Home Loan Tips: Due to the Corona epidemic and the Russia-Ukraine war, the rate of inflation has increased significantly around the world. India is also not untouched by this effect of rising inflation. This is a significant factor in the Reserve Bank of India’s recent 0.90 percent rise in the repo rate. Due to this, there is a significant increase in the loan rates in the country. Home loan rates were in the range of 6.40-6.80 percent till a few months back. At the same time, after increasing the repo rate by the RBI, the loan rates have increased between 7.30-7.70 percent. In such a situation, while taking a home loan, you will have to pay a higher interest rate than before. In this episode, we’ll discuss the steps you can take to obtain a home loan so that you can construct or purchase a home. house at affordable rates. Let’s know about it-
It is often seen that in the case of refinancing, banks offer home loans to the customers at interest rates lower than the advertised rates. However, you must fulfill the eligibility criteria to avail this relaxation.
If you are paying very high-interest rates on any of your loans, you can reduce it by refinancing. For this, you have to find out about this by going to your nearest bank.
If you want to get a home loan at low-interest rates, then it is very important to have an accurate credit score. If your credit score is not accurate, you may have to pay a higher interest rate. To improve your credit score, you need to raise your CIBIL score above a score of 750.
Many times banks or lending institutions give loans to women at the lowest rates. In such a situation, try to apply for a joint loan with a woman in your family while taking a loan. In such a situation, you can get a loan at lower interest rates than before.
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