Cheapest Home Loan Rates: The Indian economy is still reeling from the effects of the COVID-19 epidemic. As a result, the Reserve Bank of India has kept the repo rate at a record low of 4 per cent, which will give lending and boost the economy. With this, banks have reduced their home loan rate to a low level of several decades. The real estate sector has also improved prices so that the inventory in this economy, which has suffered major setbacks by the epidemic, can be removed. All this is attracting buyers from the existing housing market.
Therefore, if you have the necessary margin money, steady income and substantial savings, and you can buy a house by taking advantage of low interest rates and low property prices.
Keep in mind credit score
The second thing that people should see, which is their credit score, which has become more important now than ever before. They should understand that credit risk margin is also included in the home loan linked to the repo rate offered by these banks. According to the bank market, this means that the lowest interest rates will usually be for those qualified applicants, whose credit score is excellent. (Over 750-800)
The rate difference between the best and the worst credit score can be close to 100 basis points. In such a situation, if you are thinking of buying a house, then to get the lowest possible rate, make sure that your credit score is good.
Best Home Loan List
If you are thinking of taking a home loan, then this is a list of 15 banks, which are currently offering floating rate home loans at an initial rate of less than 7 percent per annum. Note that the appropriate interest rate for you will be decided based on the size and location of the property you have chosen. According to the bank market, along with it your age, income, sex, credit score, loan amount, is included in the terms and conditions set by the lender banks.
(Note: The data has been taken from the banks’ website as of January 15, 2021. The data bank has been gathered by Bazaar.com.)