Here are 7 things to keep in mind if you want a low interest home loan including an interest plan and loan amount
Bank interest rates also depend on the amount of your loan
Before taking a loan, you should know the interest rate of home loan of each bank properly
It is now possible for the common man to buy his own house, as almost every bank is offering home loans to its customers at low interest rates. But taking out a home loan without realizing it may cost you more interest. Home loan interest rates are based on a number of factors, including an interest rate interest plan and a loan amount. If you borrow more without a reason, you get a higher interest rate loan. Here are 7 things you can do to get a low interest rate loan.
A good credit score will give you a cheap loan
A person's credit score greatly affects the eligibility of his home loan. Credit scores are determined by many credit profiling companies. This shows whether you have taken a loan before or used a credit card etc. Anyone's credit score is based on repayment history, credit utilization ratio, current loan and timely payment of bills. If you have a good credit score you will get a loan easily and cheaply.
Avoid taking large loans without a reason
Often people take out unnecessarily high home loans and for this reason they get loans at high interest rates. The bank's interest rate also depends on the amount of your loan. The higher the loan amount, the higher the interest rate. State Bank of India (SBI), the largest bank in the country, has 3 home loan limits. Under this, you have to pay 7.30% interest on loans up to Rs 30 lakh, 7.25% on loans up to Rs 75 lakh and 7.35% per annum on loans above Rs 75 lakh. That is, the interest rate on your loan depends on the amount of your loan.
Take care of the interest plan
Banks offer 3 types of interest plans. These 3 plans are fixed interest, floating interest and flexi interest plan. This also affects your interest rate. The bank charges a fixed interest in a fixed home plan. That is, you get a home loan at a fixed rate from the bank. The interest in a floating home loan plan is linked to the base rate of the bank. For this reason, interest rates go up or down due to changes in the base rate. Flexi home loan plan is a mixed form of floating and fixed plan. This plan is also called a hybrid home loan. The most important of these is that the customer can change his plan to fix or floating between loan periods as per his requirement. You can choose the interest plan according to your need. Apart from this you can also seek expert advice before choosing an interest plan.
Women get cheap loans
If a woman takes out a home loan, she gets a cheaper home loan than a man. Women get 5 basis points cheaper home loan, so try to be the first woman applicant when taking home loan. Apart from this, you can take a joint home loan with a woman in the family if you want. This will also give you a low interest loan.
There will be extra benefits from the festival offer
Many big banks of the country are giving special offers to the people in view of the festival season. State Bank of India (SBI), HDFC, ICICI, Bank of Baroda and Punjab National Bank are offering special offers during this festive season. Under these offers, customers are being given special discounts on home loans. Bank of Baroda and SBI are offering special discounts on interest rates under the Festival offer. Apart from this, other banks are also offering special offers.
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Review the interest rate
Never take out a loan in a hurry. One should know the home loan interest rate of all the banks properly before taking a loan. Taking out a loan in a hurry can get you into trouble for getting a loan from a lender at a higher interest rate.
Take a loan from the respective bank
If you have a bank account or a fixed deposit (FD), taking a loan from a bank can be beneficial for you. Banks provide low interest and easy loans to their regular customers.
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