Want to take a home loan this festive season? Check out the lowest interest rates

 If you're thinking about getting a home loan, now is a good moment to do so. However, to avoid financial difficulty in the future, make sure you have a repayment plan in place.

Interest rates on home loans are currently at an all-time low, with rates as low as 6.4 percent. The Reserve Bank of India's decision to keep key rates on hold for more than a year has also led to customers being given lower rates. After October 2019, many banks will have benchmarked their lending rates to the RBI's repo rate. To stay competitive, banks that have not linked their lending rates to repo rates are likewise offering low rates.



In addition, numerous banks around the country have launched festive season home loan promotions to entice potential customers. Many well-known private and public sector banks are also running seasonal promotions, such as waiving processing costs or eliminating the distinction between paid and non-salaried rates. This makes it an excellent time to take out a home loan.

Existing home loan borrowers can also take advantage of the low interest rate environment by switching to a bank that offers cheaper rates. It is vital to note, however, that banks have tied their holiday offers to a borrower's credit rating. So, if your credit score is below 650, getting a loan may be tough. According to BankBazaar, a famous public sector bank has stated that customers with a credit score of 800 or more can acquire home loans for a 6.7 percent interest rate.

Currently, more than 20 banks and housing financing organisations are offering loans with interest rates below 7%. So, if you're thinking about getting a home loan, now is a good time to do it. However, to avoid financial difficulty in the future, make sure you have a repayment plan in place.

If you currently have a house loan and are towards the end of your term, you may want to refinance and move to a cheaper rate to minimise your interest payments. However, do your math on final savings first, as refinancing comes with a slew of fees, including foreclosure charges, mortgage deed fees, processing fees, and so on.

If you're looking for a home loan, the table below includes a list of banks and housing finance companies that offer home loans with interest rates under 7% for amounts under Rs 30 lakh, including SBI, HDFC, ICICI Bank, Axis Bank, PNB, and LIC HFC.

Please keep in mind that your interest rate will be determined by your age, gender, income, credit score, loan amount, property value, LTV ratio, and any other terms and conditions imposed by your lender.

Conclusion

There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Best Home Loan In India if you have any more.


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