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.
IDBI reduces fixed housing loan rates, increases deposit rates
IDBI Bank has raised the deposit rates by 50 basis points on deposits above nine months and reduced fixed interest rates on housing loans by 100 to 150 basis points.Apnaloan.com Research Bureau
19 Sep 2007
IDBI Bank has raised the deposit rates by 50 basis points on deposits above nine months and reduced fixed apnaloan.com/home-loan-india/rates.html">interest rates on housing loans by 100 to 150 basis points.
Accordingly, the rate on a nine month deposit is 7.75 per cent while ten year deposits are now 8.75 per cent. For fixed loans the revised rate for loans up to three years is 12.5 per cent (13.5-14 per cent) and for loans up to five years it is 12.75 per cent (13.75-14.25 per cent). The floating rate remains unchanged at 11.25 per cent.
A bank official was quoted in Financial Express saying that the bank's deposits rates were hiked because the card rates, i.e. the usual buckets of three months, six months, nine months, 12 months, 18 months etc were getting overshadowed by special term deposit schemes of 390 days or 500 days tailor made by competing banks.
The bank has reduced the fixed home loan rate in line with the current market rates. IDBI Bank too kept fixed housing loan rates at 13.5 per cent-14.75 per cent for three and five year loans.