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.
Can I sell my property with a loan outstanding against it?
Can one sell his/her property taken on loan when it is still outstanding against it?Apnaloan.com Research Bureau
10 Aug 2007
Yes, you can, but you will need the bank's consent. This consent letter will typically provide the amount, on payment of which the outstanding loan will be fully paid off.
This amount includes the prepayment charge, if any, chargeable by your bank and should list the documents held by them that will be released on payment of the stated amount. This amount mentioned in the certificate is typically calculated as on a future date, to enable time for the buyer to arrange the payment.
Based on this certificate, you can negotiate the sale of your house with potential purchasers. If the new purchaser takes the loan from your existing bank, the process is far simpler than if he were to take the loan from another bank, which may need the title deeds in its hands before it agrees to release payment.
In the event the purchaser is not taking any loan and is making an outright payment, the new purchaser can make a cheque favouring the bank for an amount equivalent to the amount stated in the certificate. This will clear your home loan. For the balance amount, he will provide a cheque in your name. Your property documents will be released to the buyer only when you have prepaid your entire housing loan.