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 rates in Rs. 20-30 lakh to fall
Home loan rates in Rs. 20-30 lakh to fallApnaloan.com Research Bureau
27 Jun 2008
In the Reserve Bank of India's (RBI) annual credit policy meeting on April 29, 2008, the provisioning requirement has been lowered for home loans up to Rs. 30 lakh. Following the move, RBI expects the banks to pass on the benefits of reduced rates to loans consumers. According to media reports, currently 85 per cent customers are in up to Rs. 30 lakh category. In the total home loan portfolio, 40 per cent are on fixed rate.
Interest rates on home loans up to Rs. 20 lakh are charged 9.25-10.75 per cent, depending on the tenure. Loans over Rs. 20 lakh are priced 50-75 basis points higher.
Based on the revision of the provisioning requirement, home loans of Rs. 20-30 lakh will be charged at par with those below Rs. 20 lakh, but there will be no change in interest rates for loans below the threshold.
The move might give the banks lending business a much needed boost.
Due to frequent revision of interest rates since 2007, there is a slowdown in the growth of loans. The home loan portfolio of banks grew just 12 per cent between April 2007 and February 15, 2008 (Rs. 26,930 crore) compared to 25.8 per cent growth (Rs. 46,019 crore) between April 2006 and February 15, 2007. Loans to individuals for housing grew 16.44 per cent to touch Rs. 1, 48,489 crore in March 2008 against Rs. 1, 27,522 crore in March 2007.