Image Credit by Google
For the majority of Indians, owning a home is a dream. Banks in India provide home loans with a maximum term of 30 years.
Image Credit by Google
The applicant's retirement age, among other things, affects the maximum house loan payback period.
Image Credit by Google
Keep loan tenure short: People take out home loans with longer terms in an effort to lower their monthly payments, but long tenure , this results in higher interest rates.
Image Credit by Google
banks and NBFCs do not charge prepayment or loan foreclosure fees on floating interest rate house loans, so prepay or part-pay your debts whenever you can.
Image Credit by Google
Comparison of house loan interest rates is crucial. Take your time and carefully weigh all of the terms and conditions offered by different lenders.
Image Credit by Google
Transferring the amount of a home loan to a lender that offers cheaper interest rates is an good option for borrowers who have already taken out a loan.
Image Credit by Google
Increase your down payment because banks and NBFCs only lend up to 75% to 90% of the total property value.
Image Credit by Google
Keep your credit score high: If you have a strong credit score, your chances of winning the interest rate negotiation with the lender are higher.
Image Credit by Google
Increase your EMI: As your income grows, you ought to choose a higher EMI if your lender permits you to do so annually.