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 loan eligibility criteria to be reworked by banks
Home loan eligibility criteria to be reworked by banks.Apnaloan.com Research Bureau
21 Oct 2008
Sources from the banking industry say that banks, both public and private sector ones are seeking advice on reworking the eligibility criteria for home loan disbursal. Presently, the cap is calculated based on the repayment capacity and other criteria.
Some banks may also rework loan applications on the possible future interest rate hikes and if the loan is for a second or third home, reputation of the builder and the stage of completion of the housing project. The consideration of all these norms have lowered the creditworthiness of potential borrowers.
Apart from public-sector banks, private banks also have plans to reconsider the home-to-income amounts, tightening it by 5-7 per cent.
Some banks are also unwilling to lend for an under-construction property and are becoming more particular about the past track record of the builder and pother relevant criteria.
Other sources also say that with property valuation dipping, the loan on offer has also shrunk.