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Cheapest Home Loan: Preparing to take home loan in the new year, then know which banks have the lowest interest rate

Cheapest Home Loans: Here we have shared a list of banks that are offering the lowest interest rates for home loans.

Cheapest Home Loan: Buying your own house is everyone’s dream. To fulfill this dream, some people add money throughout their life, while many people fulfill this dream by taking loans. It is easy to take a loan from the bank to buy a house. There are many such banks which are giving loans at an interest rate of less than 7 percent. However, the interest rates offered by banks may increase or decrease. Right now Union Bank of India and Bank of Maharashtra are two such banks, which are providing the cheapest home loan to their customers. Both these banks are offering home loans at the rate of 6.40%.

Home loan interest rates are at a 15-year low, so almost all banks are offering low interest rates on home loans. To get the cheapest home loan, one must compare the rates offered by the lenders. For this, you can use the home loan EMI calculator. This will help you get an idea of ​​how much you will have to pay every month for your loan. If you want to build a house by taking a home loan in the new year, then in this article we have shared a list of banks for you. In this list, those banks have been included, which are giving loans at the lowest interest rate.

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Can reduce interest like this

Reducing your home loan interest will help reduce the EMI burden. There are several ways by which you can reduce your interest

make prepayment

Apart from the monthly expenses, if you get a large fund from somewhere, then you can reduce the EMI of your loan by prepayment. Whenever you make a prepayment, that amount is directly less than the principal amount. In this way your monthly installment also gets reduced. While prepayment in the initial phase of the loan reduces the EMI, the interest is also saved.

reduce tenure

Even though the EMI is lower in a long-term loan, the overall cost of the loan increases significantly, as you pay interest for a longer tenure. Hence, one should opt for the shorter duration.

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You can choose the option of balance transfer

Opt for balance transfer only if you feel that your current lender is charging a higher rate of interest as compared to other lenders. Most of the banks offer home loan balance transfer facility, through which you can transfer your loan account to a bank where the interest rate is lower.

Here we have shared a list of banks that are offering the lowest interest rates for home loans.

Source: bankbazar.com

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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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