In India, you can find current home loan interest rates at lower rates. Hence, it is the best time to invest in a property and pay the lower interest rate and EMIs.
The current home loan interest rates have been reduced in the COVID-19 times.
If you want to know about current home loan interest rate and how to get a lower one, then go through this post!
What are current home loan interest rates?
The current home loan interest rate in India start at 6.65% and onwards.
Depending on the type of lender that you apply with, home loan interest rate charges may vary.
Your CIBIL score, repayment and employment history, along with age, can affect it as well.
How to get lower home loan interest rates?
It is possible to enjoy reduced home loan interest rates if you follow a few tips. Take a look:
Maintain a higher CIBIL score of 750 or more
A robust credit score of 750 or more can help you enjoy the lowest home loan interest rates. It is because a lender considers you creditworthy owing to your timely repayment record.
Opt for a shorter tenor
Opting for a smaller tenor may increase your EMI amount but can surely help you save on home loan interest rate charges.
Apply while you are still young
Applying for housing finance when you are still young can help you get approved at a lower rate. It is because you have more workable years left compared to someone who is about to retire.
Thus, if you are looking to apply for a housing loan for a long time, it is the best time to save huge interest costs.
Read Also: Buying a Home Under 45 Lakh? Know the Tax Benefits on Home Loan
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