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.
Banks to offer insurance cover for educational loans
Banks like Andhra Bank and State Bank of Hyderabad will now offer educational loan products with insurance cover to make them more attractive for the customers and safer for themselves.Apnaloan.com Research Bureau
22 Aug 2007
Banks like Andhra Bank and State Bank of Hyderabad
will now offer educational loan products with insurance cover to make them more
attractive for the customers and safer for themselves.
The educational loans re-payment schedule may
stretch up to nine years and the liability insurance shields the risk. In the
event of any tragedy (death or incapacity), the loan repayment will be taken
care of by the insurer.
Reports in Hindu Businessline say that Andhra
Bank's educational loan portfolio had grown by 34.7 per cent to Rs 953
crore in the first quarter of 2007 compared to Rs 707 crore in the same period
in 2006. The bank has a tie-up with Life Insurance Corporation for the
purpose.
Though dependent on the loan amount and repayment
schedule, the average premium amount works out to a little over Rs 1,000 per
lakh per annum.