Every common man who works hard has a dream to have a house. More money is required to build or buy a house, so many times people have to take a loan. The home loan also makes your home and you also save tax. Before taking a home loan, the customer should take information about all the home loan offers available in the market and which should be comparatively cheaper.
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 long term option
Choosing a longer period to repay the loan increases the eligibility of the customer. Over a long period, the debtor gets additional time to repay the loan. Instalments also make less amount. In such a situation, it is ensured that the customer can repay the loan on time. Also, if the spouse is working and has a good credit score, then their name can be added as a co-applicant in the application for a joint home loan. Salary of paid employees increases once a year. So increase your EMI amount gradually. If you increase your EMI amount every year, then the loan period will decrease, which will help you to repay the total outstanding loan amount.
Is interest in savings account getting more than fixed deposits?