Tips to Get the Best Out of Your Home Loan

In India, buying a new home is considered one of the biggest accomplishments. For some, it is a landmark event in their life. And most aspiring homeowners rely on getting a home loan to make their dream come true. Today, getting a loan has become easier than before; many lenders offer loans at attractive interest rates and offer customised services to suit the different needs of the customers.

While you may find many lenders willing to offer you a loan, it is vital that you do your homework well to get the best out of your home loan. If you are wondering how and what to do? The following tips will be useful.

  1. Maintain a high credit score

All lenders consider the credit score as one of the critical criteria to approve a loan request. The credit score of the borrower reflects their creditworthiness and credit history. So, before you start applying for a home loan, it is advisable to check your credit score and see if it is high enough to meet the lender’s minimum credit score requirement.

If not, take steps to improve the score and then apply for a home loan. If you have maintained a high credit score, you can use it to your advantage and negotiate a better offer with the lender. Based on your credit history, you can get a discount on the home loan interest rate.

  1. Apply for a joint home loan with a female family member

Applying for a joint home loan is one of the most effective ways to increase your home loan eligibility and get a higher loan amount. You can make the most out of your home loan by applying for a home loan with a female family member.

Generally, the lenders in India offer a home loan to female applicants at a lower interest rate than others to encourage women to be homeowners. Also, most state governments offer a discount on the stamp duty and property registration charges for properties registered under a woman’s name as the sole or co-owner.

Lastly, when you apply for a joint home loan, both of you can individually enjoy tax benefits on the repayment. Thus, by applying for a joint home loan, you can be in a win-win position.

  1. Apply for a home loan online

Today, almost all reputed financial organisations offer online home loan services. One of the significant benefits of applying for an online home loan is that you can easily compare the offers from different lenders and make an informed borrowing decision.

Also, you can easily avail of the home loan-related services from the comfort of your home. From repaying your EMIs to getting a home loan account statement and knowing the break-up of the EMI, you can get everything you need with just a click of a button. Finally, many lenders offer exclusive deals and offer to online home loan applicants.

Final Word

Getting a home loan is a great way to fund the purchase of your dream home. And by using the above tips, you can get the most out of your home loan and enjoy better savings.