth in November after last year”s prolonged slump.

However, the pace of growth in the sector slowed to an annual 13.2 percent in July from 30 percent a month ago, reflecting a dampening base effect and demand contraction in Europe and the United States, with the government forecasting an uncertain outlook for the sector over the next six months.

The Union Minister also said that if India wants to grow, it needs to find its rightful place in the global economy. India cannot become a leader by insulating itself, he added.

“Sixty percent of the global economic trade is taking place from the developing countries. Asia is contributing half of the global economy, and I am given to understand that in less than a decade, the big countries will be contributing more than fifty percent of the GDP growth of the world. So, therefore, we need to engage with these regions, that”s why we stepped out. I mentioned yesterday to enter into free trade agreements,” said Sharma.

Sharma also said that India remains committed to successful completion of the Doha round of WTO talks.

Only RIM can provide solution to BlackBerry issue: Bharti Airtel

New Delhi, Aug 21(ANI): Leading telecom operator Bharti Airtel has said that only the Canadian maker of BlackBerry, Research In Motion (RIM), and not service providers, can provide technical solutions to give security agencies access to services on the smartphones’ email and messenger services.

“Operators like us can only coordinate with RIM. We hope to see a reasonable solution on the BlackBerry issue,” The Wall Street Journal quoted Sanjay Kapoor, Bharti’s Chief Executive for India and South Asia, as saying.

The Indian government wants access in a readable format to encrypted BlackBerry e-mail and instant messaging services, on grounds that it could be used by militants.

The Department of Telecommunications (DoT) had earlier asked mobile operators to ensure a monitoring system for BlackBerry services by August 31 or stop offering certain services like enterprise email due to heavy encryption.

There are an estimated one million BlackBerry subscribers in the country.

Meanwhile, Home Secretary G.K. Pillai is expected to convene a meeting next week to review the progress made in discussions with phone operators and RIM. (ANI)

Strand, Narayana Hrudalaya to collaborate in translational cancer research

Bangalore,Aug.20 (ANI-Business Wire India): Strand Life Sciences, a technology pioneer in the practice of scientific intelligence in health sciences, today announced that it has signed a Memorandum of Understanding with Mazumdar Shaw Comprehensive Cancer Centre (MSCC) of the Narayana Hrudalaya (NH), for collaboration in translational cancer research.

The partnership is aimed at performing joint research and training in the field of translational cancer genomics and proteomics initially, leading to early detection, cure, and prolonging lives of cancer patients and providing affordable solutions. This collaboration would also lead to establishing of one of the largest translational cancer centers in the country.

MSCC, conceived as a 1400-bed, multi-specialty hospital within Narayana Hrudalaya Health City is one of the largest cancer hospitals in the world. Both the institutes have started a pilot program on comprehensive study of head and neck cancer, the leading cancer of India.

The partnership will enable groundbreaking discoveries and affordable solutions for head and neck cancer patients. An exciting outcome of the partnership is to create opportunities for young Indian scientists and clinicians to work with global leaders and have access to cutting edge scientific tools.

Strand also is a part of the public-private partnership initiative to build the state-of-the-art functional genomics and next-generation sequencing centre in Bangalore along with Department of IT, BT and ST, Govt. of Karnataka and Department of IT, Govt. of India. The centre, named Ganit Labs, would be at the forefront of solving scientific issues and contribute in the genomics research and training.

Dr. Paul C. Salins, Professor, Vice President and Medical Director of the MSCC said, “MSCC is conceived to provide a model for meeting the increasing demands for comprehensive and affordable cancer care. The mandate for the institute is to create in India a center of global excellence in clinical care as well as cutting edge translational research.

“Within a year the institute is already attracting cancer patients with specific therapeutic and reconstructive challenges from India and abroad seeking tailored solutions and advanced care. MSCC is one of the few global leaders in Cancer Care capable of providing individualized characterization and tailored therapy options. The current collaboration compliments our vision to be at the forefront of global discoveries and clinical care,” he added.

Professor Vijay Chandru, Chairman and CEO, Strand said “Over the last decade Strand has evolved from being a tools provider to a serious Applications Science Company with a focus on cancer biology. It is a privilege to engage in an agreement with Narayana Hrudalaya to continue to advance important translational research that will lead to a better understanding of cancer to help patients in India and around the world. This in turn will hopefully lead to developing better diagnostic techniques and therapeutics.”

