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.
Claim 100% Tax Benefit
Claim 100% Tax Benefit by making a share agreement between the spouses who are co-ownersApnaloan.com Research Bureau
10 Aug 2007
I bought a flat in joint name with my wife. The entire own contribution has been made by me from my own sources and the home loan is also being paid entirely by me from my own sources. My wife is a housewife and has no separate income of her own and does not file tax returns. Will I be able to claim the entire tax benefit on the home loan repayment, even though the certificate received from the bank is in joint names?
This should not pose any problem. You should enter into a simple share agreement with your wife in the beginning itself. The agreement should clearly state that the entire payment is being made out of your sources and hence, you have 100% beneficial ownership. You can submit the certificate received from the bank, along with your return claiming 100% deduction. If the income tax officer raises any issues, you can submit the copy of this agreement to him.
For a copy of the draft agreement, click on the link below:
http://www.apnaloan.com/primers/home-loan-india/shareagreement.html
For more information on Home Loans click here