house loan interest

Housing loan interest rates are an integral component of a home loan. However, in the attempt to find a lender that provides the lowest rates, most borrowers forget to acknowledge a few important features and facts about this cost. That’s why this article will throw light upon 5 of the more interesting yet seldom dwelled upon points of home loan interest rates - hopefully, these pointers till influence your decisions in a positive manner. 1. Interest rates depend on your loan slab. So not only will different lenders have different interest rates, but different loan amount also have differing interest rates. For example, with most leading lenders, loans up to 30 lakh will have interest rates ranging between 8.55% and 9.05% per annum. On the other hand, if you were planning to borrow above 30 lakh from the same lender, you’d have to as much as 8.65 or 9.15 percent per annum. 2. Women get lower housing loan interest rates. It’s not a very known fact but women borrowers get dis...

Home loan interest rates are one of the most important aspects of a housing loan. However, it’s also a cost that causes many borrowers grief every month. This is usually because they go into the decision of a home loan without the right amount of preparation to handle this cost. To ensure this doesn’t happen to you, this short write-up will highlight 6 smart tips that should help you handle this cost with ease. 1. Apply after improving your credit score. Better home loan interest rates can be negotiated if you have a good credit score to leverage. The average score is around 750, but the higher you are to the maximum of 900, the better your chances of availing a low interest rate on your home loan. 2. Save for a larger down payment.   A higher down payment will ensure the interest rate is calculated on a smaller principal amount. Therefore, a higher down payment results in lowered interest payments and shorter tenures as well. 3. Women borrowers get lowered rates. ...