The Ancient Art Analysis Essay Example | Topics and Well Written Essays - 500 words

The Ancient Art Analysis - Essay Example The Indra and Surya are engravings as depicted in this picture. Nonetheless, the two sculptures are a depiction of the final existence and the past lives the Buddhism founder, Siddhartha Gautama. The size of the sculptures is also similar as it ranges from 50 to 200 feet in height. The four-ram Fangzum is a bronze cast sculpture while the Reliquary Buddhist Stupa is cast in gold. The two sculptures have a great significance in the culture of the Chinese and the Indians respectively. These two sculptures depict the respect given to the dead, and especially to sages and religious teachers. However, there is a great difference in the age of their molding with the four-ram fan zun cast in the second Millennium BCE, during the era of the Shang dynasty with the Reliquary Buddhist Stupa cast in the 3rd century CE, which was during the Kushan dynasty. The two sculptures are also a symbol of commemorating significant occurrences in the Chinese and Indian religion. Hence, their main subject or significance is more of spiritual beliefs than political. Their complexity and evident in the way that the bronze is carved into the four-ram Fangzum and the way the pillars erect the Reliquary Buddhist Stupa. This artistic feature is a clear evidence of the prowess and the passion of Chinese and Ancient Indian sculptures of the time. The sculptures also have a gloss finish that clearly distinguishes them from the past sculptures that had a dull finish. The bowl is red and made of earth. The bowl also has designs  of a human head that are  black  in  color  and  imposing  fish designs. The bowl was made for worshiping the ancestors in Ancient China during the Neolithic Period, which was crucial in the Chinese history. Despite the non-development of the potter’s wheel during the time of making the bowl, the bowl is perfectly round with highly polished surfaces. In

Attack on elements of society Essay Example for Free

Attack on elements of society Essay The Crucible is set in a puritan town in New England, Salem Massachusetts. The girls are caught dancing by the Reverend Parris the parish minister. This then start of a witch-hunt, which gets the town talking. People that are innocent are accused and the term name names or else is being used by the courts. The innocent people of Salem get accused, and punished. This is an allegory of McCarthyism because this is what happened in the trials in 1950s, society was shattered by a rumour and fingers were pointed at innocent people. Its also an allegory of McCarthyism because it shows the court officials being unfair and unjust, just how they were in The Crucible. The first way in which the setting of Act 3 can be interpreted as an attack on the severity of the authorities in Salem and 1950s America is shown through the stage directions Arthur Miller presents us with. Firstly uses the adjectives forbidding, empty and solemn to describe the room on the stage. The effect this has on the audience is curiosity and concern and this builds up a sense of tension within the audience. Also while we see all of this there is silence. In drama, silence is more powerful then words of actions. The silence and appearance surrounding the stage would build up a very strong sense of tension within the audience. Another reason for silence maybe that Miller wants to convey the presence of or the sign of evil in the court and probably that something is wrong, not right, or something bad is going to happen. The other way Arthur Miller has an impact on the audience is by using symbolism and imagery. In the opening of act 3 Arthur Miller has two high windows. This makes the room sound very familiar to a prison cell and again a prison cell is where you dont want to be and maybe Millers trying to sat that the courts were like a prison. Also not forgetting the sunlight pouring through. Back in the days traditionally sunlight was meant to be good luck and also it was meant to be the representative of God and truth. This can have a great effect on the audience because it gets them thinking and into the mood, and that the current problems surrounding Salem arent going to get any better but maybe worse. Again this an attack on the elements of society because it shows that the court was a place where people werent treated fairly in the 1950s and that the authorities in America were harsh and wanted people to get into all sorts of problems and trouble and this is what exactly Arthur Miller went through and trying to get across by writing The Crucible. The second way that Act 3 can be interpreted as an attack on the severity of the authorities in Salem is by Millers exposure of the characters in The Crucible. The way they dress and act. In the actual film most of the men are seen wearing black clothes, this may put forward that Salem is a holy religious society and believe very strongly in Christianity. If you take Judge Danforth, he adopts a blinkered attitude and refuses to use common sense and logic in dealing with these cases. His exact loyalty blinds him from the truth and if he believe that the people accused were with God and announced them innocent he would be accusing the girls of lying, and also fact that he is too worried of calling of the witch trials because what would the people of Salem think of him and the fact that is reputation is at stake. This can be interpreted as an attack on elements of society because it shows that even the authorities in this case the Judge arent always fair even if they are people of high authority or religious. This is how Arthur Miller got his point across that the authorities of America in the 1950s were unfair and unjust and wanted to put down as many people as possible, on the whole the authorities were very harsh and severe on punishments. The third way in which the setting of act 3 can be interpreted as an attack on the severity of the authorities in Salem and 1950s America is by the language Arthur Miller has used in the opening lines in the scene. Judge Hathorne asks Martha Corey if she denies being a witch. Martha Corey claims she knows not what a witch is, to which he replies, how do you know then that you are not a witch. We see Hathornes question after question on Martha Corey gets her paranoid and the pressure is huge on her, to come up with the answers quickly but if she takes too long she maybe considered more of a witch and therefore this sets the mood and tone for the scene. Its as if Judge Hathorns trying to possibly trick into saying that shes a witch rather then finding out the exact truth.

Why Should I Read? Essay -- Teaching Writing

Why Should I Read? â€Å"Reading a book is like re-writing it for yourself.... You bring to a novel, anything you read, all your experience of the world. You bring your history and you read it in your own terms.† Angela Carter (1940–1992), British author. Why read? Why should I read the book before it comes out in cinema? Why is settling down with a good book better then sitting on the couch watching The Simpson’s reruns? I have often pondered the merits of reading, but you don’t realise the advantages until you actually begin reading. Until I unlocked my first real book I couldn’t have dreamed of the wonders and marvels that it opens to you. It’s just that when you do read you discover how exquisite the delights of reading are. Books can transport you to different places, worlds, times, people, anywhere you can imagine without leaving your own room. Reading gives us someplace to go when we have to stay where we are. Picking up a book is like picking up a world that is waiting to be explored. Whether fiction or fact they can take you away with them, engulf you and make you apart of their environment. They can scare the wits out of you, make you cry, make you laugh, the more pages you read the harder it is to shut the book. Every book is a great adventure. Within the pages lie stories untold, places never ventured and new people to meet. No book is alike, no story the same. Reading is not strange. It seems that many people do not want to read or do not think it is necessary. They believe that people who read are â€Å"nerds†, â€Å"geeks†, or ‘bookworms’. This is not true. I read because it is something that passes the time peacefully and it alleviates ignorance. Reading for fun is normal; it improves a person’s imaginati... ...ge themselves with that. Novels are great space fillers in my suitcase whenever I go on holiday. There’s nothing like sitting on a beach with the sun blazing down on you reading the adventures of Moby Dick, although maybe Jaws wouldn’t be a good one if you intend on going swimming. Books can help pass time, at airports, on train journeys, on flights, when your grounded, anytime, anywhere you can pull out a book and become immersed in it. So bring a book wherever you go just in case you happen to get the urge to read. They’re portable, they’re handy, and they’re a whole world within a few pages and a cover. A book can take the reader places they only dreamed of, it increases vocabulary without the reader having knowledge of it, and they can teach a vast majority of subjects to alleviate ignorance. And remember a book is not just for Christmas, it’s for life.

