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.
How to generate down payment for your home loan
Banks do not provide the entire amount you need to buy your home. You need to put up a certain part of the purchase cost from your side as well. Here is how to put together your initial down payment.Apnaloan.com Research Bureau
10 Aug 2007
Banks do not provide the entire amount you need to buy your home. You need to put up a certain part of the purchase cost from your side as well. Here is how to put together your initial down payment.
1. If you are not able to fully finance the margin amount, you can take a personal loan along with your home loan. This is possible if your monthly income is above Rs 10,000, or if you are a practising professional. But personal loans being expensive and for a short tenure, are likely to drain your monthly resources. Take this option only when you have resources to pay off the personal loan from sources other than those taken into account for your home loan.
2. You can provide adequate additional security by pledging liquid financial assets such as shares, securities, fixed deposits, insurance policies with existing high surrender values, etc. in lieu of the 10-15% margin money expected from you.
3. You can obtain a loan against the surrender value of your life insurance policy from the life insurance company or from a bank.
4. Some banks tie up with specific, reputed builders who provide ready-to-move-in flats that include furniture, which would otherwise not be considered as part of the \'cost of the house\'. In such cases, subject to your income, you will be eligible for a bigger loan. Besides, this will also reduce your spending on these things when you move in.
5. You could also take a loan from your Employees Provident Fund account if you have had an employee provident fund account for more than 5 years.