Keep these 5 important aspects in mind before taking a home loan

home Loan: LIC Housing Finance has recently cut the interest rate on home loans. The company is now offering home loans at an interest rate of 6.66 per cent. While Kotak Mahindra Bank, Punjab and Syndicate Bank are giving loans at 6.65 per cent. Many banks give loans at very low interest.

So, if you have a good credit score, you will get a home loan at an interest rate of less than 7 percent. If you are going to take a home loan from the bank, then it is very important to keep these things in mind.

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keep these things in mind

1. Most housing finance companies and banks offer home loans between 6.65 per cent to 6.75 per cent. But your CIBIL score should be more than 800 to get the home loan at the lowest rate. If you take insurance coverage along with the loan, then the bank also gives you the loan at low rates.

2. Some banks offer the lowest interest rates for salaried women. . Banks may charge an additional 5-10 basis points on the cheapest interest rate offered for men. A basis point is one hundredth of a percentile.

3. Some banks offer the lowest interest rates for loans up to Rs 30 lakh. . For larger amounts, the bank may charge a higher rate of interest.

4. Most of the banks prefer to give loans to the salaried employees. . If you are not a salaried employee, the bank may charge you a higher rate of interest. . At the same time, the interest rates for traders are different.

5. Certain criteria have also been laid down by the banks, keeping in view which banks grant loans to their customers. . The age and educational qualification of the customer is considered for availing the loan. If you want to buy a used property, the bank may charge you a higher interest rate or may reject the loan application.


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