Housing Finance

[pic] [pic] [pic] BY: SHALEEN BAWEJA (15946) PUROO SONI (15907) DIWAKAR ANAND (15912) MUDIT KALRA (15918) AMAN ARORA (15944) ACKNOWLEDGEMENT We as a group would like to express our sincere thanks to MR. KUMAR BIJOY our FINANCIAL SERVICES faculty for helping us study the subject in depth thus giving us a wholesome experience. We also express our gratitude towards COLLEGE OF BUSINESS STUDIES for giving us the opportunity to work on the project. INDEX S. No. PARTICULARS PAGE 1. PROFILE OF NATIONAL HOUSING BANK 4 2. WHY HOUSING FINANCE IS IMPORTANT? 7 3. HOUSING & GDP 8 4. TYPES OF HOME LOANS 9 5. HOUSING FINANCE COMPANIES IN INDIA 11 6. SUMMARY OF FINANCIALS OF SELECTED HOUSING FINANCE COMPANIES 21 7. REVERSE MORTGAGE LOAN 22 8. HOUSING FINANCE- SCOPE IN INDIA 24 9. ASSESSMENTS & PROSPECTS 30 10. FUTURE EXPECTATIONS 32 11. LIMITATIONS OF HOUSING FINANCE 33 12. ANNEXURES 35 PROFILE OF THE NATIONAL HOUSING BANK The National Housing Bank (NHB) was established on 9th July 1988 under an Act of the Parliament viz. he National Housing Bank Act, 1987 to function as a principal agency to promote Housing Finance Institutions and to provide financial and other support to such institutions. The Act, inter alia, empowers NHB to: ? Issue directions to housing finance institutions to ensure their growth on sound lines ? Make loans and advances and render any other form of financial assistance to scheduled banks and housing finance institutions or to any authority established by or under any Central, State or Provincial Act and engaged in slum improvement and Formulate schemes for the purpose of mobilisation of resources and exten sion of credit for housing OBJECTIVES NHB has been established to achieve, inter alia, the following objectives: ? To promote a sound, healthy, viable and cost effective housing finance system to cater to all segments of the population and to integrate the housing finance system with the overall financial system. ? To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups. To augment resources for the sector and channelise them for housing. ? To make housing credit more affordable. ? To regulate the activities of housing finance companies based on regulatory and supervisory authority derived under the Act. ? To encourage augmentation of supply of buildable land and also building materials for housing and to upgrade the housing stock in the country. ? To encourage public agencies to emerge as facilitators and suppliers of serviced land, for housing. BUSINESS ACTIVITIES NHB, as the Apex level financial institution for the housing sector in the country, performs the following roles: ? Regulation and Supervision NHB exercises regulatory and supervisory authority over the HFCs in the matter of acceptance of deposits by them pursuant to the powers vested in it under the Act. As per the amendments to certain provisions of the Act, which came into effect from June 12, 2000, NHB is vested with powers to grant Certificate of Registration to companies for commencing/carrying on the business of a housing finance institution. Besides, NHB regulates the deposit acceptance activities in accordance with the Housing Finance Companies (NHB) Directions, 2001, amended from time to time, in the matter of ceiling on borrowings (including public deposits, rate of interest, period, liquid assets, etc). NHB has also issued Directions on prudential norms in regard to capital adequacy, asset classification, concentration of credit, income recognition, provisioning for bad and doubtful debts etc. NHB supervises the working of HFCs through on-site inspection and off-site surveillance. ? Financing NHB raises resources for the housing sector towards increasing new housing stock and provides refinance to a large set of retail lending institutions. These include scheduled commercial banks, scheduled state cooperative banks, scheduled urban cooperative banks, specialised housing finance institutions, apex co-operative housing finance societies and agriculture and rural development banks. Refinance is provided by NHB under various schemes, which are formulated taking into account, several aspects of the National Housing Policy, the constraints facing the sector etc. NHB has also a window for direct lending to Public Agencies such as, State Level Housing Boards and Area Development Authorities for large scale integrated housing projects and slum redevelopment projects. NHB is also operating a special window for extending financial assistance to the people affected by natural calamities viz. earthquake, cyclone etc. ? Resources of NHB NHB raises resources from diversified sources, both domestic and external by issuing Bonds/ debentures, borrowing from RBI and financial institutions/organisations etc. Under the Act, NHB is authorised to issue and sell Bonds with or without the guarantee of the Central Government for the purpose of carrying on its functions. ? Rural Housing NHB launched the â€Å"Swarna Jayanti Rural Housing Finance Scheme† to mark the golden jubilee of India's Independence. The Scheme seeks to provide improved access to housing loans to borrowers for construction/acquisition/ up-gradation of a house in rural areas of the country. Statistics Comparative Data on Housing Finance Disbursement Housing Finance Companies (Amt in Rs. crore) July-Sep 2003  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   July-Sep 2004 UNIT |AMT   | | 101182 |5207. 42 | |UNIT |AMT   | |104225 |6286. 15 | Why housing finance is important? Perhaps few things are more developmental than housing. Given its linkages to many sectors in the economy – including land markets, construction, and labour markets – housing finance is key to econo mic growth. It has been estimated that there are roughly 600 other industries that have links to the housing markets. A stimulus to the demand for housing will have a direct or indirect stimulatory impact on all of these industries. The availability of mortgage financing also stimulates the construction of new housing units. House construction and related industries are labour-intensive and thus provide significant employment opportunities; thus, a greater demand for housing provides a very large economic stimulus to the broader economy. There are also numerous other societal and Developmental benefits to providing decent living space to the poorer segments of society, which are our principal target markets. Productivity and employment are very often enhanced by providing a living space close to where people work. IMPORTANCE OF HOUSING SECTOR IN INDIA ? Income Generation It is estimated that the construction sector’s income multiplier is around 5, while construction related manufacturing has an income multiplier of 7. 6. ? Employment Generation Today, there are 2. 5 cr. construction workers in the country. In terms of direct, indirect and induced employment generation, the construction sector’s employment multiplier is 7. 76. ? Revenue Accruals to Government An investment of Rs. 100 generates Rs. 11. 4 as revenue to the Government in the form of sales, excise taxes and octroi. ? A basic human necessity supporting economic activities. ? Have forward and backward linkages with over 250 ancillary industries. ? Every Rupee spent on construction, an estimated 75-80 paise is added to GDP. ? Housing Industry Growth in last 5 years – Physical Terms 3. 0 % p. a. Financial Terms 30% p. a. ? Contribution of Housing in GDP is about 6%. ? Percentage of Mortgage Debt to GDP is 8. 0% (E) in 2005-06, still way below China’s (12%), Malaysia (22%), Hong-Kong (40%) and US (65%). ? An engine of equitable economic growth – Investments, Savings.. Housing and GDP Housing construction contributes approximately 1-2% to India's GDP as compared to the entire construction sector’s contribution of around 6%, which includes roads, ports, housing, dams and canals etc. The construction industry is the only industry which makes use of all oth er industries; you need ceramics, pipes, steel, cement, glass, tiles, iron, wood, cloth. Start construction and you provide employment for hundreds of labourers, you will use transport for transferring materials, so the transportation industry will get a boost, labourer's income will increase, spending will increase. Over and above, you solve the housing problem. If this is done, the contribution might go up to 10% for the construction sector and around 3-4% for the housing sector. Another way of looking at the huge potential of housing construction sector for the development of economy is through it’s impact on GDP. A 10% increase in final expenditure in the construction sector increases the GDP by 3%. TYPES OF HOME LOANS Home Purchase Loans: This is the basic home loan for the purchase of a new home. Home Construction Loans: This loan is available for the construction of a new home on a said property. The documents that are required in such a case are slightly different from the ones you submit for a normal Housing Loan. If you have purchased this plot within a period of one year before you started construction of your house, most HFCs will include the land cost as a component, to value the total cost of the property. In cases where the period from the date of purchase of land to the date of application has exceeded a year, the land cost will not be included in the total cost of property while calculating eligibility. Home Improvement Loans: These loans are given for implementing repair works and renovations in a home that has already been purchased, for external works like structural repairs, waterproofing or internal work like tiling and flooring, plumbing, electrical work, painting, etc. One can avail of such a loan facility of a home improvement loan, after obtaining the requisite approvals from the relevant building authority. Home Extension Loans: An extension loan is one which helps you to meet the expenses of any alteration to the existing building like extension/ modification of an existing home; for example addition of an extra room etc. One can avail of such a loan facility of a home extension loan, after obtaining the requisite approvals from the relevant municipal corporation. Home Conversion Loans: This is available for those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required. Through a home conversion loan, the existing loan is transferred to the new home including the extra amount required, eliminating the need for pre-payment of the previous loan. Land Purchase Loans: This loan is available for purchase of land for both home construction or investment purposes Stamp Duty Loans: This loan is sanctioned to pay the stamp duty amount that needs to be paid on the purchase of property. Bridge Loans: Bridge Loans are designed for people who wish to sell the existing home and purchase another. The bridge loan helps finance the new home, until a buyer s found for the old home. Balance-Transfer Loans: Balance Transfer is the transfer of the balance of an existing home loan that you availed at a higher rate of interest (ROI) to either the same HFC or another HFC at the current ROI a lower rate of interest. Re-finance Loans: Refinance loans are taken in case when a loan for your house from a HFI at a particular ROI you have taken drops over the years and you stand to lose. In such cases you may opt to swap your loan. This could be done from either the same HFI or another HFI at the current rates of interest, which is lower. NRI Home Loans: This is tailored for the requirements of Non-Resident Indians who wish to build or buy a home or property in India. The HFCs offer attractive housing finance plans for NRI investors with suitable repayment options. HOUSING FINANCE COMPANIES IN INDIA I. BOB HOUSING FINANCE   [pic] BOB Housing Finance Limited was set up in December, 1990 by Bank of Baroda in association with National Housing Bank. The company became a wholly owned subsidiary of Bank of Baroda since March 31, 2006. Purpose For purchase of land /site from Govt. statutory bodies such as housing boards, Development Authorities/CIDCO etc. Amount (Least of the following subjects to minimum of Rs. 50,000/-) 85% of the cost/purchase price of the land. Rs. 100 lacs. 42 months gross salary or 3 1/2 times of average annual income as per income tax returns last 3 years of which ever is less. . Rate of Interest :The current interest rates are as under : |FIXED RATE OPTION | |TENURE |   | | |NEW RATE | 1-5 |   |9. 00% | |6-10 |   |9. 25% | |11-20 |   |9. 75% | |VARIABLE OPTION | |TENURE |   |NEW RATE | |1-20 |   |9. 75% | †¢ Interest will be calculated on annual rest basis. †¢ Installment to commence from the next month, from the month in which loan is fully disbursed or expiry of 1 1/2 year from the date of first disbursals whichever is earlier. Pending EMI, Pre-EMI interest is to be paid on monthly basis on loan disbursed. Security †¢ Equitable mortgage of the plot of land to be purchased. †¢ Personal guarantee of one individual. II. CAN FIN HOMES [pic] Can Fin Homes Limited was set up in 1987, the â€Å"International Year for Shelter for the Homeless,† by Canara Bank in association with reputed financial institutions including HDFC and UTI. The first bank sponsored Housing Finance Company in India; Can Fin Homes has emerged as one of the leading players in the country's home loan segment. Canara Bank offers home loans for construction/purchase of house/flat and also for renovation of existing flat/house. The bank offers a maximum loan of Rs. 1,00,00,000/- depending on the borrower's repayment capacity. The loan repayment period is 5 – 10 years for site loans and 5 – 20 years for other loans. Canara Bank home loans are offered for purchase or construction of any residential house or flat. The bank also provides finance for companies or corporations or Societies for purposes of construction or purchase of residential houses or flats. Canara Bank provides loans to individuals for site purchase where the allotment of site shall be for the residential purpose by State Development Agencies, Municipal Bodies, and Associations. How much amount you get a loan Upto Rs. 1,00,00,000/- depending on your repayment capacity. Repayment capacity will be considered after assessing your income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. You can apply for a loan upto 80% in the case of site loan and 85% of otal project cost for the remaining section depending on your repayment capacity. Your loan repayment will be †¢ 5 – 10 years for site loans, 5 – 20 years for other loans. †¢ They are payable in easy, Equated Monthly Installments III. LIC HOUSING FINANCE   [pic] LIC Housing Finance Limited is one of the leading players in the home loan segment. Incorporated on June, 19, 1989 and promoted by the Life Insurance Corporation of India, LIC Housing Finance Limited boasts of an extensive distribution network and a massive brand presence by virtue of being one of the earlier entrants in the market for housing loans. Griha Prakash Loan Amount: †¢ Min. Rs. 25,000 †¢ Max. Rs. 1,00,00,000. Loan to Property Cost : 85% of total Cost of the property including Stamp Duty and Registration Charges. Loan Term : Upto 20 Years or Retirement Age or 70 years of Age, whichever is earliest. Repayment Mode : Equated Monthly Installments(EMI) – Monthly Rest Basis Security : 1. Equitable Mortgage of House/Flat 2. One Guarantor. Risk Cover: Any existing or new policy under any acceptable plan of insurance (issued by LIC of India) on the lives of the applicants, having risk cover to the extent of loan amount. Front End Charges: 1. 