Availing a Home Loan With Low Interest Rates Is Easy in 2020. Know How!
Posted on July 2nd, 2020
Home loans are gaining grounds in the Indian loan market, considering the recent backdrop of increased demand for real estate properties. While government endeavors like the PMAY scheme aim to offer ‘housing for all’ by 2022, financial institutions also provide subsidized home loan rates.
Taking into account the high-value loan amount and extended tenor of such credit, availing the competitive home loan rates ensures mitigated financial burden during repayment.
Ways to avail an attractive home loan interest rate
A lower rate of interest coupled with a suitable tenor makes it possible to repay a home loan sans tipping one’s monthly budget.
Here are a few ways to avail such interest rate –
- Holding a healthy CIBIL score – Secured credits do not require borrowers to possess a good credit score, due to the assurance of a mortgaged property. Nevertheless, holding a healthy CIBIL score of at least 750 offers borrowers with the power to negotiate for a competitive rate of interest.
- Choosing a suitable lender – Make sure to opt for a lender that offers a subsidized home loan interest rate. Also, use a home loan EMI calculator and settle for a reputed financier whose rate of interest caters to your current repayment capability.
- Opting for a balance transfer – In case your current lender offers a comparatively higher interest rate, opt for a home loan balance transfer. Choose an NBFC or HFC that offers a subsidized interest rate.
Approaching a leading financial institution that offers a competitive rate of interest ensures that there is a substantial reduction in your total cost of credit and hence your installments.