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Cheapest Home Loan: Before applying for a home loan, keep these things in mind, otherwise you will miss out on taking advantage of cheap rates

At the time of festivals, some people wait for the festive season throughout the year due to attractive offers from banks to fulfill their big dreams.

Cheapest Home Loan: Due to the attractive offers from banks during the festive season, some people wait for the festive season throughout the year to fulfill their big dream like home. Banks offer attractive discounts on home loans to attract more and more customers in view of the festive season. This includes cutting interest rates or not charging processing fees, etc. This is the best time to fulfill the dream of home as the current home loan rates are at a low of 15 years and loans can be availed at just 6.5 per cent. Apart from this, developers also give special offers to customers in the festive season, which doubles the fun of offers from banks / financial institutions. However, it is very important to keep some things in mind before availing a home loan such as many financial institutions offer home loans at low rates to people who have been their customers in the past.

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take care of these things

  • On the auspicious occasion of the festival, most of the people fulfill their big dreams like home. To fulfill this dream, some people add capital for a long time, while some people buy a house by taking a loan. According to Ratan Choudhary, Head of Home Loans, Paisabazaar.com, most home lenders offer loans at low rates to loan applicants who have a lending or deposit account with them. In such a situation, if in this festive season, apply for a loan in those banks or NBFCs, where you have a deposit account or have already taken a loan.
  • Before applying for a home loan, be sure to compare multiple home loan offers by visiting an online marketplace. Compare offers from multiple banks or NBFCs to choose the best deal for you based on your credit score, monthly income, job profile, employer profile, etc.

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  • According to Chaudhary, you should not only compare the interest rate, but also the processing fee and tenure. Processing fees play a big role in the cost of home loan, so it is not right to ignore it. Apart from this, if the EMI of the longer tenure is less, then in such a situation, take the decision of tenure wisely.
  • Before applying for a home loan, keep in mind that most lenders give priority to loans to those whose EMI does not exceed 50 per cent of their monthly income. In such a situation, home loan applicants should choose such a tenure through the EMI calculator so that the EMI burden is not affected and other financial goals are also not affected.

Home loan will be available even at just 6.5%

Some banks are also giving home loans at the rate of just 6.5 percent. A loan of a large amount i.e. more than Rs 75 lakh can be obtained at the rate of 6.5 percent. Given below are the interest rates of some banks/NBFCs-

Looking for cheapest home loan Check out best deals and important things to keep in mind

(Article: Sanjeev Sinha)

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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