How to make sure you get lowest rate of interest for home loans


Posted May 6, 2019 by inrcredit

Buying a home is quite a significant event in a person’s life. Selecting the right home not just needs a lot of planning at your end but also comes with its own kind of responsibilities

 
Buying a home is quite a significant event in a person’s life. Selecting the right home not just needs a lot of planning at your end but also comes with its own kind of responsibilities. Financing a home is one of the most convenient way to fund the money required to own the place. But, before you apply for a home loan, it is important to consider the EMISs you will have to pay and the rate of interest you will be getting the loan at.

Banks and other financial institutions today have a myriad of financing options, some even provide loan against property without itr and special rate of interests on loan on mcd houses but it is always better to follow these tips to ensure you get lowest rates on your home loan.

CIBIL Score

CIBIL is the prime factor when it comes down to determine the home loan eligibility of an applicant. A good CIBIL score increases your chances of getting a loan at attractive interest rate and hence you get a home loan on cheapest EMI. To improve your score, make sure you pay credit card bills on time and do not delay other loan EMIs.

Down Payment

It is suggested that before you purchase a home, you save enough money to make down payment when you are applying for the loan. Paying a higher amount for down payment reduces your burden of long tenure EMIs sine you have already paid a significant amount of payment.
Debt-to-income Ratio:

Another important factor when it comes to applying a home loan is debt to income ratio. It is basically the ratio of income compared to your overall monthly EMI amount. It is suggested to keep your EMI amount less than your monthly income in order to have a convenient loan repayment process.
Stable Job & Source of Income

Banks and lending institutions consider the employment stability of applicant and his/her income to calculate the amount of loan a person is eligible for. A person with regular source of income and a stable job have better chances of getting a home loan at good interest rates. You can check your home loan eligibility online by using loan calculator on websites like INRCredit.com.

Source: http://www.imfaceplate.com/inrcredit/how-to-make-sure-you-get-lowest-rate-of-interest-for-home-loans
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Issued By INRCREDIT
Country India
Categories Loans
Tags home loan eligibility online , home loan on cheapest emi , loan against property without itr
Last Updated May 6, 2019