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.
Public-sector banks depend on interest income
Public sector banks (PSBs) have a higher level of dependence on their interest income compared to the private sector banks as their fee-based earning from other services is declining, says an ASSOCHAM study.Apnaloan.com Research Bureau
02 Oct 2007
Public sector banks (PSBs) have a higher level of dependence on their interest income compared to the private sector banks as their fee-based earning from other services is declining, says an ASSOCHAM study.
The fee-based income of PSBs has decreased by 10 per cent, while that of the private sector banks has registered a sizable growth of 29 per cent in the last financial year, according to an Assocham Eco Pulse study on 'Income Sources of Indian Banks.'
The economy is growing at an unprecedented rate of 9.4 per cent during 2006- 07 and the demand for fee-based services of the banks are certain to go up. Hence, initiating well-thought-out steps to enhance fee-based income may be essential for the banks, according to Assocham officials.
The high interest regime has increased the interest income of PSBs by 18 per cent, although it is less than the 44 per cent rise recorded by the private sector players in the last financial year.
Some of the major PSBs have registered a decline in their fee-based income in FY07, including United Bank of India (witnessing a downward trend by 26.76 per cent), State Bank of India (22.41 per cent), Allahabad Bank (21.98 per cent), Punjab National Bank (18.15 per cent) and Dena Bank (10.82 per cent).