00% of Loan Sanctioned. Loan for Purchase of Vacant Plots/Sites Loan Amount: Min Rs. 50,000 Max Rs. 20,00,000. Loan to Property Cost: 85% of the Cost of Plot/Site. Loan Term: Upto 15 Years or Retirement Age, or 70 years of Age, whichever is earliest. Repayment Mode: By Equated Monthly Installments (EMI) – Monthly Rest Basis. Security: 1. Equitable Mortgage of Plot/Site 2. One Guarantor. Risk Cover: Life Insurance Cover is not required but advisable in the interest of the applicants. Front End Charges: 1. 0% of Loan Sanctioned. V. SBI HOME FINANCE [pic] State Bank of India (SBI), the largest bank in India, is one of the market leaders in the home loan segment. But SBI's reputation has surely taken a hit following the collapse of the erstwhile SBI Home Finance Limited in which SBI was the largest shareholder along with other institutional promoters like HDFC and LIC. Due to continued losses and complete erosion of its net worth, the company's certificate of registration had been cancelled by the National Housing Bank. SBI offers home loans for a variety of purposes: purchase/ construction of new House/ Flat, purchase of an existing House/ Flat, purchase of a plot of land for construction of House and extension/ repair/ renovation/ alteration of an existing House/ Flat. SBI home loans come with some unique features that make them stand out in the competition: no cap on maximum loan amount for purchase/ construction of house/ flat, option to club income of one's spouse and children to compute eligible loan amount, free personal accident insurance cover and complimentary international ATM-Debit card. Besides the standard package of home loans, SBI has some customized home loan products in its kitty that address the needs of niche customer segments. ‘SBI-Flexi' Home Loans are designed to enable borrowers to hedge their Home Loan against unfavorable movement in interest rates and gives the customers a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates. ‘SBI-Freedom' Home Loans are customized for high net worth individuals and offer benefits such as 100 per cent finance of the project and no mortgage f the property, provided the individual could show liquid securities such as LIC policies or NSCs. SBI Housing loan schemes are designed to make it simple for you to make a choice at least as far as financing goes! ‘SBI-Home Loans' Loan Amount  Applicant/ any one of the applicants are aged over 21 years and upto 45 years – 60 times Net Monthly Income (NMI) or 5 times Net Annual Income (NAI), subj ect to aggregate repayment obligations not exceeding 57. 50% of NMI/ NAI   Applicant(s) aged over 45 years of age- 48 times NMI or 4 times NAI, subject to aggregate repayment obligations not exceeding 50%of NMI/ NAI   VII. HDFC   [pic] Both in terms of business volume and market standing, HDFC stands head and shoulder above the competition in the home loan segment. With an expertise gathered over 25 years of existence in the business, HDFC has managed to create an impressive loan portfolio that caters to varied housing finance needs. HDFC offers home loans for individuals to purchase (fresh / resale) or construct houses. HDFC finances up to 85% maximum of the cost of the property which is inclusive of agreement value, stamp duty and registration charges. HDFC lends a maximum amount of Rs 1 crore and the maximum period of repayment is 15 years or retirement age, whichever is earlier. HDFC's Home Improvement Loan facilitates internal and external repairs and other structural improvements like painting, waterproofing, plumbing and electric works, tiling and flooring, grills and aluminium windows. HDFC finances up to 85% of the cost of renovation (100% for existing customers). HDFC Land Purchase Loan can be used to purchase land. HDFC finances up to 70% of the cost of the land and repayment of the loan can be done over a maximum period of 10 years. Features: Maximum loan  85% of the cost of the property (including the cost of the land) and based on the   repayment capacity of the customer. Maximum Term  20 years subject to your retirement age. Adjustable Rate Home Loan  Loan under Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR). The rate on your loan will be revised every three months from the date of first disbursement, if there is a change in RPLR, the interest rate on your loan may change. However, the EMI on the home loan disbursed will not change*. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases. Fees  1% of the loan amount applied plus applicable service taxes and cess. No Charges for    Part or Full Prepayment of loan under Adjustable Rate (except in case of prepayment through a refinance from other bank or institutions prepayment charges will be applicable)    Fixed Rate – Part prepayment upto 25% of opening loan outstanding in a financial year    Replacement of cheques Income Tax Certificates Accelerated Repayment Option VIII. ICICI [pic] ICICI Bank offers home loans for purchase or construction of house and the loan amount can be up to 85% of the cost of the property. The loan must terminate before or when the borrower turns 65 years of age or before retirement, whichever is earlier. ICICI home loans come with benefits like easy interest rates, simplified documentation, doorstep service and free personal accident insurance. ICICI MaxMoney Home Loans offer the unique advantage of higher loan eligibility with a lower initial installment. One can get up to 30% higher amount against one's current income and the installment amount gets stepped up over the years. ICICI SmartFix Home Loans combine the safety of fixed rates plus the advantages of floating rates. For the first 3 years the borrower gets a fixed interest rate and the fourth year onwards, the loan gets switched to the prevailing floating interest rate. Home Improvement Loans †¢ You can get a loan for renovation /refurbishment of your home. †¢ Get the same interest rate as applicable on Home Loans †¢ Avail of loan upto Rs. 50 Lakhs Avail of loan upto 70% of cost of improvement †¢ Enjoy repayment period of upto 15 years. IX. SUNDARAM FINANCE GROUP   [pic] The south-based Sundaram Home Finance Limited was launched on July 2, 1999, by Sundaram Finance Limited with equity participation from International Finance Corporation (IFC), Washington and FMO, Netherlands. After consolidating its business in the south, Sundaram Home Finance has made for ays in the Northern states as well. Sundaram home loans are offered for purchase or construction of any residential house or flat. The house/flat can be purchased from a builder or from a Statutory Authority. The maximum loan amount can be Rs. 1 crore or 85% of the agreement value, whichever is less. The tenure of the home loan can be 20 years or retirement age, whichever is earlier. Sundaram provides Home Improvement Loans to individuals for carrying out internal and external repairs to an existing home. The maximum loan amount can be Rs. 1 crore or 70% of the agreement value, whichever is less. The term of the home loan can be 10 years or retirement age, whichever is earlier. Sundaram Land Loans facilitate purchasing of land for construction of residential units. The maximum loan amount can be Rs. 1 crore or 50% of the agreement value, whichever is less. The tenure of the land loan can be 15 years or retirement age, whichever is earlier. Sundaram also provides loans against existing residential properties. The maximum loan amount can be Rs. 25 lakhs or 50% of the value whichever is less. The maximum term of repayment for salaried professionals is 10 years or retirement age whichever is earlier. Maximum loan:  Rs. 1 crore or 85% of the agreement value, whichever is less, subject to repayment capacity as assessed by SHFL. Maximum term of loan: Salaried Category:  20 years or retirement age, whichever is earlier for all salaried categories of customers. For Self-employed:  15 years or 65 years, whichever is earlier. X. Housing and Urban Development Corporation Ltd. (HUDCO)   [pic] Established on April 25, 1970, the Housing and Urban Development Corporation Ltd. (HUDCO) is a fully owned organization of the Government of India. HUDCO was instituted with the objective of providing long-term finance for construction of houses, undertaking urban development programmes and infrastructure facilities. HUDCO stands out in the burgeoning housing finance industry for its focus on the social aspect of housing and utility infrastructure provision. In spite of its commercial orientation, HUDCO has adopted a policy of preferential allocation of resources to the socially disadvantaged. It continues to emphasize on sectors which are more socially relevant rather than only on commercially viable and profitable sectors. HUDCO has played a stellar role in the implementation of National Housing Policy. It has been entrusted with the implementation of the priority programmes of the Ministry like Low Cost Sanitation, Night Shelter for Footpath Dwellers, Shelter Upgradation under Nehru Rozgar Yojana, Rural housing under Minimum Needs Programme. Although commercial banks and housing finance companies are doing brisk business in the swelling housing finance sector, the housing needs of the poor and low income groups have remained unaddressed. In such a scenario, HUDCO's role has become even more significant. HUDCO's social orientation of is evident from the fact that about 92 percent of the 150. 93 lakh houses financed by HUDCO are for the benefit of Economically Weaker sections and Low Income categories. In the face of growing competition, HUDCO has adopted innovation in its lending operations. HUDCO Niwas, which was launched in 1999, is an extremely popular housing loan scheme. Under HUDCO Niwas, individual housing loans are given directly to the borrowers instead of the established practice of disbursing loans through the state governments and their housing agencies. Moreover, HUDCO has moved the government seeking permission to enter the banking and insurance sectors. Property:  Housing Urban Development Corporation (HUDCO) offers Niwas scheme. The scheme is a housing finance instrument for individual families which offers loan assistance to individuals constructing or buying a house or a flat. Similar loan assistance is also extended to extend or improve an existing house or flat. Amount:   The maximum loan amount will not exceed 85 per cent of the total cost of the housing unit, including incidental costs like stamp duty and registration. The maximum loan amount granted by HUDCO is Rs 15 lakh. Payment Term:   It is normally up to 15 years, but the period will not extend beyond the age of 65 years of applicant. However, HUDCO Niwas will endeavor to determine the repayment period to suit the convenience of the applicant. In case the applicant wishes to extend the period of repayment beyond 15 years, it can be extended up to 20 years. Howev er, in such cases, additional interest of 1 per cent per annum will be charged over and above the regular rates. Summary of Financials of Select Housing Finance Companies in 2005 |PARTICULARS |LIC Housing Finance Ltd. |Can Fin Homes Ltd. Sundaram Housing Finance Ltd |HDFC Ltd. | |Summarised Balance Sheet | |Assets | |Loans |360,115. 00 |15,292. 70 |13,105. 00 |8,165. 27 | |Investments |31,300. 40 |1,201. 80 |333. 10 |218. 03 | |Fixed Assets (Net Block) |2,948. 0 |301. 00 |35. 80 |82. 77 | |Net Current Assets/Others |10,941. 10 |766. 10 |188. 60 |341. 31 | |Total Assets |405,305. 00 |17,561. 60 |13,662. 50 |8,807. 38 | |Liabilities | |Share Capital |2,491. 0 |501. 20 |204. 90 |265. 00 | |Reserves |36,339. 80 |1,394. 70 |1,320. 70 |469. 54 | |Total Shareholders funds |38,831. 00 |1,895. 90 |1,525. 60 |734. 54 | |Loan funds |366,474. 00 |15,665. 70 |12,136. 90 |8,072. 4 | |Total Liabilities |405,305. 00 |17,561. 60 |13,662. 50 |8,807. 38 | |Summarised Profit and Loss Statement | |Tot al Income |34,100. 80 |10,687. 20 |1,273. 30 |855. 43 | |Total Expenditure |21,532. 95 |8,611. 10 |991. 20 |648. 0 | |Gross Profit |12,567. 85 |2,076. 10 |282. 10 |206. 73 | |Profit After Tax |10,365. 53 |1,437. 20 |211. 20 |167. 08 | |Other Financials | |Dividend (%) |170 |50 |20 |21 | |EPS (Rs. |41. 74 |16. 21 |5. 06 |6. 31 | |Book Value Per Share (Rs. ) |179. 00 |140. 59 |37. 83 |27. 72 | |Capital Adequacy Ratio (%) |13. 40 |15. 00 |16. 46 |15. 71 | |Debt Equity Ratio |9. 44 |8. 26 |7. 6 |10. 