Cheapest Home Loan on Diwali: Home loan interest rates are at an all-time low this festive season. Many banks across the country have announced offers on home loans during the festive season to attract their customers. Many private and government banks are offering various types of offers, including waiving processing fees, under the festive offer. If you also want to take a home loan in this festive season, then this can prove to be a better opportunity for you.
Those with less than 650 credit scores may face difficulties
Even if you have already taken a home loan, you need not despair. If you want, you can switch to the banks offering lower interest rates. It is being said that only those borrowers who have a good credit profile can take advantage of this festive offer of banks. For example, according to BankBazaar, a leading public sector bank has announced that only borrowers with a credit score of more than 800 can avail home loans at an interest rate of 6.7 percent. So, if your credit score is less than 650, it may be difficult for you to get a loan.
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You can switch to a bank with a cheap interest rate
At present, there are more than 20 such banks and housing finance companies that are offering home loans at an interest rate of less than 7 per cent. So, if you are planning to take a home loan, then this can prove to be a good opportunity. If you are already paying off a home loan and are in the early stages of your tenure, you can consider switching to a bank with a cheaper interest rate to reduce your burden. But before doing so, know that refinance comes with certain costs, such as foreclosure charges, mortgage deed charges, processing fees, etc. So take a decision keeping this in mind.
The interest rate in these banks is less than 7%
If you are planning to take a home loan, then here we have given a list of banks and housing finance companies. This includes SBI, HDFC, ICICI Bank, Axis Bank, PNB and LIC HFC – which are offering interest rates as low as 7% for amounts below Rs 30 lakh. Keep in mind that the interest rate applicable to you may be higher depending on your age, gender, income, credit score, loan amount, property value, LTV ratio or any other terms and conditions as decided by your lender.
(Article: Sanjeev Sinha)
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