Both the attractive home loan interest rate reduction and stable property prices are attracting buyers to invest in properties, especially luxury homes (as investments). So, yes, home loan interest rates are different for everyone.
1] EMI Affordability:
One should be well aware about one’s EMI affordability. While applying for the home loan, one should choose the longest tenure to keep the EMI at its lowest level. It helps the home loan borrower to have a breathing space in the first two-three years of the home loan repayment. But, after three years or may four years, when one’s income increases, one should repay some part of the home loan and keep the EMI at the same level bringing the home loan repayment tenure below
2] Make your wife co-borrower in home loan:
Most of the time, banks give some additional interest rate benefit to woman home loan applicants. So, if you have made your wife a co-applicant while applying for a home loan, it will help you avail this additional benefit leading to lower EMI.
3] Higher down payment:
When a first time home buyer is going to apply for a home loan, its objective should be to take a minimum amount of home loan instead of as much as he can get from the bank. For that, the home loan borrower should try to give a higher amount for down payment. Higher amount of down payment leads to lower amount of monthly EMI.
4] Bargain hard to get a better deal from your lender:
It has been found that home loans are available at a particular interest rate range. To get the minimum interest rate, the loan applicant needs to check out the exact interest rate being levied on him before the home loan approval (in fact, before the loan application process). When the loan applicant is checking about one’s home loan interest rate, he or she should be well aware about the interest rate available at other banks.
5] Transfer of Home Loan:
It has been found that those who have availed home loans four-five years ago, are paying higher home loan interest rate. For such home loan borrowers, it’s high time to contact their bank and ask for lowering the home loan interest rate.
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Mr.Siddhu Adhav.Property Consultant since 2010