98 | | CALCULATION OF LOAN On receiving a loan application, financial institutions carry out the credit appraisal of the applicant/s. Credit appraisal is the step that decides the loan amount an applicant is eligible for. The objective of credit appraisal is to determine the ability and willingness of an applicant/s to repay a loan. A set of financial and non-financial techniques is used to meet this objective. Different financial institutions have different methods and norms of credit appr aisal and for calculating the loan eligibility. Usually the ability to repay is determined by analyzing information like present income, consistency of income, experience, profession, additional sources of income, assets, liabilities, amount of installments of other loans (if any), past loan repayment history, investments, educational qualification, age, number of dependents etc. The financial ratios considered during the process of credit appraisal to determine the amount of loan an applicant is eligible for include; A. Installment to Income Ratio (IIR) Expressed as percentage, this ratio is calculated as IIR = (Home loan installment amount / Monthly income) * 100 Installment to Income ratio (IIR) denotes the portion of monthly income that can be spent towards home loan repayment. It is believed that about 35% to 40% of monthly income can be comfortably allocated towards home loan repayment. Based on this broad assumption, an IIR of 35% to 40% is considered to arrive at eligible loan amount. For example, at 40% IIR, an applicant having monthly income of Rs. 40,000 can repay Rs. 16,000 as home loan installment. As mentioned, an IIR of 40% is a broad assumption and can be higher or lower based on other parameters like consistency of income, experience, profession, additional sources of income, assets, liabilities, past loan repayment history, investments, educational qualification, age, number of dependents, age of dependents etc. In case of an earning co-applicant, co-applicant's monthly income can be clubbed with applicant's monthly income to increase the loan eligibility. With your monthly income known, you can calculate your approximate home loan eligibility as explained in the example below; Monthly income:Rs40000 IRR:40% Desired Loan Tenure :20 Interest Rate :10% STEP1: AFFORDABLE LOAN INSTALLMENT=(40000*40%) = Rs. 16,000 STEP2: Determine installment amount per lack of loan for desired loan tenure. In this example, installment for a loan of Rs. 1,00,000 for 20 years at an interest rate of 10% is Rs. 965 STEP3: Eligible Loan Amount = (Affordable loan installment / installment per lack) * 1,00,000 In this example Eligible loan amount=(Rs 16000/Rs. 965)*100000=Rs. 16,58,030 B. Fixed Obligation to Income Ratio (FOIR) Expressed as percentage, this ratio is calculated as FOIR = (Home loan installment amount + other loans installments) / Monthly income)} * 100 Fixed Obligation to Income Ratio (FOIR) is calculated to determine the portion of monthly income that can be spent towards home loan installment after considering other fixed obligations like car loan, consumer durable loan, deduction towards salary advance recovery etc. Statutory deductions such as provident fund, professional tax, investment s, insurance premium are excluded from the fixed obligation component. For example, for an applicant having a monthly income of Rs. 40,000 and a car loan installment of Rs. 4,000, at 40% FOIR, can repay Rs. 2,000 towards home loan installment {(Rs. 40,000*40%) – Rs. 4,000 }. Some of the financial institutions do not consider loans outstanding with maturity less than one year as fixed obligation and installment paid towards these short terms loans is excluded from the FOIR calculation. This means, your loan eligibility can be higher despite of short term fixed obligations. It is worth checking the institution's policy on fixed obligations before finalizing the lender. With your monthly income and other fixed obligations known, you can calculate your approximate home loan eligibility as explained in the example below; Monthly Income :Rs 40000 Car Loan Installment :Rs 4000 FOIR% :40% Desired Loan Tenure :20 years Interest Rate :10% STEP 1: Affordable Loan Installments = (Rs. 40,000 * 40%) – Rs. 4,000 (OF ALL OUTSTANDING LOANS)=12000 STEP2: Determine installment amount per lack of loan for desired loan tenure. In this example, installment for a loan of Rs. 1,00,000 for 20 years at an interest rate of 10% is Rs. 965 STEP3: Eligible Loan Amount = (Affordable loan installment / installment per lack) * 1,00,000 In this example Eligible loan amount=(Rs 12000/Rs 965)* Rs 100,000 = Rs12,43,000 C. Loan to value ratio (LTV) Expressed as percentage, this ration is calculated as LTV = (loan amount / property value) * 100 Loan to value (LTV) denotes the portion of value of the property that is financed by a financial institution. Each financial institution has a cap on maximum loan amount that can be extended towards financing a property. Most of the financial institutions offer loan upto 85% of the property value. The LTV offered by a financial institution may differ in certain cases. For example, LTV may be different for an approved project from an unapproved project. Instances where loan amount computed based on income (IIR/FOIR) is different from the loan amount computed based on property value (LTV), the lower of the two is considered as the eligible loan amount. SOME IMPORTANT POINTS TO BE MENTIONED: 1. Income of salaried class people includes :income of the applicant +income of the co-aplplicants(max2)+rental income(generally 50%) 2. Income of a self employed: It is determined by the INCOME TAX RETURN of the applicant +depreciation(generally100%) 3. The IRR and FOIR can be 100% only in certain exceptional cases. 4. Another important point to note is that as the tenure of the loan decreases the loan he loan he is eligible for also decreases. Will the Installment to Income Ratio (IIR) AND Fixed Obligation to Income Ratio (FOIR) always remain the same? No, it will not always remain the same. As the income increases both IRR and FOIR also increases but it generally remains in the limits of 40% to 70%. Reverse Mortgage Loan Many senior citizens, retired from work worry about the dwindling amount in their bank accounts? Wondering how to maintain a steady cash flow to meet their daily needs? An option often thought of to deal with this problem, is to rent the existing house which seems a liability and move to a smaller house or to sell the house altogether and invest the proceeds to earn a higher monthly income. Why not turn that liability into an asset? The answer – Reverse Mortgage. Reverse mortgage is a financial product that enables senior citizens (60 +) who own a house to mortgage their property with a lender and convert part of the home equity into tax-free income without having to sell the house. Instead of you making monthly payments to a lender, as with a regular loan, the lender makes payments to you. Multiple options are available for repayment of the loan in lumpsum at the end of the loan term. Maximum period of loan is of twenty years. The loan is not required to be serviced as long as the borrower is alive and in occupation of the property. On the borrower’s death, the loan is repaid through sale of property. About 350 crore worth of Reverse Mortgage has been sanctioned. The National Housing Bank has received innumerable calls of inquiry from senior citizens wanting to know more. It is to tackle this influx of calls and give each senior citizen attention as per his/her needs, that information and counseling centres will be functional throughout the nation, at various HelpAge offices in 10 cities of India: Delhi, Chandigarh, Lucknow, Hyderabad, Chennai, Jaipur, Bangalore, Kolkata, Ahmedabad, and Bhopal with especially trained staff. Qualifications for reverse mortgage eligibility ? Should be a Senior Citizen of India above 60 Years of age. ? Married Couples will be eligible as joint borrowers provided one of them being above 60 years of age and other not below 55 years of age. Benefits of a reverse mortgage: ? It aims at partially meeting the financial needs of senior citizens without selling the property and enables recurring funds inflows to the senior citizens during their life time. ? After the death of the senior citizen, the surviving spouse can continue to occupy the property till his/her demise ? It can also be an investment tool for youngsters who plan for a retirement solution. They can start investing in a housing property and take benefit of the same during their retirement life. They have a secured investment which has benefit of capital appreciation. In India, the Reverse Mortgage concept faces a few challenges: ? Indian culture dictates that property is bequeathed to heirs and housing property is a sign of social legacy. Indians have to work out of this mindset to adopt this novel concept. ? Also, on the legal front, handling the title transfer, possession of house, other regulation etc can be tricky. ? Last but not the least income tax treatment for money received from the HFC is also an open issue, since the loan disbursements cannot be considered as the income for senior citizens. Reportedly National Housing Board is working on the resolution of these issues and Reverse Mortgage will be introduced in a full fledged manner in India very soon. . HOUSING FINANCE-SCOPE IN INDIA [pic] Macroeconomic Background On the back of economic reforms undertaken in 1991, India has grown at an average rate of over 5% through the nineties peaking at about 8% in FY04. It is currently the fourth largest (in PPP terms) economy in the world with GDP output at USD 554 billion. India’s services led-growth strategy is well documented and is a departure from the rest of Asia’s manufacturing-led model for growth. Both domestic and global demand for India’s services remains robust with globally competitive firms emerging from the country’s historically protected private sector. With still much scope for reform, India’s healthy progress in liberalization, private sector-led development, and newly established political support (irrespective of the ruling party) for economic and structural reforms suggest that India could well be setting up the necessary conditions to support the type of long-term growth path over the next 2-3 decades. Inflation through the nineties has hovered between 7% and 13%. Demographics The population of India is over 1 billion and accounts for one sixth of the entire world’s population. The population is second only to China with one quarter of the world’s youth living in India. 54% of the Indian population is below the age of 25. In 2001 the productive population (age 25-44) was 278 million which, by 2013, will grow to 369 million; a growth of 33%. This explosive growth will result in higher demand for housing loans in the foreseeable future. According to the 2001 Census of India the total number of households in India is 191 million, up from 147 million in 1991. Much in line with world trends of falling household size, in India, the average household size has fallen from 5. 71 in 1991 to 5. 34 in 2001. This trend is expected to continue as individuals migrate to urban centres in search of work, coupled with movement away from the joint family system to single family households that is further accelerating lower household sizes. The following graphs interpret the emergence and bubble of housing finance in the country. [pic][pic] series1=housing finance series2=consumer durables series3=credit cards eries4=other personal loans Housing Finance The value of total residential mortgage debt moved up from USD 1. 84 billion in 1994 to USD 12. 26 billion in 2004; a CAGR of 21%. The housing finance market has recorded robust growth in the last 5 years, clocking an annual growth rate of about 40% between FY99 and FY04. Residential mortgage debt as a percentage of GDP was a mere 0. 58% in 1994 which has moved up to 2. 21% in FY04, still miniscule when c ompared to about 45% in the EU, 70% in the US and upwards of 30% in East Asian economies. Interest rates on housing loans have fallen from a peak of 17% in 1996 to 7. 5% last fiscal making owning a home more affordable. This combined with increasing loan tenures, increasing loan-to-value ratio and a rise in the installment-to-income ratio are precipitating high growth rates in the housing finance market. The organized lenders in the housing finance industry, comprising 30% of housing units constructed, are currently concentrated in the urban markets, with a greater presence in the major metros and Tier 1 cities. They are however, moving to the Tier 2 cities and smaller towns but are yet to venture into the rural markets. Also, salaried borrowers constitute the bulk of the clientele for the financier in comparison to the self-employed borrowers, who constitute a miniscule proportion. As a segment, the self-employed category is much bigger than the salaried segment, but the organized lenders have, historically, been concentrating on the salaried borrowers due to the lower risks associated with them. Traditionally housing finance was dominated by a handful of private sector institutions. These Housing Finance Companies (HFCs) commanded 70% market share in FY99, which has subsequently fallen to 50% In FY04 as a direct result of policy changes that permitted the entry of banks into this industry. Banks now control 40% of this market and continue to show explosive growth on account of government policy that categorizes this lending under priority sector lending and the low NPA levels experienced in this industry Shortage of Housing Official and updated statistics on the shortage of housing units in the entire country is not readily available. According to the National Buildings Organisation (NBO), the components of housing shortage include (a) the excess of households over houses, including homeless households, (b) congestion i. e. the number of married couples requiring a separate room, (c) replacement or upgradation of unserviceable houses and (d) obsolescence/replacement of old houses. The last official estimate on the shortage of housing units was from the NBO which estimated a total shortfall of 19. 4 million units comprising 6. 6 million units in urban areas and 12. 8 million units in rural areas. Further, over 90 percent of this shortage is for the poor and low-income category (Ministry of Urban Affairs, 1998). This, shortage however, is based on the 1991 Census figures and thus is outdated. The unofficial estimate of the housing shortage is currently pegged at over 40 million dwelling units. Despite the absence of reliable statistical information, the growing population and increasing urbanisation has resulted in rising pressure on the available housing stock. As per the Planning Commission estimates, the total requirement of urban housing during the tenth five year plan, covering the period 2002-2007, is 22. 4 million dwelling units in urban areas. This comprises two components – an urban housing backlog of 8. 89 million dwelling units estimated at the beginning of 2002 and an addition of 13. 55 million new dwelling units. As per the Census 2001, housing completions (defined as the absolute increase in housing stock during a particular period) is around 5 houses unit s per 1,000 population per annum in India. The average annual housing completion in urban areas per 1,000 population was steady at around 7 housing units during the past three decades. This however, is lower than the minimum threshold as recommended by the United Nations of 8 to 10 housing units per 1000 population for developing countries (NHB Trend and Progress Report, 2004). Table 1. 2: Addition of Census Houses per 1,000 Population |1971-81 |1981-91 |1991-01 | |Urban | |Added Census Houses (million) |11. 55 |16. 55 |19. 3 | |Added Households (million) |10. 00 |11. 64 |12. 95 | |Annual Housing Completions/1,000 population |7. 23 |7. 61 |6. 83 | |Rural | |Added Census Houses (million) |19. 25 |29. 02 |34. 56 | |Added Households (million) |15. 0 |19. 16 |25. 61 | |Annual Housing Completions/1,000 population |3. 66 |4. 62 |4. 65 | |Total | |Added Census Houses (million) |26. 53 |45. 58 |54. 08 | |Added Households (million) |25. 50 |30. 80 |38. 6 | |Annual Housing Completions/1,000 population |3. 87 |5. 39 |5. 