How to take the benefits on a home loan with lower interest?
Day by day Banks increasing interest rates on different loan categories. Some banks offer a lower interest rate during the festival season.
Recently, house loan rates have been reduced by the State Bank of India (SBI), Kotak Mahindra Bank, Bank of Baroda, and HDFC Bank.
But the question is how to take the lower interest rate loan benefits.
Some important points you should remember
Take lower interest rate home loan benefits.
How? Follow the below topic:
Credit History: Credit history is your portfolio of financial stability. This will tell you how you are dealing with previous loans repayment status. So, you should maintain healthy Credit History that will generate through the Cibil score. Before applying for a loan, the bank will check your Credit Score. If you have a good credit history, the bank can offer lower interest loans.
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Higher Salaried Person: A higher salaried person can get a lower interest rate home loan compared to Self-employed. If any individual salaried person doing the job at the reputed company then he gets the lower interest rate opportunity.
Grab Festival Offer: If you are looking for a lower interest loan or waived off processing charge, wait for festival season. During festival season different types of largest banks offer lower interest rates home, gold, car loan. Also, waived off processing fees provides through banks.
Earlier SBI, HDFC, BOB announced lower interest on home, car & gold loans. Also, Kotak Mahindra Bank has reduced the interest rate on house loans by 0.15 % to 6.50 %.
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The interest rate on house loans over Rs 50 lakh has been cut by 0.50 percent to 6.60 percent by PNB.