Know why this is a great time to get an affordable home loan

Buying an own home has to be one of the biggest decisions of one’s life. Yes, the timing of buying a home is important. The current economic turmoil due to COVID-19 has also changed the perception of people looking to invest in a property. 

It is where a home loan has emerged as one of the biggest means to finance this need. It is why you may have read/seen in the news that the home sector is again abuzz. 

Yes, that’s true! Home loan interest rates are being offered at a lower rate with lower processing rates. Hence, it is indeed a great time to invest in an affordable home loan. 

Let’s know more in this post!

Here’s why it is the best time to avail of an affordable home loan

The ongoing economic situation had led financial institutions to offer home loans at an all-time low. One of the biggest reasons behind this is the availability of a low rate set by India’s apex bank – the Reserve Bank of India (RBI).

The repo rate has a significant role to play in determining home loan interest rates. Any change in it leads to a hike or dip in the corresponding interest rate. 

Hence, with affordable home loan interest rates in India by topmost lenders like banks, NBFCs and more, this is surely the best time to apply for housing loans. 

The availability of a lower home loan interest rate would surely lead to substantial savings. In turn, these savings owing to reduced EMIs can also be used to avail a high value top up loan. It comes at a lower rate of interest and a tenor, almost that of an ongoing loan. Hence, one can use this top up loan amount to meet many of their needs without restrictions.