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 to reduce home loan rates in the new financial year
ICICI to reduce home loan rates for existing loan consumers, new loan seekersApnaloan.com Research Bureau
13 Jan 2008
ICICI bank has plans to reduce interest rates on home loans for not only new customers but also the existing ones in the first quarter of the new financial year, 2008-09. Media reports say that ICICI bank's Managing Director and CEO K V Kamath, has also extended the offer of reduced interest rates to existing customers with home loans on floating rates of interest.
The bank also plans to offer risk-based pricing, under which it would start offering lower rates to consumers with better creditworthiness. However, this may take off in the next two years.
HDFC bank chairman, Deepak Parekh had earlier said that he expected interest rates to soften by 25-50 basis points in the first quarter, if the RBI does not hike the cash reserve ratio.