Benefits of Applying Online
When Banks Compete, you win.
Apply for a Home Loan at ApnaPaisa and we will match your requirements with the best offers from our network of over 400 service providers. We will get a maximum of five providers to compete for your business. WHEN BANKS COMPETE YOU WIN. You can then decide which home loan is best for you based on:
- Lowest Interest Rate
- Lowest EMI
- No Pre-payment charges
- Lowest Processing Fees
- Maximum Eligible Loan Amount
- Mandatory Documents Required
- Lowest Processing Fees
Or any other factor that is important to you.
Negotiating Tips
1) If you have a good credit record and your income is sufficient to justify the loan you can negotiate on interest rates. You can also try and get Processing fees or legal or valuation fees reduced or completely waived.
2) If you go for a floating rate loan then pre-payment charges are not payable.
3) When interest rates are high and are expected to go down you should go in for a floating rate loan as it makes no sense to lock into high fixed rates or the so called Dual rate loans where rates remain fixed for a couple of years before shifting to regular floating rate loans. Please review this decision at least once every 6 months
4) Take term insurance and critical illness and accidental disability policy for the full loan amount to make sure you or your loved ones don't have to worry about loan repayment should you die or are disabled due to a critical illness or accident. You cannot be forced to buy this policy from the insurance company chosen by the lender - you should choose your own insurer.
Co-operative banks may reduce lending rates for home loans after credit policy announcement
Co-operative banks in Gujarat may reduce lending rates for home loans after credit policy announcementApnaloan.com Research Bureau
22 Oct 2007
With most public and private sector banks having reduced the lending rate on retail loans, urban co-operative banks are expected to follow their lead.
The co-operative banks are expected to take a decision on lending rates after the announcement of the Reserve Bank of India's credit policy later this month.
For instance, lending rates for housing loans in Gujarat range between 9 per cent and 13 per cent. It is expected that the co-operative banks may slash the lending rate up to 1 per cent. Cosmos Co-operative Bank Ltd and Kalupur Commercial Co-operative Bank Ltd in Ahmedabad and the Gujarat Urban Co-operative Banks Federation are the major players in this sector in Gujrat.
Banks are of the opinion that co-operative banks too will reduce lending rates if they face stiff competition from their peers in the home loan sector for a sustained duration.
Most co-operative banks are small in size and it is difficult for them to lend loans at lower interest rates. However, if these lower lending rates continue to remain low in the market for a while, the co-operatives may be forced to reduce the rates to stop customers from switching over to other banks.
However, a limitation to urban co-operative banks customers is that such lending institutions also cater to loan seekers who do not have proper documentation required for a loan. This last line makes no sense. Or, elucidate how it affects the co-op banks.