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.
Monetary Policy Review
Reaction from Harsh Roongta, CEO, Apna Paisa Pvt. Ltd. on the policy moveHarsh Roongta
22 Apr 2009
As part of its Annual Policy Statement for the financial year 2009-10, the Reserve Bank of India (RBI) cut repo and reverse repo rates by 25 basis points (0.25%) each. The repo is the rate at which the RBI lends to banks while the reverse repo is the opposite. Post the cut, the repo rate now stands at 4.75% while the reverse repo rate stands at 3.25%. The cash reserve ratio (CRR) remains unchanged.
Reaction from Harsh Roongta, CEO, Apna Paisa Pvt. Ltd. on the policy move
In today's monetary policy review, RBI has once again dropped the Repo and Reverse repo rates by 25 basis points (0.25%). This was a mild surprise since a rate cut was not widely expected. Nonetheless, RBI has done significant rate cuts over the last six months, which has only partially impacted the interest rates on deposits and lending. The real constraint to a further reduction of interest rates by the banks are their long term deposit rates which compete with the government run (and guaranteed) small savings schemes. With 5 years Post Office deposits paying 7.5 %, PPF @ 8%, whereas NSC rates and Post Office MIS rates being 8% + and senior citizens scheme at 9% the small investor will clearly shift to these schemes if banks drop interest rates below these schemes. This creates a floor below which banks FD rates cannot drop. And when banks fixed deposit rates cannot drop, it is clear then lending rates can also not drop. So clearly till these administered rates are brought down we are unlikely to see any significant changes in interest rates (both deposit and loans). We will have to wait for the new Government to come in to change the administered rates on various small saving schemes.