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.
Home improvement, extension loan
Home improvement or extension loan is used for repair, construction of existing housePooja Gawde
02 Jun 2008
Home improvement or home-extension loans are available for the purpose of repairing/extending the existing house.
It is advisable to take advice from professionals such as an architect or a structural engineer for improvement/extension. Remember, structural changes in the building/flats such as extensions or further construction (adding a room, adding kitchen, terrace or an additional bathroom) requires clearances from municipal authorities and other relevant regulatory bodies.
The loan may be disbursed by the bank or a lending institution in full or in installments, depending on the progress of repair work.
The extension or improvement loan can be used for internal and external repairs, structural improvements such as painting, waterproofing and roofing, for plumbing, electrical works, tiling and flooring etc.
The list of documents required for 'home improvement loans' are:
- Title deeds for a period of at least 13 years
- Encumbrance certificate for the past 13 years
- 'Khata' certificate
- Latest tax receipts of the property
- Sanctioned plan
- License for the extension
- Estimates of costs from a qualified engineer
- Cost estimate from the architect or contractors
Tax benefits are available on the interest paid for the 'home improvement loan' under section 24.