Here Is How You Can Ensure Lowest Interest Rate on a Home Loan
In today’s world, buying a house is not a cakewalk; it comes with its own set of responsibilities. These include paying your EMIs every month without fail for years. To do this, you need to plan your monthly budget and make sure you make all your payments on time.
You need to do careful financial planning before taking the plunge. To cater to various unique demands of customers, several banks have customised their home loan options, making it easier for you to pick the one that suits your budget and requirement. It can be quite overwhelming and confusing to compare the various features and benefits of every offer.
Therefore, to help you make the right decision, we have listed a few tips that can assist you to get the lowest interest rate on your home loan. Take a look:
- Keep your credit score high: One of the primary factors in determining your rate of interest is your credit score. Your loan approval also depends majorly on this score. To land the best deal, you need to make sure that your credit score is high. Typically, if your scorecard reads a number above 750, then it increases your chances of getting a loan for your house at an affordable interest rate.
- Check the down payment: While purchasing a house, an initial up-front partial payment called ‘down payment’ has to be made. While sanctioning a loan, banks prefer applicants whose down payment is 20%, over the ones with 10%. This is because the latter is considered riskier and attracts a higher rate of interest.
- Opt for home loan overdraft facility: Through this solution, you can deposit any additional money into the loan account along with your EMI. This is treated as pre-payment, which reduces your interest and loan tenure. Moreover, you can withdraw this money in case of an emergency.
- Declare your employment details: Lenders generally prefer applicants with a stable income. This is simply because there are very few chances that they might run out of money while paying an EMI. Fewer risks in your candidature will automatically reduce your home loan interest rate.
- Compare online and settle for the best: Probably the best platform to strike a good deal is through comparing the loan rates online. For example, the Bajaj home loan interest rate is less as compared to the rate of other loans in the market. Besides this, Bajaj Finserv also gives additional benefits to its customers.
Undoubtedly, Bajaj Finserv home loan interest rates are seemingly impressive and their loan offerings meet all your requirements. To know more about Bajaj finance home loan interest rates and their functioning, visit their website.