26 | Source: Census 2001, NHB Trend and Progress Report, 2004 Rapid Urbanisation Housing needs are strongly influenced by growth in population and demogra phic changes. While in the recent period the total population growth has been slowing down, the urban population continues to grow rapidly. The urban population has increased from 20 percent in 1971 to almost to 34 percent currently (SSKI, 2006). Urbanisation is particularly concentrated in urban agglomerations or mega cities, defined as cities having a population in excess of one million people. These mega cities account for almost 40 percent of the total urban population. As per the 2001 Census, there were 35 mega cities and the polarisation of growth towards them poses a greater challenge in providing housing in these areas as the housing stock is unable to keep pace with demand (Nallathiga, 2005). This is exacerbated by the continuing trend of in-migration to urban areas. As a result, there has been a disproportionate rise of slums. For instance in Mumbai, almost 60 percent of the total population live in slums. Restrictive Laws One of the major issues constricting the addition of homes is the series of archaic laws governing the Indian housing and real estate sector. Of the over 100 laws governing various aspects of real estate, many date back to the 19th century. Significant ones are the Indian Contracts Act, 1872, the Transfer of Property Act, 1882 and the Registration Act, 1908. Despite the plethora of laws, the legal framework requires a complete overhaul to make it more relevant to today’s requirements. These laws often lead to prolonged litigation and create artificial scarcity of land, thereby raising prices. In India, land is a state subject1. Thus, while the centre may make amendments and issue guidelines, the responsibility for implementing it remains optional for a state government. With 28 states and 7 union territories (areas directly managed by the central government), support for reforms has varied considerably from state to state. ANALYSIS Despite the problems alluded above much development has been made by the country in the field to promote housing finance during the past few decades. With the entrenchment of HDFC in1977, a system of specialized housing finance companies(hfc’s) discussed above, now in hundreds was bought into being. This include 25 large and stable organizations which have been approved as eligible for refinancing from NHB which was formed in 1989. The institution as mentioned earlier is the watchdog for housing finance. It egulates all the HFC’S dealing in housing finance and then sets its rules, regulations and policies binding the same. The recent developments in the field mark the effort made. The recent cut in interest rates for housing finace below 20lac clearly bring up the role played by the agencies today in countering the problem of availability of housing finance. These coups will not only help consumers (middle and lower middle class) find a shelter for themselves b ut it will also motivate infrastructure companies to invest in building low cost homes for the desired category. This in turn will lead to increase in the the capital goods, development of infrastructure therefore overall development of society, increase in job opportunities for the labour class (which will earn more=spend more savings = continuous earning and spending=increase in gdp =increase in living standard). ASSESSMENTS AND PROSPECTS The housing finance market in India has undergone unprecedented change in recent times. This evolution has been interesting, especially for developing countries looking to establish or strengthen their primary housing finance markets. From a time where HDFC established itself as the first retail housing finance company, to the next level where HDFC helped broad-base and develop the market by co-promoting three housing finance companies, GRUH Finance, Can Fin Homes and SBI Home Finance. In effect, HDFC co-promoted its own competition. The third level saw existing players having to actually re-assess the way they did business as the tide of competition rose to an almost unsustainable level with the aggressive entry of banks into the housing finance market. And finally, the present stage where there are a few dominant players with large scale operations. India today is a good example for developing countries wanting to kick off their primary housing market. The advantage of using the Indian housing finance experience is that housing finance players have been successful despite unfavourable conditions such as not having foreclosure norms for several years, difficulty in accessing long-term funding sources, lack of clear titles, no reliable statistics on housing or consumer data and an acute shortage of housing units. Rather than waiting for the government and regulators to create a favourable environment to foster a housing finance system, the market developed despite these constraints. Pre-requisites for Well Functioning Housing Finance Systems Listed below are prerequisites for a well functioning housing finance system which are universal requirements for any country: ? Sound macro-economic policies: Low mortgage interest rates triggered by sound macro economic policies are more important in developing mortgage markets than tax incentives and subsidies. ? Keep transaction costs low and mortgage registration systems efficient. Concentrate on getting the â€Å"primary market† right, e. g. transparent property rights, mortgage and credit registration, efficient mortgage collateral and repossession procedures, before creating a â€Å"secondary market† to finance those loans. ? Create transparent markets for lenders through approved valuation methods, house price indices and data on mo rtgage industry. ? Protect and inform the borrowers, for instance, by helping them compare mortgages products. ? Access to long-term funding sources and other instruments such as covered bonds, mortgage backed securities. Broad Basing the Market Need for an Independent Floating Rate Benchmark There is a need to explore the creation of an independent benchmark for adjustable rate mortgages which can be adopted by all players, thereby leading to more credibility, especially in the case of upward movements in the benchmark. Better Access to Credit History India has no easily shared method of verifying a client’s credit history or loan record. This has resulted in the housing finance industry witnessing a rising number of fraud incidents in the sector. There have been instances of clients taking out multiple mortgages on the same property from different lenders or providing fake documents for the site that do not exist. To enable access to better credit history for customers and preventing malpractices, some important steps have been initiated in the recent period. In 2005, citing increasing cases of fraud in the system, the National Housing Bank has set up a ‘Fraud Management Cell’ to collect information from housing finance companies on frauds committed. The National Housing Bank as collected this data and issued circulars detailing causative factors and suggestive remedial action. . Removal of Conflicts of Interest The National Housing Bank’s role as a promoter should be considered as successfully completed. Serving as both a regulator and equity investor in housing finance companies creates an unnecessary conflict of interest (World Bank, 2004). At the time of inception, the National Housing Bank’s mandate was to promote the housing finance sector. Today this role is not required. Thus, there is no longer any rationale for the National Housing Bank to provide equity investments, thereby creating a conflict of interest as regulator and investor. Besides, in 2005, the National Housing Bank’s investments in housing finance companies was miniscule, accounting for less than one percent of its total assets. FUTURE EXPECTATIONS High interest rates coupled with soaring property prices have only impacted the affordability of buyers, demand, however continues to persist and will become stronger and more intense in near future. Housing Sector in India to Be On a Growth Spree By 2015 Housing demand is poised to see a growth of around 80 Million for the lower-income and the lower-middle income groups. Housing Sector in India is also likely to generate around 4 Million new jobs within a decade with a whooping investment of US$ 670 Billion. It’s also expected that housing and real estate sector will undergo a revolutionary transformation to grow at around 14% annually. Presently, the contribution of Indian Housing to the country’s GDP is modest at less than one percent. In 2010 the demand would further grow to a massive volume of around 400 Million Units. This will necessitate a minimum outlay of US$ 890 Billion. There is a shortage of more than nearly 20 Million housing units in India and this is a positive sign of the untapped opportunities for this sector. LIMITATIONS OF HOUSING FINANCE The housing sector in India for several decades faced a number of set-backs, such as an unorganized market, development disparities, a compartmentalized development approach and a deterrent rent control system. There was not even a concerted attempt to understand the housing problem let alone promote it. Reforms introduced in the sector during the 1990s, however, have overturned the situation to a great extent. The designing of a shelter policy, the organization of the housing finance market, the introduction of fiscal incentives, increased public investment, legal reforms and others initiatives have brought about a number of changes in the housing sector. Interestingly, these changes have been concerned with both reducing the housing shortage and increasing the number of quality housing stock besides increased access to various other housing amenities like safe drinking water, good sanitation and household electricity. In spite of the high growth rates exhibited by the Indian housing finance industry, this sector too has its share of problems. The survey revealed the following growth constraints: 1) Limited exposure of the industry Housing finance assistance of formal institutions has been limited to the middle income and high-income groups. Companies have also not been able to penetrate the rural areas. 2) Absence of proper title deeds High down payment requirement and non-availability of title deeds in the absence of land records are some of the reasons responsible for the inability of the companies in reaching out to the vast population living in the rural areas. 3) No access to long-term funds Non-availability of long-term funds with housing finance companies and banks results in an asset liability mismatch. 4) Lack of foreclosure norms Lack of foreclosure norms for housing finance companies, which, if in place, will encourage HFCs to disburse more loans ) Regional Constraints ? Disparity and high rates of Stamp duty across the country on registration leads to the suppression of the value of property/evasion of registration. ? Imposition of stamp duty on equitable mortgages (i. e. on property used as a collateral for taking a home loan), the rate of which varies across states acts as a deterrent factor in availing ho using finance as the prime security for these loans is equitable mortgage of the property financed. This form of stamp duty is a cost to the customers and should be done away with or reduced to affordable levels. ) Constraints faced by Housing Finance Companies as against banks ? Banks have access to lower cost of funds compared to HFCs because of the following reasons: †¢ Banks have access to low cost retail funds †¢ Minimum capital adequacy ratio for banks is 10% whereas for HFCs it is 12% ? The Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act 2002 is applicable to banks but not to housing finance companies ANNEXURE I 2009 will be the year of affordable housing 29 Dec 2008, 0342 hrs IST, Mayur Shetty, ET Bureau |[pic] | S Sridhar | |NHB chairman & MD | National Housing Bank (NHB) — a subsidiary of the Reserve Bank of India (RBI) — was created two decades ago to regulate and promote housing finance institutions in In dia. Given the current economic environment, home finance has gained centrestage, with housing construction being the largest employment generator with linkages to 250 ancillary industries. As the apex housing finance institution, NHB has taken several initiatives to promote affordable housing. In an interview with Mayur Shetty, NHB chairman and managing director S Sridhar speaks on why he expects 2009 to be the year of affordable housing. House prices have crashed in the West. There is an expectation among buyers that prices will decline in India as well. How do you see the situation? The situation in India is quite different from that of the West. In India, the conduct of the monetary policy and regulation over banks and housing finance companies ensured that the housing bubble did not develop. Further, the actual equity component in housing is much higher than in the West. Thus, housing prices in India have fallen a bit and may fall further, but unlikely to get into a free-fall situation. What needs to be done to reduce housing shortage? I expect 2009 to be the ‘year of affordable houses’, when affordable houses will be available to the middle and lower income groups in sufficient volumes. This will happen mainly through a combination of fall in house prices and reduction in home loan interest rates. The latter has happened. I hope developers reduce prices to stimulate demand and public housing agencies will take up affordable housing in a big scale. Additional hygiene factors are reduction in transaction cost in home purchases through reduction in stamp duty and registration charges and the availability of risk mitigants such as mortgage guarantee, title insurance, credit guarantee for lower income houses. Where do you see interest rates on home loans? Is the NHB refinance rate likely to come down further? Interest rates are headed southward. Public sector banks (PSU banks) have set the pace. Others, including housing finance companies, are following suit. NHB’s refinance rates have also come down to single digit. Refinance for rural housing at concessional rate of 8% per annum for seven years has also been provided. Our PLR has been reduced to 10. 75% per annum. NHB has announced a package for the housing sector. At what interest rate will you lend to HFCs? The refinance facility of Rs 4,000 crore extended by RBI to NHB will be on-lent by NHB to housing finance companies with the following major conditions. It will be available at an interest rate of 8%, and will be available only for loans below Rs 20 lakh. The facility is available up to March 31, 2010. You have launched an index of home prices. How is the index doing? NHB’s RESIDEX, which is India’s first official property index, was launched in July 2007 for five cities — Bengaluru, Bhopal, Delhi, Kolkata and Mumbai — covering the period 2001-2005. It has since been updated to December 2007. The property index has been well received. It is being expanded to cover 15 cities and up to December 2008 wh

Miracle on St David’s Day by Gillian Clarke Essay

Miracle on St David’s Day is an enchanting, and ultimately optimistic poem relating to the theme of identity by Gillian Clarke. The poem tells the story of a man in a mental institution, who exceeds the expectation of both the nurses and his fellow patients when he regains the ability to talk. In the first stanza of the poem, Gillian Clarke describes the country house in what seems to be an idyllic setting, â€Å"The sun treads the path among cedars and enormous oaks, it might be a country house, guests strolling†. However despite the seemingly pleasant tone, implied by the use of her making it seem informal, through the relaxed wondering of what the House may have been,† might be a country house, guests strolling†, suggesting normality her use of the word might alerts the reader that this idyllic setting may be an illusion and not what it first seems. The illusion of normality is swiftly extracted by the opening line of the second stanza, â€Å"I am reading poetry to the insane†. This line ends with a certain finality, that is so abrupt that it disturbs the so far, flowing effect to the poem, also implying informality and normality, to the effects that it shocks the reader, not only in the disrupted rhythm of the poem but also in the disturbingly blunt reality of what she is saying. Furthermore this is shocking because it is not commonplace for people to be reading poetry to the insane. Gillian Clarke does this numerous times during the poem in order to stop the reader, so that the poem does not ramble, and make it more interesting, â€Å"A beautiful chestnut-haired boy listens entirely absorbed. A schizophrenic†. This use of contrast between the descriptive lines of the opening stanza and the flat, and remarkably blunt, tones of this line introduce the reader to the contrast between the setting and the guests. As we can observe from the line following, â€Å"I am reading poetry to the insane†, which instantly restores the mood of the poem to informal with the humor, of the old woman who is constantly offering the narrator coal, when it is March and she would have no means of getting coal. By the use of having the woman saying humorous things, Gillian Clarke is also contrasting her with the other patients at the home, as she is the only one who is talking. The poem also uses poetic devises such as personification, â€Å"An afternoon yellow and open mouthed†. It uses metaphors, â€Å"In a cage of first march sun†, and similes such as, â€Å"Outside the daffodils are still as wax†, to make the poem more interesting to read, and also without these techniques the imagery of the poem, that the people in the home are daffodils would not be portrayed and the final message of the poem would not be presented to the reader. Thus the poem would be pointless. Gillian Clarke also uses enjambment in the poem, which disturbs the flow of the poem, and I think is also relating to the disturbed personalities of the patients in the home. Enjambment is effectively used in the third to fourth stanzas, as this is a rambling scene of the immense man struggling to get to his chair, and so Clarke reflects this in the appropriate use of enjambment between the stanzas. The first March sun is described as a cage in the third verse as it is sa ying that for these people who have no freedom, even their enjoyment of the sun is trapping them, and they have no choice but to be out absorbed in it. These poetic devices are also used to build up the character of the man in the poem. In the third stanza where the man is introduced, he is described as a big, mild man, and a laborer, who is being tenderly led. This use of contrasting language informs the reader that even though the man is large in size he has to be tenderly led like a child, continuing to imply to the reader that there is something wrong with him. This is confirmed in the forth verse where he is described as rocking, a common action by insane people as it comforts them. His description is also emphasized by the repetition of the words big, mild and dumb. These words make him seem even more immense, which is odd when they are combined with mild. When the huge laboring man speaks he is in beautiful surroundings reciting a poem about daffodils, which is not only being ironic but is breaking the stereotype of laborers being very masculine and rather insensitive, whereas here he is being portrayed as almost feminine and extremely sensitive. What strikes me most prominently when reading the poem is the amount of imagery used to bring emphasis to the overall meaning of Clarke’s poem and to make it more interesting. She has chosen the â€Å"Daffodils†, by W. Wordsworth, as the music that the mute man chooses to speak after forty years of silence. I believe that she has also chosen to describe the man who cannot speak as mute as it is also a musical term, and so therefore is not just emphasizing that there is no speech in his life, but also that there is no music, relating with happiness and merriment, and therefore is saying that without speech there is no joy in the laborer’s life. However when the rhythm of the poetry he is read awakens him, it appears to turn apparent life into reality. The poem is a possible way to show his waking from a world of misery to a reality of nature’s beauty and rhythm, â€Å"Since the dumbness of misery fell he has remembered there was a music of speech and that once he had something to say.† This is also playing on the word dumbness, as dumbness aside from meaning stupidity also is relating to the man who cannot speak as a person who is mute can also be described as, â€Å"dumb†. Informing us that the poem is saying that music is good, as when he cannot speak, and there is no music, it is described as, â€Å"misery† and when this, â€Å"falls†, and he has remembered that there is something to say a thrush sings, representing happiness, and the once, â€Å"wax† still daffodils are flame, representing excitement, life and activity. Therefore Gillian Clarke is saying that the man was not properly alive until the music in his life was restored. He is reciting poetry because what he has heard from the nurses in the institution has restored his memory and he has remembered a poem that he had learnt as a child at school. We know this because Clarke informs us in verse thirty-one, â€Å"Forty years ago, in a Valleys school, the class recited poetry by rote†. I believe that Gillian Clarke’s poem is also relating to music through this imagery. â€Å"Since the dumbness of misery fell he has remembered there was a music of speech and that once he had something to say.† When he speaks there is an immediate exchange of characteristics, the once lifeless patients are alert and the nurses are frozen as the patients once were. I also notice that in Clarke’s poem the daffodils seem to represent the people at the home. At the start of the poem the daffodils are â€Å"open mouthed† showing the way that the patients don’t react to the poetry, as this is the face that people use when they are bored and not listening. Their open mouths show how unreceptive the patients are, once again removing any sense of normality as Gillian Clarke alienates them from ordinary sane people. When the miracle of the man speaking occurs the flowers are silent and still, showing that far from the boredom and lack of interest displayed before, everyone is amazed. We can deduct that the daffodils are not merely flowers, by the use of lines such as, â€Å"their syllables unspoken†, as obviously, flowers can speak no syllables. I think that the use of the candle related words throughout the poem are deliberate, when the flowers are as still as, â€Å"wax†, the man is not speaking and when he does they are a flame, which is representing that the man’s hope, which has always been there, the wax, but when he speaks it is â€Å"a flame†. It is alive. I think that the, â€Å"first bird of the year in the breaking darkness† is symbolic as the first bird of the year, is representing the first speech in the mans life for many years, and the darkness which is now breaking is the bad times of when he could not speak. His first words in many years are described as a bird, as this also relates to the theme of music. Gillian Clarke effectively alienates the patients in the home and portrays the fact that although they are physically there, they mentally are not by the constant use of word absent, â€Å"I read to their presences, their absences†. St David’s Day by Gillian Clarke illustrates the theme of identity through the use of including people in a mental institution, as they have no identity. Yet after forty years a man’s identity breaks through. I believe that this poem is trying to communicate the fact that everyone has an identity; no matter how masked it is from the rest of the world, and by the use of describing them with flowers that cannot speak (which have inner beauty, she is saying that everyone has some kind of identity and beauty. Emotion plays an important part in the poem humor, misery and shock are shown to us and this makes the poems more realistic. Ultimately I feel the reason this is a very effective poem is that the use of daffodils and Wordsworth is subtle but carries a significant meaning that is backed up by the tone of the rest of the poem. I find that the poem is truly touching and although the main message of the poem is quite discrete, the way that it is portrayed makes it seem that you, the reader are really experiencing the miracle.

