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.
Good news for home buyers: Govt to introduce law to cap penalty on payment default by home buyers
The government is planning to bring in a new law that restricts the maximum amount that a real estate developer or financier can charge a home buyer as penalty in case of delay in payment.Apnaloan.com Research Bureau
10 Aug 2007
The government is planning to bring in a new law that restricts the maximum amount that a real estate developer or financier can charge a home buyer as penalty in case of delay in payment. The proposal is to limit the penalty to 1% of the default amount. This clause will be incorporated in the proposed Real Estate Management & Regulation Bill.
According to reports, developers used to charge 8 to12% as penalty on delayed payments. This is especially valid for under-construction projects, where the home buyers pay back is linked to completion of the project in stages.