It is often the case that when a person goes for a home loan, he has to pay higher interest than others. The interest rate on a home loan depends on many factors, including the loan amount and the Sibyl score. Apart from that the bank gives low interest home loans to women borrowers. Here are 6 things you can do to get a low interest rate loan.
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A good credit score will give you a cheap loan.
Anyone's credit score affects the eligibility of his home loan. Credit scores are determined by many credit profiling companies. It shows whether you have taken a loan before or used a credit card etc. Anyone's credit score is based on repayment history, credit utilization ratio, current loan and timely payment of bills. If you have a good credit score you will get a loan easily and cheaply.
Avoid
borrowing large amounts without a reason. Bank interest rates also depend on the amount of your loan. The higher the loan amount, the higher the interest rate. State Bank of India (SBI), the largest bank in the country, has 3 home loan limits. Under this, you have to pay interest at the rate of 6.70 per cent on a loan of up to Rs 30 lakh, 6.95 per cent on a loan of Rs 30 to 75 lakh and 7.05 per cent per annum. That is, the interest rate on your loan depends on the amount of your loan.
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A good credit score will give you a cheap loan.
Anyone's credit score affects the eligibility of his home loan. Credit scores are determined by many credit profiling companies. It shows whether you have taken a loan before or used a credit card etc. Anyone's credit score is based on repayment history, credit utilization ratio, current loan and timely payment of bills. If you have a good credit score you will get a loan easily and cheaply.
Avoid
borrowing large amounts without a reason. Bank interest rates also depend on the amount of your loan. The higher the loan amount, the higher the interest rate. State Bank of India (SBI), the largest bank in the country, has 3 home loan limits. Under this, you have to pay interest at the rate of 6.70 per cent on a loan of up to Rs 30 lakh, 6.95 per cent on a loan of Rs 30 to 75 lakh and 7.05 per cent per annum. That is, the interest rate on your loan depends on the amount of your loan.
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Beware
of interest plans Banks offer 3 types of interest plans. These 3 plans are fixed interest, floating interest and flexi interest plan. This also affects your interest rate. The bank charges a fixed interest in a fixed home plan. That is, you get a home loan at a fixed rate from the bank. The interest in a floating home loan plan is linked to the base rate of the bank. For this reason, interest rates fall or rise due to changes in the base rate
Flexi home loan plans are similar to floating and fixed plans. This plan is also called a hybrid home loan. The most important thing is that the customer can change his plan to fix or floating between the loan period as per his requirement. You can choose the interest plan according to your need. Apart from this you can also seek expert advice before choosing an interest plan.
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Beware
of interest plans Banks offer 3 types of interest plans. These 3 plans are fixed interest, floating interest and flexi interest plan. This also affects your interest rate. The bank charges a fixed interest in a fixed home plan. That is, you get a home loan at a fixed rate from the bank. The interest in a floating home loan plan is linked to the base rate of the bank. For this reason, interest rates fall or rise due to changes in the base rate
Flexi home loan plans are similar to floating and fixed plans. This plan is also called a hybrid home loan. The most important thing is that the customer can change his plan to fix or floating between the loan period as per his requirement. You can choose the interest plan according to your need. Apart from this you can also seek expert advice before choosing an interest plan.
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Women get cheaper
home loans If a woman takes out a home loan, she gets a cheaper home loan than men. Women get 5 basis points cheaper home loan, so try to be the first woman applicant when taking home loan. Apart from this, you can take a joint home loan with a woman in the family if you want. This will also give you a low interest loan.
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Women get cheaper
home loans If a woman takes out a home loan, she gets a cheaper home loan than men. Women get 5 basis points cheaper home loan, so try to be the first woman applicant when taking home loan. Apart from this, you can take a joint home loan with a woman in the family if you want. This will also give you a low interest loan.
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Age and job also affect
Most banks prefer to give loans to salaried people sooner and at lower interest rates than to those who have a job. This is because their loan money is more likely to be repaid from here. Apart from that, the bank also avoids giving loans to older people or gives loans at higher interest rates
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Age and job also affect
Most banks prefer to give loans to salaried people sooner and at lower interest rates than to those who have a job. This is because their loan money is more likely to be repaid from here. Apart from that, the bank also avoids giving loans to older people or gives loans at higher interest rates
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Take a loan from the relevant bank If
you have a bank account or a fixed deposit (FD), taking a loan from a bank can be beneficial for you. Banks provide low interest and easy loans to their regular customers.
Take a loan from the relevant bank If
you have a bank account or a fixed deposit (FD), taking a loan from a bank can be beneficial for you. Banks provide low interest and easy loans to their regular customers.
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