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Top 3 Reasons To Negotiate The Housing Loan Interest Rates

By Author: Aishwarya Mahurkar
Total Articles: 291

Home loan is a complex financial product. It may seem like a simple one, especially when you look at the terms and conditions in housing loan agreement. It has a quite a few possibilities. However, home loan calculations clarify the fact that home loan interest rates are the key factor. Once you fix the property, your principal amount it fixed. Your tenure gets fixed based on your age and income. But, your housing finance company can choose to lower the home loan rates. They have a choice. They do need to remain within the reason. But, even 0.50T% change can make a huge difference to housing loan borrower. So, here is why you must negotiate for lower housing loan interest rates with relationship manager.


Lower EMI:


You must do everything in your power for lower EMI, right? You cannot negotiate effectively then, you can hire a personal finance consultant. But, lower EMI can reduce the much of the tension in your daily life. You can use these extra funds to support your family better, take a vacation or prepay your house loan. But, it is the most crucial factor affecting your monthly cash flow. However, you need to convey justifiable reasons for the same. You cannot suggest it without valid reasons.


Lower interest amount:


Lower home loan interest rates mean lower interest. Very few borrowers have a long term view of the present circumstances. But, this is the most valuable reason. A small change in home loan interest rates can go a long way in lowering total amount of interest. You should consider it a great start to home loan tenure. But, most importantly, it will mean access to additional funds in the long run too.


Long term financial wellbeing:


Home loan rates define EMI and EMI affects monthly cash flow. Monthly cash flow supports healthy and comfortable lifestyle. However, low home loan rates also allow you to make financially smart decisions with spare funds. These additional investments go a long way in creating a sustainable lifestyle for you and your family. You can rely on these investments to support you if there are any financial requirements. These smart savings can pay EMI when you can’t. They can sponsor international holidays, medical expenses and many more overheads easily.


Access to additional funds while paying EMIs will always be a helpful. That’s why it is vital to negotiate home loan rates. Though, negotiating home loan rates is accepted practice in India. But, you need justifiable reason for it. Do understand that housing finance companies cannot do so for any reason. However, it is possible to lower housing loan rates for a right applicant in right circumstances. So, right reasons and right plan of action will lower home loan rates and improve a quality of life.

Author Bio :

The author is a seasonal writer on topics of finance and the home loan sector. Through her writing, she articulates aspects that are important to people availing facility such as housing loan interest rates, documents, eligibility criteria that help to make the best decision.

Total Views: 106Word Count: 511See All articles From Author

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