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.
Orissa gov to revise loan recovery laws
Orissa government to revise loan recovery laws. It is considering the implementation of a recovery act similar to the recovery Act of Uttar Pradesh.Apnaloan.com Research Bureau
10 Sep 2007
The Orissa government has decided to revise its loan recovery laws to accelerate the process of loan recovery in government sponsored programmes.
The government has decided to make laws, similar to the recovery Act of Uttar Pradesh (UP).
The sub-committee formed for the relevant purpose will look at various provisions of the Act in operation in UP and suggest changes in Orissa Public Debt Recovery Act (OPDR). It will have representatives from the banks and the government.
State Bank of India (SBI) and UCO bank will collect basic field level data regarding the proposed changes in the OPDR Act by conducting field visits.
Some bankers had even suggested the implementation of the provisions of the section 9 (3) and 9 (4) of the chapter 3 of the UP Act, which was lacking in the Orissa Act.
Specific provisions in the UP Act empower the Tehasildar to recover loan dues even from legal representative of the debtor. However, there is no such provision for recovery of loan dues in the Orissa Act.
Also, the fees payable on the application for recovery is almost the same as that of civil suits and there is no provision of appeal in OPDR Act.
Keeping these drawbacks in mind, the proposal will be examined and amended suitably to incorporate these aspects.
The overall recovery rate of all banks improved to 49.67 percent in March 2007, compared to 41 percent by end of March 2006.
However, the recovery rate in government sponsored schemes continues to lag behind. The recovery rate for government sponsored schemes like IRDP/SGSG was only 36.25 percent by end of March 2007, under Pradhan Mantri Rojgar Yojana (PMRY), the rate of recovery was only 20.01 percent by end March 2007.