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.
Bank wants the sale agreement; seller wants the money. Help!
Here's what you can do if your bank won't give you the loan and the buyer wont sell.Apnaloan.com Research Bureau
10 Aug 2007
My bank insists on registration of the sale agreement before making disbursement. However, the house seller refuses to sign the agreement till he receives the money for the house. What should I do?
You can show the seller the sanction letter from the bank and pay your part of the property cost to him immediately. Once this is done, enter into a partly paid agreement with the seller of the flat or house. This agreement mentions the cost of the house and the amount paid to the seller along with the balance amount to be paid.
The agreement sets a time limit for the balance payment (usually 15 to 30 days) to be made and contains a clause that the agreement would be null and void in case of a failure of payment within the stipulated time. This agreement is registered and the disbursement is taken from the Bank directly in the name of the seller after that.
However, some house sellers may refuse to enter into such a partly-paid agreement. In such cases, the bank may agree to send its representative with a pay order for the loan amount to the registrar's office so that the registration and handing over of the payment can be done simultaneously.
However, this is a rather clumsy arrangement. Builders normally have no problems with entering into and registering a partly-paid agreement. This is one more argument for buying your house from a reputed builder. Click here to read more articles on home loans