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.
Banks introduce a new tier in the home loan borrowers- above Rs. 75 lakh
Banks introduce a new tier in the home loan borrowers- those who have taken loans above Rs. 75 lakh.Apnaloan.com Research Bureau
13 Oct 2008
While the government recognizes only two slabs of loans, those below Rs. 30 lakh and those above Rs. 30 lakh, banks seem to have introduced a third slab.
Banks have hiked home loan rates for large borrowers by 25 to 50 basis points. The third slab is that of loans borrowers with housing loans of over Rs 75 lakh.
The State Bank of India (SBI) is charging 12.5 per cent for home loans of over Rs 75 lakh against 12.25 per cent for loans between Rs 30 lakh to Rs 75 lakh. The interest rate is 11 per cent for loans up to Rs 30 lakh. The new rates are effective since September 2008.
A different set of rates has been introduced for loans above Rs. 75 lakh for home loan borrowers as most borrowers are the high net worth individuals (HNIs) and are in a position to pay the additional amount. The higher for the borrowers from this category are applicable on those loans which have a tenure of 15-25 years.
A circular sent to all the branches of SBI informs of the slab and it applicability on all schemes of floating rate home loans. The increased rates are also applicable to NRI borrowers.