Poetry and its Power Essays - Diospyros, Persimmon, Emotion

Poetry and its Power Essays - Diospyros, Persimmon, Emotion Poetry and its Power English 002 Online Professor Cobene Essay 4 Poetry and its Power There is a significant power in all poetry. There is symbolism and power in the words. Poetry creates and gives us all the power of what we cannot say or may not want to say. Instead, we use poetry to convey our loves, or wants and desires, and all of our innermost feelings and thoughts that we normally cannot divulge or say to people in normal writings or settings. Poetry becomes the vehicle by which we can use to move people through our thoughts, feelings, experiences, and lives, and we can tell our story of our journeys along the way. Jane Hirschfield, author and poet of Poetry and the Mind of Concentration puts six central realms or energies onto what lies beneath poetry. In the exploration of poetry, Hirschfield explains that there are six realms that poetry can be put into: music, image, emotion, sound, rhetoric, and voice. Here, we eliminate music and voice, although they are not totally void in these poems, but we focus more on image, emotion, sound, and rhetoric. In the poetry by Li-Young Lee, Persimmons, we find the imagery of a fruit, the persimmon with its taste and look. The author Lee, gives us a vivid rendition of the fruit, by saying what it looks like, what it might smell like, and what it is. Lee writes about ripe persimmons as being soft and brown spotted. He also writes about how they are sweet and fragrant, and how you eat the fruit. There is a joy in this fruit because it invokes images of being sweet, ripe, and smelling good. Lee then goes on to talk about Donna, a woman lying in the grass with him, who is also sweet and smells good. Lee goes on to talk about watching his mother tie yarn, and make animals out of the yarn. Lee talks about how his mother said every persimmon has a sun inside, and we can see the images of a persimmon looking like it has a sun inside of it, in our heads. Lee talks about his father, and him holding the persimmons, and we can see this image as well. We can see Lee in the cellar rummaging through, look ing for different things in his cellar. In the poetry by Debra Allbery, Chronictown, we can see a young girl affected by the fact that she has had to deal with adversity growing up, because those images are described so vividly. Our imagination goes to what Allbery is writing, and we can see every word she is writing. We can hear the metal rattle of the elevator freight lift in her building, and we can see the mattresses on the floor, because it takes our minds there. Allbery wants us to see the life she was living, how she grew up, and what experiences she had had. The poetry by Allbery leads our imaginations to see green floors and walls. This is where the poet wants our minds to go with the imagery. I think that both Lee and Allbery are using imagery to talk about times of their pasts. I think they are outlining or detailing their experiences, and wanting us to share in them, so they are sharing them with us. They are making us see what their lives were like, when they were little, or when they were growing up. For Lee, I think the most important things to him are remembering his times growing up, his mother, his father, and his love or maybe even first love, and comparing a sweet life to sweet fruit. Allbery shows us a different life, one that was close to the nurses and the ill and the sick. In other works, I believe Allbery is showing us the imagery of the hospitals clinics, saying that she then got over that, grew up, and here she is. I think the Allberys works could center on overcoming what was, and Lees work could focus on becoming who he is, from what was. I see the emotion in both of the poems by Lee and Allbery as emotion from the past of emotion from growing

Desperate Measures essays

Desperate Measures essays Desperate Measures Dr. Martin Luther King Jr. often stood up for something that is not popular, but an issue that is morally right. Some of his ideas included moderation and extremity. He practiced non-violence and peaceful protest. In his letter from a Birmingham jail he states, "In any nonviolent campaign there are four basic steps. The first is to determine whether there are injustices alive. The second is negotiation between the two-arguing parties. The third and fourth step is self-purification and direct action."# I believe in the saying, "Desperate times call for desperate measures." I do not believe that Dr. King would disagree with me, but his approach to a situation would be different from mine. I have used nonviolence to solve problems, but sometimes that always does not work. Sometimes one has to use alternative measures to get a point across. Many people remember the case of Rodney King. Rodney King became a reluctant symbol of police brutality a decade ago when amateur photographer George Holliday provided evidence that was hard to ignore. The videotape Holliday shot showed several white Los Angeles police officers using their batons to beat King, who had led them on a car chase after they tried to stop him for speeding, was broadcast around the world. The public and the media supported Rodney King and felt the police officers were wrong. But a Los Angeles jury seemed to ignore the video evidence. And when the four policemen charged with the beating were acquitted, it set off the worst riot in U.S. history. The King beating was followed by criticism of how police handled the 1992 riots and later the O.J. Simpson murder case. And now, the department is struggling with a corruption scandal in its Rampart Division that has led to charges against five officers, dismissal of more than 30 others and more than 100 convictions being overturned.# ...

Habits and Traits of Mites and Ticks

Habits and Traits of Mites and Ticks Not much love is lost on the mites and ticks of this world. Most people know little about them, other than the fact that some transmit diseases. The order name, Acari, derives from the Greek word Akari, meaning a small thing. They may be small, but mites and ticks have a big impact on our world. Characteristics Many mites and ticks are ectoparasites of other organisms, while some prey on other arthropods. Still, others feed on plants or decomposed organic matter like leaf litter. There are even gall-making mites. Take just a scoop of forest soil and examine it under a microscope, and you may find several hundred species of mites. Some are vectors of bacteria or other disease-causing organisms, making them a significant public health concern. Members of the order Acari are diverse, abundant, and sometimes economically important, though we know relatively little about them. Most mites and ticks have oval-shaped bodies, with two body regions (prosoma and opisthosoma) that may appear fused together. The Acari are indeed small, many measuring a mere millimeter long, even as adults. Ticks and mites go through four life cycle stages: egg, larva, nymph, and adult. Like all arachnids, they have 8 legs at maturity, but in the larval stage, most have just 6 legs. These tiny organisms often disperse by hitching rides on other, more mobile animals, a behavior known as phoresy. Habitat and Distribution Mites and ticks live just about everywhere on Earth, in both terrestrial and aquatic habitats. They live virtually everywhere that other animals live, including in nests and burrows, and are abundant in soil and leaf litter. Though over 48,000 species of mites and ticks have been described, the actual number of species in the order Acari may be many times that. Well over 5,000 species inhabit the U.S. and Canada alone. Groups and Suborders The order Acari is somewhat unusual, in that it is subdivided first into groups, and then again into suborders. Group Opilioacariformes - These mites look somewhat like small harvestmen in form, with long legs and leathery bodies. They live under debris or rocks and may be predaceous or omnivorous feeders. Group Parasitiformes - These are medium to large mites that lack abdominal segmentation. They breathe by virtue of paired ventrolateral spiracles. Most members of this group are parasitic. Suborders of the Parasitiformes:Suborder HolothryinaSuborder MesostigmataSuborder Ixodida - Ticks Group Acariformes - These small mites also lack abdominal segmentation. When spiracles are present, theyre located near the mouthparts. Suborders of the Acariformes:Suborder ProstigmataSuborder AstigmataSuborder Oribatida Sources Borror and DeLongs Introduction to the Study of Insects, 7th edition, by Charles A. Triplehorn and Norman F. Johnson.NWF Field Guide to Insects and Spiders of North America, by Arthur V. EvansLatin American Insects and Entomology, by Charles Leonard HogueIntroduction to the Acari, University of California Museum of Paleontology. Accessed February 26, 2013.Arachnida: Acari, class handouts from University of Minnesota Entomology Department. Accessed online February 26, 2013.Soil Arthropods, National Resources Conservation Service. Accessed February 26, 2013.

