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.
Canara Bank launches reverse mortgage loan; Canara Jeevan
Canara Bank launches reverse mortgage loan; Canara JeevanApnaloan.com Research Bureau
05 Feb 2008
Canara Bank has introduced 'Canara Jeevan', a reverse mortgage loan scheme for senior citizens. Banks such as State Bank of India, Punjab National Bank and Dewan Housing Finance (HFC) also offer reverse mortgage loans.
In a reverse mortgage loan scheme, Canara Jeevan lends loans against self-occupied residential property to the senior citizens, ie. individuals more than 60 years of age.
Under this scheme, the maximum loan amount available is Rs. 50 lakh; the amount dependent on the market value of the residential property, age of the borrower and prevalent interest rates.
The loan will be disbursed in monthly/quarterly installments for maintenance and other genuine expenses and a portion of the loan amount in lump sum for medical and related expenses.