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.
IOB slashes floating home loan rates by 50 basis points
IOB slashes floating home loan rates by 50 basis points, concessional processing fee, and additional concession on interest rates if 25% margin provided for home loanApnaloan.com Research Bureau
18 Oct 2007
Indian Overseas Bank has reduced floating home loan interest rates up to 50 basis points for new housing loans.
The current interest rates are:
For loans up to Rs. 20 lakh, for as period of up to 5 years, interest rates have remained unchanged; at 10 per cent and 10.5 per cent for loans above Rs 20 lakh.
For a period of 5 to 10years, the interest rates on loans up to Rs 20 lakh is 10.50 per cent (11 per cent previously) and 11% ( 11.50 per cent) for loans above Rs 20 lakh for the same period. Floating home loans of up to Rs. 20 lakh for 10-20 years is 10.5 per cent (11per cent) and 11 per cent (11.50 per cent) for loans above Rs 20 lakh for the same period.
Home loan consumers can avail an additional discount of up to 25 basis points on floating home loans of up to Rs 20 lakh if the margin is/more than 25 per cent of the cost of the property.
An additional concession of up to 50 basis points will be offered if the margin or the down payment is 25 per cent and above for loans above Rs 20 lakh. A concession of up to 50 per cent will also be offered on the processing fee.
However, the fixed home loan rates have been left unchanged. The fixed interest rate for loans up to 5 years up to Rs. 20 lakh have a rate of interest at 10.50 per cent, 11 per cent for loans from 5 to 10 years.
The fixed rate on home loans of more than Rs. 20 lakh is 12 per cent for loans up to 5 years and 12.50 per cent for loans from 5 to 10 years.