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.
Joint loan to enhance eligibility
Club incomes of your relatives to get your home loan to buy you your dream house.Apnaloan.com Research Bureau
10 Aug 2007
Who can take a joint loan and how?
Home loan eligibility can be enhanced by clubbing the incomes of relatives with yours. This is one of the main reasons why one would want to opt for a joint loan.
Clubbing of incomes of relatives:
Home loan eligibility is calculated by clubbing your income with your relatives. All banks allow clubbing of the spouse's income to work out loan eligibility. In such cases, they insist on making the spouse a joint borrower (or co-borrower).
The basic premise behind using pooled incomes for calculating loan eligibility is that both parties will actually combine their income and pay off all expenses (including the home loan installment).
However, banks are selective in extending this concept of pooling of incomes to other relations.
Some banks allow parents and children to be joint borrowers, while a smaller number of banks allow brothers to be joint borrowers. The reason for the restrictions is that in the event of some dispute arising between the joint borrowers, the income stops getting pooled and there may be a problem in paying the loan installments.
Of course, disputes may arise between spouses too. Banks factor in these risks while computing the cost of doing business. This is the reason is why banks do not allow friends to be joint borrowers. This can pose a problem for a small community of couples living together without marriage or even same-sex couples.
The amount of loan offered by the bank differs according to the borrowers income profile and repayment track-record.
As a rule of the thumb, you may get 4 times the annual gross income as a housing loan.