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.
ICICI home loan prepayment jumps higher by 15 per cent
ICICI home loan prepayment jumps higher by 15 per cent due to increased interest rates.Apnaloan.com Research Bureau
01 Sep 2008
The frequent revision of interest rate that is pushing it higher seems to have created panic in the borrower's community.
The number of people pre-paying their home loans to avoid higher EMIs has risen by 15 per cent according to ICICI Bank. It also estimates that there has been a 35 per cent decline in home sales in the last 18 months, without taking into account the impact of the latest rate hike.
The bank is also restructuring loan repayments by generally increasing tenure to tackle defaults due to rising interest rates.