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.
SC to decide on loan prepayment charges
The State Bank of India filed an appeal in the Supreme Court against the National Consumer Disputes Redressal Commission's order regarding pre-payment charges payable by a loan consumer who repays the entire loan ahead of the schedule. The Supreme Court wApnaloan.com Research Bureau
18 Sep 2007
The State Bank of India filed an appeal in the Supreme Court against the National Consumer Disputes Redressal Commission\'s order regarding pre-payment charges payable by a loan consumer who repays the entire loan ahead of the schedule.
The Supreme Court will hear this appeal on September 18, 2007. The National Consumer Disputes Redressal Commission held such levies as unfair and restrictive trade practices.
The commission also said that the loan consumer's right to avail retail loans at a lower rate of interest cannot be curtailed by such prepayment clauses.
A bench headed by Justice B N Agarwal sought reply from Usha Vaid, the complainant, on whose petition the commission had passed the order. The reply is to be filed within four weeks.
According to SBI, prepayment charges/premium is designed to protect a lender against potential losses it may incur if a loan is paid earlier than the loan tenure expiry.