How to Get Lowest Interest Home Loan in Chennai

Are you a Chennai resident and looking to apply for a home loan at the lowest interest rate? 

If yes, you can avail a home loan in Chennai at a lower rate after following a few tips. 

Read on and know more!

1. Maintain a robust CIBIL score

If you have a strong credit score, it means that you have managed to pay your active and earlier loan EMIs on time. Lenders consider applicants with a robust CIBIL score safe bets. It is because such applicants are expected to pay timely EMIs considering tether past repayment behaviour. Lenders reward such applicants with a higher amount at a lower rate. You can maintain a higher credit score of 750 or more by making timely repayments. A credit score of 750 or more is what is considered best. 

2. Opt for a smaller tenor

Usually, a housing loan comes with a longer tenor of up to 30 years. But repaying it over a longer tenor may let you manage lower EMIs but higher interest charges. Thus, if you want to avail a home loan in Chennai at a lower rate, you should go for a smaller tenor. Your EMI amount may increase, but you will end up saving huge on interest outgo. 

3. Pay a large down payment amount 

If you manage to pay a significant amount as the down payment, it will eventually bring down your borrowable amount. In turn, your overall home loan interest rate charges will also reduce. What’s more, you will also be able to close the loan earlier than expected. Therefore, you should try putting a large amount as the down payment. 

4. Compare all offers

When you decide to avail a home loan in Chennai, you should also consider comparing all available loan offers. This way, you should pick a deal matching your needs and repayment capacity the best. 

If you can implement these vital tips, then you can easily avail a home loan in Chennai at a lower interest rate.   

Must Read: 8 Important Tips To Consider Before Taking A Home Loan