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.
Bank wants to sell off my home
The cross default clause can let the bank recover the loan amount or EMI by selling your house and term you a defaulterApnaloan.com Research Bureau
10 Aug 2007
I have taken a home loan from a private sector bank. I also have a credit card from the same bank. I have an ongoing dispute with the bank on some unauthorised debits on my credit card which I have refused to pay. My payments on both the home loan and credit card (except the disputed items) have been on the dot. The bank has threatened to declare me a defaulter on both my home loan and the credit card and have further threatened to take possession of my home and sell it to recover the disputed payments. Can the bank do this?
Most home loan agreements have a \'cross-default\' clause, which enables the bank to declare you a defaulter for all loans from them if you are in default on any relationship with them. This clause is a standard clause and allows the bank to recover all dues by selling any security that they might hold against any of the obligations to them. You should take up this issue with the senior management of the concerned bank and solve it amicably.