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.
No Objection Certificate
No objection certificate is that the property can be transferred to another buyer legallyApnaloan.com Research Bureau
10 Aug 2007
What is an NOC?
An NOC is a No Objection Certificate to mortgage the property given by the legal owner of the property to the Bank. This is required in cases where the legal owner of the property is different from the beneficial owner. Some examples are co-operative housing societies who legally own the property but the members have the right to occupy specific premises and to transfer such rights. Another case could be where the land is owned by a statutory development authority such as DDA and who transfer leasehold rights to the borrower while retaining the legal ownership of the land. The NOC certificate covers five main clauses: Property being free from any encumbrances, property being free and marketable, permission to mortgage the property, acceptance of the bank's charge on the property, and the borrower not being allowed to transfer the property to anyone else without the consent of the Bank.