Low Interest Home Loans are Discussed Here! Considering the scarce of individuals who don’t have their own homes in our country, there are a number of lenders who provide low interest home loans. By low interest, it means to have an affordable rate of interest on the home loan facility. This facility is opted by so many individuals because of one simple reason - the prices of home loan are so high that not many individuals are able to buy it by paying in one full installment. To amend this problem, there are banks and housing companies that provide home loan to customers. In this article, we will be telling you about some of the prominent leaders that provide low interest home loans to the customers so that they can achieve their dream of owning homes. This article will also give you some of the insights about what are the steps you should follow to choose the best banks with a low and affordable rate of interest. This article will also give you the reason what is the importance of choosing a home loan with lower interest rates. Reason to choose Low Interest Home Loans Home is a precious thing that people don’t buy every day and it is a place that is quite close to individuals’ hearts. But as we told before that you need a large sum of money in order to buy your home in this country. When you borrow money from any of the lenders in the country, they usually charge a certain interest rate on the principal amount you’re borrowing. It’s important to choose low interest home loans. Let me tell you why? Your interest rate directly affects the EMI amount through which you will repay your home loan. Having a higher rate of interest will automatically make your EMI higher and vice versa. And you should always choose the interest rate according to your repayment capability and monthly income. The EMI will be going from your monthly income only, so you should keep this in check. With low interest home loans, there won’t be any pressure on your pocket to pay the higher EMI amount. You will also be able to miss any due date for the EMI payment, which will result in only increasing your CIBIL Score further. Lenders that provide Low Interest Home Loans You can have a look at some of the prominent lenders that provide home loans at an affordable rate of interest. State Bank of India (SBI): Being the largest lender of our country, SBI provides home loan for a range of purposes such as renovation, construction, purchases, etc. S BI home loan interest rate ranges from a minimum of 8.15% to a maximum of 8.80% per annum. ICICI Bank: Among the top five banks of India, it will be impossible to not mention the name of ICICI Bank when it comes about low interest home loans. You can opt for an interest rate ranging from 9.20% to 9.65% per annum which is quite affordable seeing the current market rates. HDFC Housing Finance Limited: Apart from public and private banks, there are certain housing finance companies that provide home loan to customers. You can also opt for these low interest home loans. The interest rate of HDFC Ltd ranges from 8.35% to 8.95% per annum. How can you get the Home Loan at Lower Rate of Interest? In order to get home loans at lower rate of interest, the most important thing would be your monthly income because with that only, you would be repaying the loan amount. With a higher monthly income, you would get the loan at a lower interest rate. Apart from this, lenders also assess your overall profile, CIBIL score, property location, and value of it.
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