Home Loan
It's not difficult to lower the interest rate on your mortgage. Suggestion for saving your hard-earned money.
A score of above 750 is considered as good because it reflects financial soundness.
Making a bigger down payment, you can benefit from a smaller loan with a much cheaper interest rate.
Choose shorter periods, your EMI might be a little more, but your overall interest paid will be less.
Prior to choosing a loan, do research and compare rates. check all banks home loan interest rates
With changes in the benchmark interest rates, a floating interest rate fluctuates. It typically costs 1% to 2% less than fixed rates.
Prepayments made on a regular basis are one of the best ways to guarantee a decrease in the overall amount of interest.
The first thing to do is ask your current lender to lower your rate if you feel that they are not providing you better rate.
You may choose to increase your EMI if you receive a pay hike or if your income keeps rising.
Lenders may consider you a defaulter and take action against you if you don't pay your EMI for three months.