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.
Microfinance for SHG to boost housing credit in rural areas: IFMR report
Microfinance to boost housing credit in rural areas: Centre for Micro Finance and Institute for Financial and Management Research report,loan repaymentApnaloan.com Research Bureau
05 Feb 2008
According to a research report by Centre for Micro Finance and Institute for Financial and Management Research (IFMR), microfinance is still in its nascent stages in India. While most institutions will readily provide microfinance for business needs, most institutions are still reluctant to provide housing loans.
The latest initiative toward spreading housing micro-credit has been made by the National Housing Board (NHB) with its tie-up with Chennai based micro-finance institution, Repco Foundation for Micro Credit.
This initiative will give a boost to the housing credit in the rural areas of India. According to a report by National Housing Board (NHB), despite refinance support to primary lending institutions, the housing credit in rural areas has remained stagnant at 10% of the total bank credit during the last few years.
Estimates indicate that even by 2020, 60% of India's population will be in the rural areas, despite increasing trends towards urbanisation.
IFMR's report also talks of the challenges in providing housing microfinance; the most important ones being funding sources and security linkages. The basic issue is complicated land titles and collateral issues. Also, the lending methodology is completely different and the loan repayment period is much longer than the normal loan period.