As the Reserve Bank of India has kept the repo rate unchanged, the home loan interest rate is at an all-time low, making this time ideal for home loans. A competitive interest rate helps borrowers sail through the lending process effectively and save on loan expenditure.
Hence, borrowers must settle for a lower interest rate before availing of a home loan and be well-versed with the means to reduce the housing loan interest rate.
Ways to get the lowest home loan interest rate
1. Compare lenders: Home loan rates vary from lender to lender. Hence, borrowers should search for the right lender offering nominal interest rates and reasonable repayment terms.
2. Opt for a shorter repayment tenor: Opting for the right loan tenor is vital in lowering the home loan rates. Short repayment tenor reduces overall interest outgo; however, the EMI pay-outs increase.
In this respect, borrowers can use a home loan EMI calculator to determine the EMI amount and select the loan tenor accordingly.
3. Go for home loan balance transfer: This is an effective way by which one can make the repayment structure feasible. Borrowers can transfer their home loan amounts to another lender extending affordable interest rates and better terms, enabling them to make savings on the interest payable.
In conclusion, home loan EMIs can be financially strenuous if not planned. Moreover, the affordability of the borrowing rests on the home loan interest rate and the long repayment tenor. Hence, borrowers should consider the pointers mentioned above to bring down the interest rate.
Read Also: Know How to Reduce Home Loan Interest Rates
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