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.
Business loan or a home loan
business loan or a home loan to owna flat to put on rentApnaloan.com Research Bureau
10 Aug 2007
I took a home loan from HDFC bank. During the year 2005-2006, the interest paid by me was about Rs.2, 00, 000. I told my CA that I would be renting out the house and file a claim for the entire interest exemption in I-T return. He says that if the house is to be put on rent, I should have taken a business loan and not housing loan; he says that he can claim Rs. 1, 50, 000 only.
The requirement for deduction of interest payable on a loan is only that it should have been taken to acquire or construct a house property. The nomenclature of the loan (whether a business loan or a home loan or even a completely unsecured personal loan) is completely irrelevant for the purpose of claiming deduction under Section 24. The only requirement is that, you must be able to prove that the loan is taken for the purpose of construction or acquisition of a house property.
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