123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

How To Get The Cheapest Home Loan Interest Rates In India?

By Author: Aishwarya Mahurkar
Total Articles: 291

Interest rates in India are subject to change. Financial institutions charge the interest rates in keeping to the base rate and their margin. The interest ratefluctuates, but the margins, which are the cost of operations for the financial institutions, do not alter.

Getting the cheapest home loan interest rates in India:-

1. Credit score:

The foremost thing the housing finance company in India checks once a client approaches them for a loan is the credit score. You must have a good credit score in order to avail a home loan in India. The credit score is one of the deciding factors of your home loan rate and it must be maintained well, so as to be able to negotiate the home loan interest rates with your financial institution.

2.Collateral security:

Home loan is a secured loan and it requires the borrower to mortgage an asset in order to avail the loan. If the mortgage is of high value or in a location of high value or the asset has a potential of value appreciation with time, then as a borrower you should negotiate the home loan interest rate with your financial institution.

3.Lenders search:

As a borrower, you must ask as many lenders as possible to present their loan scheme to you. You must negotiate with them in keeping with the scheme they offer and seek the lowest housing loan interest rate. You then choose the lender as per your satisfaction with respect to the home loan interest rates, the facilities offered such as online and mobile portals, low fees and charges, additional features, etc.

4. Transfer of balance:

The home loan interest rates change in keeping with the changes in the base rate by the Reserve Bank of India. The housing finance company seldom lets the change benefit the existing client as the task to do so is cumbersome considering the hassle of readjusting the EMI, changing the Electronic Clearnace Service and accepting new post-dated cheques. Thus the option of transferring of balance from one bank to another is offered by the housing finance company of India. By doing so, you may then avail the lower housing loan interest rate offered by other finance houses and reap the benefits.

Low interest rates on huge principal amounts can make a lot of difference considering the longer repayment tenure. One must be on a look out for any policy change by the RBI or the reduction in base rates in order to avail the benefits of low interest.

Author Bio :

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

Total Views: 155Word Count: 467See All articles From Author

Investing / Finance Articles

1. All You Want To Know About An Nro Account
Author: Samantha Kennedy

2. Why You Must Outsource Accounting Services Sans Any Doubt And Fear
Author: Lee Bruce

3. Why Door To Door Loans Had Been So Popular Till Now?
Author: David Brown

4. The Latest Trend In Door To Door Loans.
Author: David Brown

5. The Ultimate Revelation Of Door To Door Loans.
Author: David Brown

6. Growing Your Company With Invoice Factoring Funding
Author: Nova Cash Flow Finance

7. All Eyes On The Following Intraday Cash Strategies
Author: robin scott

8. Choosing Chartered Accountancy Profession With Number Of Possibilities
Author: Austin K Loader

9. Greater Noida Triumphs Over Gurgaon To Invite With The Finest Golfing Luxury Living – The Hemisphere
Author: The Hemisphere

10. Towards Benchmarking- Efforts Made Towards Improving Transport Efficiency
Author: Dylan Munro

11. Tips For Ambitious Property Investors
Author: Charlie

12. Need Of The Hour For Investors - Equity Research Reports
Author: Aastha Kapoor

13. Critical Guidelines For Availing Short Term Loans In United Kingdom
Author: David Brown

14. How Do Banks Benefit From An Asset Reconstruction Company In India?
Author: Nidan Narkhade

15. Long Haul Auto Loan: Understand The Pros And Cons Before Saying Yes
Author: David Brown

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: