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.
EMI payment contribution between co-owners who are co-borrowers
EMI payment contribution between co-owners who are co-borrowersApnaloan.com Research Bureau
10 Aug 2007
How do we pay for our respective shares of the loan? Should we give proportionate cheques for each EMI or contribute the EMI amount proportionately to a joint account from where we can make this payment? Another option is to pay 8 EMI cheques from the husband's account and 4 EMI cheques from the wife's account? From a tax point of view which is the better option?
The bank is unlikely to accept proportionate payment for each EMI from both of you since most banks' internal systems do not provide for accepting 2 cheques for the same EMI. The second option though correct, can be slightly cumbersome so the third option of 8 installment from the husband's account and 4 from the wife's account is ideal. Incidentally, for tax purposes one of you can pay all the installments and seek reimbursement from the other for his/her share as well. Though that is the legal position, from a practical point of view, it might be advisable to follow the 3rd alternative suggested by you.
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