How to Get Lowest Interest Rate on Home Loan in Ghaziabad

Buying a home is a decision of a lifetime! Although it brings an immense joy to people who want to buy a home, it also brings a financial liability for a borrower for a longer period.

Hence, if you are willing to buy a home on a Home Loan in Ghaziabad and don’t play smarter with the interest part of it, you will put a large part of your monthly income monthly.

Thus, it becomes quite apparent to implement some time-tested tricks to land a better deal on your Home Loan in Ghaziabad or any other city.     

home loan in ghaziabad

4 methods to land you reduced Home Loan interest rates

There are many more factors other than just your credit score, repayment history and more than can help you seize a lower Home Loan interest rate.

  • Maintain a good creditworthiness

Yes, as always and like for any other loan type, if you could maintain a good creditworthiness such as paying all existing loan EMIs, credit card dues and more, you could bargain for a lower interest rate with a lender. Aim to at least have 750 or more as your CIBIL score and can get a good offer on your Housing Loan in Ghaziabad.

  • Opt for a shorter tenor

Yes, even before you could think, we want to state that selecting a shorter House Loan tenor will surely increase your EMIs, but it also means that you repay the principal amount faster. A lender calculates the interest rate on a principal amount, and when it’s repaid quickly, the interest will also get reduced marginally.

  • Pay an extra EMI

Got a bonus or some money from other sources? Why not utilize it and put down an extra EMI than indulging in online shopping? Yes, aim to pay an extra EMI each year or more frequently as per your wish to reduce the principal amount. The concept is now clear – the faster your repay the principal amount, the faster you reduce your interest as well!

Go for Home Loan balance transfer

If you happen to be an existing House Loan subscriber and want to reduce your interest rate, you can opt for a provision called Home Loan balance transfer with a new lender. Yes, if you are unsatisfied with the customer service and a higher rate of interest on your Housing Loan with an existing lender, you can make it affordable with Home Loan balance transfer.

The Home Loan balance transfer will also help you pay lesser EMIs and save on your monthly outflows.

Other than lessening your Home Loan interest rates, you can also avail top-up loans up to Rs.50 lakh at a reduced rate and on a longer tenor to finance other small needs.

You can also avail a 3-EMI holiday and not pay EMIs for three months so that you get time to update your finances.

Ask your new lender if they offer you a top-up loan if you switch your Home Loans.  

All that you have to do is – pay some processing fees along with a penalty fee to your existing lender.

However, make sure that the switch fee is not more than what you will save while opting for Home Loan balance transfer.

The Bottom Line

If you are willing to reduce your Home Loan interest rates for a new loan or an existing loan, you can implement the steps listed above. All the best for your Home Loan in Ghaziabad application!

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