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.
Tax exemption for a property bought on Power Of Attorney Basis
Tax exemption for a property bought on Power Of Attorney Basis is available under Section 27 of I-T ActApnaloan.com Research Bureau
10 Aug 2007
I am planning to buy a house for my own residence on "power of attorney" basis and a bank has also agreed to give a home loan to finance this acquisition. Since I am not technically the owner of the house, will I be eligible for the tax benefits on the loan repayment?
Tax benefits on loan repayments are available only to owners. What constitutes ownership is a complex legal subject and has been the subject matter of much litigation in the courts. With the introduction of Section 27 (iiib) of the I-T Act, the power of attorney holder is the "deemed owner" of the property and is eligible for the tax benefits.
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