5 Points to Consider for Paying Low Interest Rate on Home Loan

The feeling of being a homeowner is amazing but the interest rate at which the home loan amount has to be paid off will amaze you for sure. So, inspite of depositing a huge sum of amount in calculation to the higher interest rate, consider the below-mentioned points as they are helpful to secure low-interest rate. The revision of CRR, Repo Rate and others impact the rate of interest hence consider these points to pay less:

Low Interest Rate on Home Loan

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How is your Home Loan Interest Rate Decided

With reasonably-priced apartments, land-pooling and public and private housing and loan incentive schemes, the Home Loan Market is growing rapidly in our country. Home Loans interest rates this year are at their lowest of the last six years. The Loan Interest Rate which is the cost of borrowing money (to be repaid by the borrower to the lender) is decided by lenders after considering several factors. Let’s go through them below for a comprehensive understanding of the subject:

How is your Home Loan Interest Rate Decided

How is your Home Loan Interest Rate Decided

  • Repo Rate: Repo rate (RR) is a method used by the Reserve Bank of India to control inflation. It is the rate at which the Reserve Bank of India lends money to banks if the banks have a deficit. When the RBI changes the Repo Rate, interest rates on all banking products including home loans are affected.

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Debunking Common Home Loan Myths

There is no end to one’s desires and ambitions, everyone has them! When we think of investments we all want to invest in those things which will give us good returns or dividends and at the same time are risk-free. One option that matches this criterion is real estate; if you invest right then you can be assured of lucrative returns.

Debunking Common Home Loan Myths

Debunking Common Home Loan Myths

However with the ever-increasing price graph it is not advisable to buy a home from your savings only—so the second best option is to get a home loan. But at the same time you need to be wary of Home Loan schemes as they come with their own terms and conditions. You must be well aware of all the small clauses or you could end up paying more than you bargained for. [Read more…]