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Home Loan
Home loans interest rate market is heating up. Most Banks have lowered their Home loan rates this month. The new home loan seeker has many options to take Home Loan at a lower interest rate.
Most banks are offering loans from range 8%-9.5%.
Click here for Latest Home Loan Rates
Next question is what matters the most....
1. The rate of interest for your loan amount: Banks at higher loan amounts are charging higher rate of interest, so don't get fooled by rates at 8%, check what’s the rate offer for your loan amount.
Refer here to check our Current Home Loan Rates specific to your loan amount.
2. Prepayment Charges: Some banks are offering fixed or discounted rates for initial 1-3 years, and then rates is offered based on market conditions. We recommend that if you opt in for such scheme make sure you have least prepayment charges if they charge higher rates than what other banks are offering at that point you can transfer your Home loan to another bank but your prepayment charges will be a deciding factor for your home loan transfer to a new bank.
3. Eligibility: Most banks when offer rates, they offer better/privileged rates to preferred builders & also offer lesser loan amount to unknown builders.
Before deciding the property check with various home loan providers as they might offer more loan amount for the Preferred Builders than the non-listed/unknown builders.
If your Home loan is the largest contributor towards realizing your dream for a home you might have to compare & pick the best offer for yourself.
Home loan eligibility can also increase if your employer is in TOP 5000 companies in India or your business is known. So do check on those points. Also making your working wife as a co-borrower is a good idea in terms of increasing eligibility and tax savings for your family income.
Overall, rates are best in last 3 years, Both Nationalized banks and Private sector banks are offering loans, so go ahead and take your Dream into a Reality.
Only make sure you don't overburden yourself with EMI as they may change in future as these loans are at floating Rate of Interest.
We recommend all EMI put together should never go above 40% of your income. That’s really critical for not over burdening yourself in debt. |
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