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 Select Property?
tips on how to choose property to investApnaloan.com Research Bureau
10 Aug 2007
The first step towards buying a property starts from being able to identify the one that suits your needs.
With a large number of builders competing with each other to get your attention (and you money, too), there is a wide range of choice available. However, it is important to select the property depending on:
Location Of Site - While choosing the location, you need to keep the following parameters in mind (Fill the table below and assign 1-5 values to the parameters for each flat you see in an area. A comparative table like this will help you to short list the flat).
Affordability - Does the location fit your budget?
Place of work - How far is the office from the desired location?
Market place - Where is the nearest market?
School - Where is the nearest school?
Public transport - Are buses/trains easily available from the location?
Builder - Does the builder have a good reputation in the market?
Availability of water and electricity - Is there a steady supply of both?
Residential/ commercial - Commercial areas face traffic jams during working hours and level of noise is rather high
Hospital/ Medical services - Are they available easily?
Society expenses - Is the monthly outgo on the society and maintenance a strain on your budget?
Security - Are the security systems in place, like a professional guard or electronic systems?
Parking - If you own a vehicle, you will need space to park it.
Type of ownership - In some areas, property is available only on a power of attorney or "pugree" basis. Getting funding for such properties is a problem.
| Parameters | Flat 1 | Flat 2 | Flat 3 | Flat 4 | Flat 5 |
| Affordability | |||||
| Place of Work | |||||
| Market Place | |||||
| School | |||||
| Public Tranport | |||||
| Builder | |||||
| Availability of water and electricity | |||||
| Residentail/commercial | |||||
| Hospital/Medical Services | |||||
| Society Expenses |
Self constructed property (SCP) - SCP is a situation where you buy a plot of land and construct a house there. All banks may not fund such projects.
Under construction property at an early stage - Many banks may not prefer to fund such projects. But if the builder is well reputed then it should not be a problem.
In case of a ready / resale property, you need to bear the following additional points in mind while selecting a property
Chain of title - It is important to have all the proper registered documents from the proposed seller that declares his ownership. These documents are important for you to garner a loan from the bank.
Maintenance - Check the internal as well as the external condition of the building.
Water leakages - A flat with water leakages should be strict no no as it adversely impacts the overall condition of the building.
Condition of the flat - Is the paint peeling off or concrete crumbling?
Neighbours - Grumpy neighbours can make life very unpleasant.
Society transfer charges - If they are too high then you need to factor that in your budget.
It is virtually impossible to select a property that meets all of the above-mentioned parameters completely to your satisfaction. It is, therefore, necessary to prioritise the above parameters and select a property on a trade - off that is acceptable to you.
Stage of construction - To decide on whether you need to go in for a property that is ready or under construction, you will need to keep the following factors in mind
Urgency - If you are staying in a rented property where the rentals are exorbitant and if you feel the need to shift immediately, you should opt for a ready property.
Discounts - If you are not in urgent need to buy a property, you could buy the property from a reputed builder on a cash down payment option and get a substantial discount on the cost of the flat.
Modifications - It is always easier to get a flat modified to suit your tastes/requirements at the time of construction than doing up a ready flat.