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 cut home loan rates by Diwali, post the credit policy meet
Banks are expected to cut home loan rates by Diwali, post the credit policy meet on October 24, 2008.Apnaloan.com Research Bureau
22 Oct 2008
While there are not been much on festival offers for this season, commercial banks are expected to cut home loan rates by about 50 basis points following the Reserve Bank of India's (RBI) repo rate cut on October 21, 2008.
State Bank of India (SBI) is expected to decrease the retail housing loan rate before Diwali. Punjab National Bank (PNB) and Union Bank of India (UBI) have already cut rates by up to 50 basis points, though this may not be applicable to all loans. The Union Bank of India (UBI) has slashed rates by 50 basis points for loans up to Rs 30 lakh.
Private home loan providers such as HDFC and ICICI plan are yet to announce any rate cut.
While the reduction for loans above Rs 30 lakh is of about 25 basis points, media reports say that for loans of Rs 75 lakh and above, there may not be a reduction.
Some banks such as SBI have put a new ceiling of housing loans above Rs 75 lakh; with a different rate structure for these loans. Though, the government recognises only two types of home loans, those below and above Rs 30 lakh.
Most banks are awaiting Reserve Bank of India's (RBI's) half-yearly monitory policy on October 24 before cutting down the rates.
Banks have also taken to following stringent norms for deciding an individual's creditworthiness while granting a loan to avoid a subprime-like trap.