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.
Central bank to keep home loan, education loan interest rates unchanged
Central bank to keep home loan, education loan interest rates unchangedApnaloan.com Research Bureau
07 Feb 2008
Central Bank, a public sector bank, has announced that it will not reduce interest rates on home and education loans. The step was taken is in spite of other state-run banks like Canara Bank and Allahabad Bank reducing interest rates on housing loans and study loans.
Central
Bank offers a 10.5 per cent interest rate for fixed rate loans and 9.5 per cent
for floating rate loans - for loans up to Rs 20 lakh.
The Prime Lending Rate (PLR) remains at 13 per cent. Interest rates have been reduced by 25 to 50 basis points on a few retail loan schemes like Cent Trade (loan to traders), Cent Mortgage (loan against property) and loans to sectors like SME, SSI, and cold storages.
The bank is expected to revise interest rates during March- June 2008.