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.
Banks must provide loan deal copy
RBI makes it mandatory for banks to furnish loan deal copy of the loan sanctionedApnaloan.com Research Bureau
23 Aug 2007
Banks have made it mandatory to provide a copy of
the loan agreement to the borrower, once the loan is sanctioned, according to
the latest RBI guideline.
Though RBI had mandated it in 2003 that banks need
to furnish a copy of the loan agreement to the borrower, many of the banks were
found flouting the norms and providing the copy only on
request.
Most banks provide a term sheet along with the
payment schedule that includes a break-up of the interest and principal for
EMIs. In fact, unlike what is prescribed in the May 2003 circular, banks also
get away by not informing the borrower about the change in terms and
conditions.
From now on, you can insist on a copy of the
agreement to get the details of the terms and conditions and other caveats
governing the credit facility finalised after negotiation. In addition, an
authorised official from the bank has to certify the document, says RBI
guidelines.
The circular had also said that banks need to
clearly mention the fee and charges for all priority sector loans of up to Rs 2
lakh.