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.
Tax implication for Home-Saver, Home Credit or Smart Home Products
Tax implication for Home-Saver, Home Credit or Smart Home Products are available to the extent of the gunds used to buy a house propertyApnaloan.com Research Bureau
10 Aug 2007
I plan to buy a house property for self-occupation with my own savings. I was not planning to take a home loan. A number of banks have recently approached me, offering a similar product (Home Saver, Home Credit, And Smart Home) - where I need to pay interest only to the extent that I use the facility. I am planning to take the facility as I can withdraw some sums from time to time for my personal requirements-which I can repay as soon as funds are available and pay interest only to extent and for the time I use the funds. Will the repayments for such loans be eligible for tax benefits?
Yes, such repayments will be eligible for tax benefits. Just take care to ensure that the initial payment for acquiring the house is made from the loan account to the seller of the property. You can deposit your savings in the linked current account that these banks have for this purpose.
For more information on Home Loans click here