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The Latest Trends Of Home Loan Rates In India
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Home loan rates seem to be the definitive factor while selecting a home loan for most people. Considering its impact on EMI, it is a crucial factor. Yet, it needs to be seen in two different considerations; macro and micro. You need to understand the trends in home loan interest rates. Then, you ensure that you get the best version of this deal possible. That is a realistic way to get the best home loan rates in India. Explore the macro-level trends through this article.
Downfall of repo rate:
RBI announced 25 points reduction in main lending rate, i.e. repo rate. This move has escalated the downfall of home loan rates in India. All major housing finance companies have lowered their rates in order to attract more customers. The primary advantage is that housing loan interest rates are at an all-time-low. Take a look at the recent announcements and newspaper articles. 9.9% seems like a normal offering. These are the lowest home loan rates in India in last 7 years. So, is it a good time for people to avail a housing loan or what?
Heat is on:
With recent downfall of housing loan interest rates, a competition has sparked between lenders. More and more lenders are creating more attractive offers to lure customers. That is a great sweet spot for people trying to buy a home right now. 9.85% rate for women is just an example of a downward trend in home loan interest rates. So, submit your housing loan application to more than one company. Then, you can have some amazingly low and affordable offers.
Float away, people:
The floating home loan rates in India are at an all-time low since 2008. Every leading housing finance organization is creating attractive house loan packages for you. In addition, fixed rates have lowered as well. So, for borrowers seeking security, this is the right time to actually buy a home loan fixed rates. If you are ready to buy, you have a real shot at getting the best home loan in India. This is a right time to find the offer you need. But, a word of caution is essential. You floating and fixed rates are unfavourable changes over a course of next 15 to 30 years. Spike in repo rate and recession remain a real possibilities. So, don’t go for EMI that will get out of hand in such circumstances. Talk to a home loan consultant to figure out how you can use these home loan rates trends to your advantage.
This is a golden opportunity to enter dream home. Enter a life of your dreams people.
Author Bio :
The author is a seasonal writer on topics of finance and the best home loan in India sector. Through her writing, she articulates aspects that are important to people availing facility such as home loan rates in India, documents, home loan eligibility criteria that help to make the best decision.
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