Dr. Moni Abraham Kuriakose, Professor and Director of the Department of Surgical Oncology and Chief, Head and Neck Oncology Services of the MSCC commented that “Head and neck cancer is a major problem of the Indian subcontinent. Being an Indian problem we strongly believe that the solution has to come from within and has to come from systematic research.

“The major bottleneck in biomedical research is application of basic science developments into tangible clinical benefit. We are excited about the current collaboration, where the clinicians can work together with research groups to find solutions to cancer problems of our country. One of the areas where we are making path breaking discovery is in understanding head and neck cancer at the molecular level to develop “personalized treatment for patients,” Kuriakose added.

Dr. Binay Panda, Head of Ganit Labs and Sr. Vice President of Strand commented, this is for the first time scientists from as diverse fields as computer science, head and neck surgery, genome biology are coming together in India to undertake such a comprehensive study. Having a breakthrough in this area would have a transformational impact on our society. The current collaboration that is translational in nature would provide unique opportunity to young and talented scientists in our country to get exposure to cutting-edge scientific tools and training in genome biology and personalized medicine. (ANI)

Ericsson Q2 undershoots, parts shortages hurt

Ericsson , the world’s number one mobile network gear maker, missed expectations for second-quarter core profit as operators stayed wary about investing and parts shortages again hit sales.

Ericsson shares were down 5.6 percent at 0947 GMT, the leading decliners in an 0.7 percent easier STOXX 600 European technology sector, following a run of outperformance.

Highlighting a problem that rivals Nokia Siemens Networks and Alcatel-Lucent have also cited this year, Ericsson said an industry-wide scarcity of components and supply chain bottlenecks were weighing on turnover.

A general economic rebound has touched off a scramble for common parts that pits network equipment makers against a range of manufacturers in the automotive and consumer electronics sectors.

Ericsson estimated the problem sliced 3 billion to 4 billion Swedish crowns ($411-548 million) from sales in the quarter.

“Given the best assumptions we have, there is going to be a gradual improvement in the second half of 2010,” Chief Executive Hans Vestberg told reporters and analysts after the results.

Despite the profit miss, Sanford Bernstein analyst Pierre Ferragu was upbeat. Without the component shortage, sales would have been in line and profit higher than expected, he said.

With growth in mobile broadband in North America, Japan and parts of Western Europe strong and India set to improve after a weak quarter, he saw upside for Ericsson.

“In the next two quarters, if the component shortage vanishes away, you will have a bit of a catch-up.”

Ericsson trades at around 16 times earnings per share for this fiscal year versus 12.6 times for Nokia and 14 for Cisco Systems .

RECOVERY?

The telecoms equipment market has begun to show signs of life, but customers’ spending is well below pre-crisis levels.

Ericsson, which has slashed billions of crowns from its cost base to offset falling demand, said on Friday cost-cutting would remain a priority while market conditions remain tough.

Some analysts had hoped the second quarter would provide clear evidence markets were rebounding after the downturn.

But Vestberg said the effects of the crisis were lingering.

“We don’t believe that the market is growing, actually,” he said, adding that Ericsson was keeping or adding market share.

Sales at Ericsson’s network unit — its biggest earner — slid as operators in some developing markets stayed cautious.

Nokia Siemens Networks reported on Thursday quarterly sales fell 5 percent and forecast a flat equipment market this year.

Many analysts concur with NSN’s outlook for this year and see the market staying stagnant even further out. In addition, competition from Chinese firms Huawei and ZTE is fierce while NSN is hungry for market share.

NSN announced this month it would buy Motorola’s telecom network equipment business, putting more pressure on Ericsson in the U.S. market.

Just days after annoucing the Motorola deal, NSN said it had won a $7 billion order from operator LightSquared to build and operate a high-speed wireless network.

Ericsson’s operating profit excluding joint ventures and restructuring costs came in at 5.3 billion Swedish crowns ($715 million), below the average estimate of 5.8 billion in a Reuters poll of analysts and 6.1 billion a year ago.

Ericsson’s group sales fell 8 percent year-on-year to 48 billion crowns versus a poll forecast of 50.5 billion.

The gross margin of 39 percent was well above forecasts thanks to cost cutting and a favourable business mix.

(Additional reporting by Victoria Klesty, Patrick Lannin, Adam Cox, Sven Nordenstam and Oskar Von Bahr; Editing by Michael Shields)