Know the Current Home Loan Interest Rates When You Apply - Loan Trivia


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Thursday 17 November 2022

Know the Current Home Loan Interest Rates When You Apply

Aspiring home buyers, facing a cash crunch, can opt for secured credit like home loans to ease their worries. A popular choice for most individuals, one may borrow up to 80% to 90% of a property's cost as loan. With convenient and flexible repayment options, you can repay the loan with pocket-friendly EMIs. 

How to Get Lower Interest Rates on Home Loans

When seeking home loans, one should consider the current home loan interest rates offered by different lending institutions. Your loan interest can single-handedly determine the cost of your home loan. The slightest variation in these rates could increase or decrease your EMI and the overall interest outgo. 

Despite a rise or fall in the current home loan interest rates, borrowers can secure attractive rates at any time if they keep the following essentials in mind:

  • With numerous lenders in the market, look for special deals and research various loan schemes to select the most competitive rate. 

  • Check your credit score. Loan applicants with credit scores of 750 and above can obtain lower interest rates as compared to those with poor scores. A good credit record offers better leverage to negotiate favourable rates and terms with your lender.

  • One can obtain reduced rates if they meet the lender's eligibility criteria. These include their credit profile, age, type of employment, employer profile, income levels, etc. 

  • Furnish the proper set of supporting documentation as required for quicker loan approvals.

  • Individuals may check for pre-approved loans to benefit from competitive interest rates and faster loan processing. 

  • One should extend a bigger down payment to secure affordable loan principal and interest rates.

  • Existing borrowers could consider a home loan balance transfer facility if they find lenders tendering better rates than the current one. 

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