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.
Loan Before Agreement
Loan disbursement before down payment for the property is possible in certain cases and depending on the banks policiesApnaloan.com Research Bureau
10 Aug 2007
Can I get a disbursement before I put in my own money?
No. However, in cases, where you avail of finance from a source like Provident Fund, which generally takes a long time to get disbursed, some Banks agree to partly disburse the loan.
Yet it is necessary to put in some money towards the property before you avail of a part disbursement. You also need to produce adequate evidence that you have got the source of funds (for e.g., a sanction letter in case of a loan from the PF office).
Also, in certain cases where the under construction project is pre-approved the Bank may be willing to allow you to bring in your proportionate share of every disbursement rather than insisting on bringing in your entire contribution upfront. Learn more about home loans here.