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.
Share Agreement
Share agreement between co-owners helps to claim tax deduction benefitsApnaloan.com Research Bureau
10 Aug 2007
This agreement is made on ____ day of _________ 2007 between Mr. __________________ having a place of residence at ____________________(hereinafter referred to as the First Party) and Ms. _____________________ having a place of residence at ____________________(hereinafter referred to as the Second Party) (the First Party and the Second Party jointly being referred to as Parties hereinafter).
Whereas the Parties have jointly bought a house property being ________________
_______________________________ (hereinafter referred to as the House Property) vide an agreement dated _________ entered into with _____________________ (hereinafter referred to as the Purchase Agreement).
Whereas the Parties have jointly taken a loan of Rs. 80 from ABC Bank (Bank) vide loan agreement dated __________________ (hereinafter referred to as the Loan)
Whereas the Parties are desirous of laying down their mutual rights and obligations.
Now this agreement witnesses as under:
- The beneficial ownership of House Property and the manner of funding is as is as under:
Cost of the House Property Rs. 100
First Party Second Party
Share of each Party in the ownership 40% 60%
Cost contributed by each party 40 60
Share of loan 40 40
Own contribution made vide
Cheque no. 0 20
2. Each party acknowledges the share of the other party in the House Property and acknowledges receipt of the own contribution made by the other party.
- The First party agrees to pay the installment amount due on the Loan as per schedule 1 enclosed and the Second Party agrees and confirms that it will duly reimburse its share of the installment on the same due date to the First Party. The First Party will be entitled to claim interest @ 18% p.a on any delays beyond 5 days from the due date for receipt of this reimbursement. The First Party will be fully liable for any delay in payment of installment to the Bank provided the Second Party has paid its share of the installment in time. Otherwise, each party will be liable to bear any interest/cost/penalty payable to the bank prorata to the extent of any delay by either party.
- Both Parties agree to share any income that arises from the House Property in proportion of their share in the ownership.
- Both Parties agree to claim tax benefits on repayment of the Loan only in proportion to their share of the Loan.
- Both Parties indemnify each other against any cost/expenses/penalty/interest that may be borne by the House Property/the other party due to the default of one of the Parties.
As a token of their acceptance to the above both Parties have signed hereunder:
_______________________ _____________________
(First Party) (Second Party)