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.
How to get a plot loan
Formalities required to get a home loan approved for constructing own house on a plotApnaloan.com Research Bureau
10 Aug 2007
I plan to buy a plot and wish
to construct my own house. What are the formalities required to get my home loan
approved?
You will need to submit an estimate of the total
cost of construction, certified by a registered architect. The cost of the plot
to you or the current market value, whichever is lower, will also be taken into
account to work out the total cost of the project. The bank will decide the home
loan amount based on this total cost. The loan will be released in parts, based
on the progress of the construction, and after you have brought in your full
margin. The bank may insist on sending its own
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personnel to assess the progress of
construction or may rely on certificates/photographs submitted by you. Some
banks are not comfortable funding self-constructed properties and hence, you
will need to take that into account while finalising your
lender.