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 You can reduce the cost of home loan through various means including seeking shorter loan tenure.   Home loan When trying to buy a home you need to plan the home loan process properly. Starting from choosing the right bank to get a loan and getting a favorable interest rate, many aspects are important. Also, try to reduce the cost of home loan . Apart from the interest rate, various factors influence it. Moreover, especially now that the Reserve Bank has said that the Repo Rate will continue unchanged, there is no chance of an immediate reduction in the interest rate. With this background let's look at ways to reduce the cost of home loan. Loan period The loan tenure can range from 10 years to 20 years. It is determined based on various factors like age, income of the borrower. Generally, the shorter the loan term, the higher the monthly installment. The longer the loan tenure, the lower the monthly installments. Many may prefer to go for a longer term to reduce the ...

How to decide the right time to get a home loan, Deciding to buy a home is a major milestone and can be both exciting and challenging. Because while applying for home loan facility, interest rate trends and loan prices can be confusing. Borrow at the current interest rate or wait until the interest rate drops and reap the benefits?  Home loan management. Many people may be confused. However, apart from the interest rate, other relevant aspects should also be taken into consideration while availing a home loan. Preparedness: Financial preparedness is important when trying to get a home loan. Banks force borrowers to pay 20 percent of the home's value. This will also help in reducing debt burden. So, first you need to prepare the amount to be paid. Debt Liabilities: A home loan is a long-term liability. Pay monthly installments for several years. If there are already installments for other loans, the installment burden may increase. Hence, it is advisable to reduce...

Being a guarantor for a friend's loan can be a risky decision, even if you have a close relationship with the person. Here's what you need to know about the responsibilities and potential consequences of being a guarantor, Loan guarantor responsibilities  What does it mean to be a guarantor? A guarantor is someone who agrees to be personally responsible for repaying a loan if the primary borrower defaults on their payments. This means that if your friend stops making payments on the loan, the lender will come after you for the money. What are the risks of being a guarantor? The biggest risk of being a guarantor is that you could be on the hook for a large amount of money if the primary borrower defaults. This could damage your credit score, make it difficult to qualify for your own loans ...

Owning a home is everyone's dream. But amid today's economic needs, we cannot build houses with our income alone. It is in this environment that we try to buy home loans from banks. Bank interest rates vary from bank to bank and banks also charge a processing fee. Best bank list Home loan Which bank is best for home loan with less interest Bank with low interest rates and low processing fees for,  home loans, Kotak Mahindra Bank Kotak Mahindra Bank offers one of the lowest interest rates on home loans, starting at 8.75% p.a. It also has a competitive processing fee of up to 0.50% of the loan amount. Kotak Mahindra Bank offers home loans for a variety of purposes, including purchase of a new home, construction of a home, renovation of an existing home, and balance transfer. State Bank of India (SBI): State Bank of India not only has the largest customer base in India but is also the leading lending bank. Here it charges a processing fee equal to 0.35 percent in r...

The Reserve Bank of India (RBI) held its third consecutive monetary policy meeting this year from August 7-10, 2023 to curb inflation in the country. The meeting was chaired by RBI Governor Shaktikanta Das. Home loan Happy news What will be home loan interest rates in 2023 in India The MPC decided to keep the repo rate unchanged at 6.50% for the third consecutive time. The repo rate is the rate at which the RBI lends money to commercial banks. The MPC also decided to maintain the cash reserve ratio (CRR) at 4.50%. The CRR is the amount of money that commercial banks have to keep with the RBI. The MPC's decision to keep the rates unchanged was a surprise to many analysts who had expected a rate hike to curb inflation. However, the MPC said that it was still too early to raise rates as inflation was expected to peak in the coming months. The MPC also said that it was closely monitoring the impact of the recent increase in fuel prices on inflation. The RBI has been facing a difficult...