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.
Banks reduce lending home loan on property valuation
Banks reduce lending home loan on property valuationApnaloan.com Research Bureau
06 Apr 2008
According to the sources from the banking industry, the banks have created more stringent norms for lending home loans to potential borrowers, based on land valuation.
A more stringent set of norms have been set for property valuation and most banks use the "Ready Reckoner", a government issued document listing the price of the property based on the stamp duty paid by the buyers in a specific area for valuation of property.
According to media reports, all banks are bringing down their exposure in real estate. Some banks now finance up to 80 per cent of the cost of the property as against 90 per cent of the cost of the property.
Some banks also insist on bank statements of a relative if a personal loan has been taken for the down payment.