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 seek tax clarity on reverse mortgage loans from IT department
NHB seeks clarification on tax treatment on reverse mortgage loans from IT department.Apnaloan.com Research Bureau
22 Sep 2007
The National Housing Bank (NHB) has raised its concerns regarding the tax treatment of reverse-mortgages in a letter to the Income Tax Department.
The letter said that this product which is similar to a loan against property, where the loan borrower receives a regular monthly payment from the lender, based on the owner's equity in the house and the value of the property.
Bank customers want to know if these monthly payments are taxable. Technically they should not be, as the payments are in the nature of a loan, but banks want the I-T department to explicitly clarify this point.
Besides, bankers themselves want clarification on another point. The interest accrued on the monthly payments is booked as income, but banks want to pay tax on it only when the property is monetised and the interest actually earned.