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.
How to avoid common problems while taking a housing loan
Some common problems faced by home loan customers along with possible ways to avoid themHarsh Roongta
14 Aug 2007
Here are some common problems faced by home loan customers along with possible ways to avoid them:
1. Desired/promised home loan amount not available
No real solution except that you can try to get a written (or even email) acknowledgement from the lender or his representative that the processing fee will be refunded if the loan amount is not as per application.
2. Promised interest rate not available
Same as above
3. Non-refund of processing fee in the event of non-sanction or non-use of the sanction
Same as above
4. Loan amount getting restricted post-sanction due to lower valuation of the property by the bank
Try and get the bank to value the property even before getting the sanction, even if it means paying a small valuation fee. This is especially important for old resale properties.
5. Non-availability of chain of title documents and/or NOCs in the format desired by the bank or problems with any other legal/title document
Give copies of all property papers along with the application form so that any problems can be highlighted quickly. Obtain copies/formats of the NOC issued by the society/other authority in earlier cases and ensure that the particular format is acceptable to the bank. The society or other authority is unlikely to change its format for your lender.