Management and finance Essay Example | Topics and Well Written Essays - 2500 words

Management and finance - Essay Example Managers should focus on what should be done in order to avoid variance in the future rather than concentrating on actions to correct variances in the budget. Management determines the performance of the organization by conducting budget control or variance analysis (Ramji & Geoffrey, 2002, p. 21). These approaches support management by exception by the fact that it identifies critical areas of organization performance which does not follow the management expectations. Although budget is very essential in the organization, the success of the organization is determined by the effort of the management to in making decisions that will ensure the attainment of the organization’s goals. A. Behavioural issues in budgetary reporting system When actual performance of the business differs from the planned or budgeted activities this is referred to as variance. Variance may be favourable if it shows gain or beneficial position such as an increase in actual income or profits or a decreas e in actual expenditure than the standard cost (Sherman, 2011, p. 87). On the other hand, variance may be termed unfavourable if the actual cost exceeds standard cost, or if actual profit/income falls below the budgeted income/profit. It is the cause and consequences of variance that matters, and whether the variance is favourable or unfavourable (Hampton, 2009, p. 57). The management should work to establish the cause of variances and assess the impact of the variance in the organization because not all adverse variances are detrimental to the business and not all favourable variances are beneficial to the organization. Material variance refers to the differences between the actual materials used in producing actual outputs and materials that were expected to be used during the planning process (Weiss, 2006, p. 102). Material variance may occur for various reasons. For example, the difference may be due to the actual purchase price of the materials being less or more than the expec ted price in which case the purchasing department may be held liable. On the other hand, this variance may be due to less or more materials being used during the manufacturing process, and in this case, the production department will be held responsible. Labour variance is the difference between the actual cost of labour and the budgeted expenditure. The actual expenditure is usually greater or is less than the budgeted expenditure due to various factors. For example, the actual rate does not correspond to the budgeted cost because it is either below or higher than the expected rate (Hampton, 2009, p. 71). In addition, the actual idle time of the workers is more or less than the budgeted time while the actual productivity of the workers differs from the budgeted efficiency. These factors influence the actual cost of labour resulting to significant differences in cost of labour from the planned cost of labour. In the case study, the estimated output was ninety five thousands units wh ile the actual output was ninety thousands units. This created a variance of five thousand units in the organizations output. This decline in units produced could imply inefficiency of workers or machines. It could also mean that the target was too high for the organization to meet (Weiss, 2006, p. 108). The management should put effort to increase the production capacity of the organization by either increasing the efficiency of work

The value of liquid based cytology compared to conventional smear in Essay

The value of liquid based cytology compared to conventional smear in fine neddle aspiration of cytology - Essay Example Also termed as Fine Needle Aspiration Cytology (FNAC), it is a simple, quick and inexpensive method used to diagnose superficial surface masses, and is especially useful in sampling the accessible head and neck masses in outpatient department (Pilotti et al 1993). Masses located within the region of the head and neck, including salivary gland and thyroid gland, cervical masses and nodules, and intraoral lesions can be readily diagnosed using this technique. It is the procedure of choice in outpatient departments, especially for the lesion of head and neck. Some of such studies have been considered here to comprehend the differences and efficacies of each of the two techniques FNAC proves to be better than conventional smear in a number of ways. It is relatively safe since it is pretty much noninvasive when it comes to diagnosing malignancies, to which the only alternative before the advent of FNA was open excision biopsy. The most commonly encountered lesions in this area are lumps or swellings. The differential is important to rule out the malignancy, which is the most suspected diagnosis (Lee et al 1987, Skoog et al 2009). The technique is relatively easy to perform, fairly accurate and well tolerated by the patients. It is associated with low morbidity as it causes minimal suffering and carries next to no risk of complications. Its accuracy turns out to be the major reason for its preference over the conventional Pap smear. Numerous studies have been conducted in the area to analyze the advantages and pitfalls of both the techniques. The critical review below will outline various studies and help establish a view point about the two and reveal the superiority of FNAC. 1. Parfitt et al (2007) conducted a research to analyze the accuracy given by the two techniques. CS offers more accurate diagnosis more often. Accuracy offered by CS was 57% as compared to just 42% with that of thinprep. Thinprep has a higher

AUTHENTICITY (IN REGARD TO MUSIC) Essay Example | Topics and Well Written Essays - 1000 words

AUTHENTICITY (IN REGARD TO MUSIC) - Essay Example al group The Beatles, continuously alluded to his own inner struggles with authenticity from the perspective of being an industrial product within the interview recounted in Lennon Remembers. According to Lennon, the music of the Beatles’ was third-person music created to meet the demands of Beatlemania and as such was not authentic. In contrast, the music found on Plastic Ono Band, Lennon’s first album after the Beatles’ break-up, was primarily written in the first-person which reflects Lennon himself and the life of Lennon and Yoko Ono. Lennon said in his interview, â€Å"I always wrote about me and didn’t really enjoy writing third-person songs about people who lived in concrete flats and things. I like first-person music† (Wenner 9). Lennon was not able to reflect his own personal â€Å"self† within Beatles’ music. Instead, it was his â€Å"role† that was reflected in Beatles’ music. â€Å"Roles are not natural but a rtificial and are always being affected by the institution (or group) which provides them† (Sherwood, The role & the social construction of individuality, online). Therefore, Lennon realized that his position within the Beatles, as successful as they were, was artificial and was heavily affected by the business people who consumed the products, a much bigger and therefore more powerful institution than the Beatles. Ritzer’s concept of McDonaldization applies as an explanation of the process of industrialization that took place with the Beatles’ music. Among the four characteristics enumerated, â€Å"Calculability† and â€Å"Predictability† were of greatest impact upon the Beatles. As we saw in the short documentaries in class, the Beatles never stopped working whether they were in a hotel room or in a car on their way to perform their music. Camera men always followed every move the Beatles made, affording them with little privacy and no room for individuality. The Beatles were so powerful in that era that Beatlemaniacs were continuously

Philosophy Essay Example | Topics and Well Written Essays - 2000 words - 7

Philosophy - Essay Example However, if the actions of people are determined, it seems they fail to have free will, therefore, the can never be blamed or failed for their actions. There are five areas of philosophy, which cluster together in standard ways, though they overlap between the areas, even in section in various clusters is rate, and there can experience slight differences in their clusters. This area studies the major philosophers like Aristotle, Descartes, Nietzsche, and Hume, together with the entire periods in philosophy development (Jaspers, 16). This area is divided into various periods such as modern, medieval, 19th century, and 20th century. It tends to comprehend great figures, their influence, and their importance on the contemporary issues. The study includes area such as existentialism, deconstruction, structuralism, phenomenology, critical theory, post-structuralism, and hermeneutics. The principal figures include Badiou, Adorno, Husserl, Hegel, Sartre, and Derrida. This area consists of philosophy of mind, philosophy of science, formal epistemology, and philosophy of mathematics. Some of the areas have their own sub-branches. For instance, the philosophy of mind includes the emotions philosophy, science philosophy, special sciences philosophy, and social science philosophies. The philosophy involves studying the consequence relations and their related notions. Among the logic sub-areas are higher order logic, classical first-order, and the non-classical logics like relevance, many-valued logics, intuitionistic, and modal. This section comprises the aesthetics, ethics, political philosophy, and social areas. The ethics involves the areas of metaethics and ethics. Normative ethics addresses issues of right conduct, while metaethics is concerned with the epistemological and metaphysical commitments of ethical theories or the moral discourse. Studying philosophy is very important. It enables the learners to know how to carry out things

Economics 2 Essay Example | Topics and Well Written Essays - 1500 words

Economics 2 - Essay Example The stark contrasts in these unemployment figures reveal causative features in these two diverse European economies. The UK has a rich tradition of work culture resulting in high economic activities and thereby yielding low unemployment figures. The activities comprising employment turnover in UK is generally well coordinated ensuring better chances of employment for the unemployed while moving from one job to another in short period of time within the financial year. The job market is upbeat with healthy prospects for part time and contract employments. The availability of employment, however, does not per se serve as criteria for better quality economy. The parameters for economic excellence extend beyond the precincts of the employment factor. Advancing technologies, changing business practices, communication and information systems, globalization, etc. require adequate qualified and trained manpower. The lack of adequate education and training among significant number of job seekers in UK to meet the growing demands of the industries is the mitigating factor in UK's economy. This factor is problematic for employers on the lookout for candidates possessing the right educational qualification and skills. Nonetheless, organizations such as Learning and Skills Councils (LSCs) have taken up the responsibility of providing ways and means for continually educating young adults over 16 years of age and also providing them with job-specific training. One of the major causes for unemployment in the UK can be attributed to the insufficient availability of prospective candidates possessing the right educational qualifications and skills. Other reasons may comprise job seekers' lack of motivation or disproportionate expectations. Still, other factors may relate to the job market situation of the day necessitating lay off, etc. Also, changing or leaving jobs for better prospects could leave some people without employment for some time. Advancing technologies is another reason for unemployment. Technologies and communication systems are changing the way we work the world over. Job competition in such situation causes employers to seek out hard working, efficient candidates for various posts leaving less efficient or motivated individuals jobless. (Tim Miller) Unemployment in Italy The unemployment scenario in Italy is spread unevenly along the lines of region, gender and age. Unemployment among the female workforce is approximately 14.4%. It is 8% for the male working population. Given the fact that Italy espouses conservative social values, many female young adults choose to stay home if safe and secure jobs are not available. Unemployment among