Looking to buy your own home? If so, taking a home loan will be the most feasible decision you can make. There are many banks that offer the lowest home loan interest rates in Chandigarh. These interest rates on a home loan can differ depending upon your property’s worth and how much you can repay every month. It is important for you to keep in mind that the rate of interest (ROI) will be higher if you’re considering a higher loan amount.
Some banks offer the interest rate on home loans starting from 8.65% depending on the creditworthiness & overall borrower employment profile. However, these rates will vary upon the conditions listed below, including occupation, the nature of the loan and the loan amount.
Here is a list of some important tips that will benefit you immensely while getting a lowest interest rate on a loan for your dream home:
Check Home Loan EMI and Calculate Your Eligibility
Looking to take a home loan? If so, calculating your eligibility for the loan amount you’re considering will work in your favour. Besides, you must estimate the EMI you’re likely to pay each month which you can shell out without thinking twice.
Consider the following things when estimating your eligibility for the home loan:
Net Take Home Salary
EMI on consumer loans (if any)
Make a Brief Comparison of Shortlisted Banks
Aside from charging interest rates, several other fees on home loans are charged by the banks. Make sure you check other fees associated with your loan, including processing fee, prepayment charges, insurance premium and several various charges which banks offer on home loan interest rates in Chandigarh.
Check Approval Status of the Property
Buying a home from a builder? If so, then checking for the banks which have given an approval for the projects you’ve shortlisted is a good idea. For selling the property, consider checking the map plans (ensure that they’re approved by the builder). Narrow down your search for the banks which can serve you better with their lending on the chosen property.
There are several other things that determine your eligibility to obtain the best home loan interest rates. With these interest rates available to serve you better, buying your own home has become an easier affair.