Everyone has a dream to have a home. There is a need for more money to build or buy a house, so many times, people have to take a loan. Your home loan also gets your home, and you also save tax. Before taking a home loan, the customer should take information about all the home loan offers in the market and take it comparatively cheaper.
We are comparing the home loan interest of some banks in this article:
Bank Interest Rate:
Punjab National Bank 6.70-7.40
State Bank of India 7.35-8.25
HDFC Bank 7.50-8.50
ICICI Bank 7.70-8.80
Union Bank Of India 6.70-7.10
Central Bank Of India 6.85- 9.05
Bank Of Baroda 6.85- 9.10
Choose a long-term option:
Choosing a long period for the customer to repay the loan increases his ability to get a loan. For a long period of time, the debtor gets extra time to repay the loan. This also makes the installments less. It is ensured that the customer can repay the loan on time.
Add the name of the co-applicant:
If the spouse/husband is not there, he will. If the wife is working and her credit score is good, her name can be added as a co-applicant in the application for a joint home loan.
If you want to fill the loan EMI soon, do this:
The salary of the salaried employees increases once a year. So gradually increase your EMI amount. If you increase your EMI amount every year, the loan period will come down, which will help you repay the total outstanding loan amount.
Read also: What is COVID-19 Personal Loan? Know here what are benefits of it
Do these things, or else your Health Insurance Policy may get rejected
Good news for SBI customers: Bank reduced loan rate: EMI will be cheaper
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