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.
Another loan, is it possible?
Second loan to buy second property depends on your income and repayment record and then the bank may give a loanApnaloan.com Research Bureau
10 Aug 2007
Can I get a second loan if I already have a loan?
You can get a loan for buying resale property though these could be some additional legal requirements.
You will need the chain of title of the existing owner. This means that if the existing owner has also brought the property on resale the documents relating to that sale and so onn till the first purchase will be needed in the original.
Another complication is that sometimes if any of the documents in the chain of title is not adequately stamped as regulated then the bank may not be willing to provide the loan for this purpose.
Also if the building is more than 10 years old, then some banks may have a problem with providing a loan for such property.
The valuation done by the technical experts of the bank may be lower than the price that you are actually paying for the property. You will be eligible for a lower loan amount as the bank caps the loan amount at around 85% of the valuation arrived at by its technical consultant. It maybe useful in this case to pay a small fee and get the flat valued before hand and approach banks at a later stage.
For more information on Home Loans click here