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.
Demand for home loan low, real estate prices high
Demand for home loan low due to high real estate pricesApnaloan.com Research Bureau
29 Jan 2008
Rising interest rates on home loans and an upward trend in real estate prices has led to a slack in the demand for home loans.
Real estate developers are expecting a rate cut from the Reserve Bank of India (RBI) to boost the housing demand.
The latest RBI data shows that the number of home loans in April-November 2007 fell 39% to Rs 32,424 crore from a year ago. Project loans to developers also eased by a fourth to Rs 12,563 crore.
Even in cities like Bangalore, Kochi, Hyderabad, Noida and Gurgaon where the real estate prices were rising high, prices have fallen between 5% and 10% in the recent times.
The festival season also didn't take off well for real estate in cities like Mumbai, Pune and Chennai.
Home prices surged over 200% in 2007. To curb the trend, RBI raised cash balance requirements four times to suck out cash from the system.