5 Smart Tips To Get The Best Home Loan

  Author: Naveen Kumar

Buying a home is one of life’s biggest financial goals. And being a big ticket item, one would need a home loan to buy one. Consequently, a home loan means getting into a long term financial commitment where a considerable portion of your income is spent in servicing home loan EMIs every month. This makes it important to select the right home loan. Here are five smart tips to get the best housing loan for yourself so that you can soon walk into your own new home.

Shortlist few lenders with lowest rates Select 3 lenders offering the lowest home loan interest rates. Some lenders may not approve the loan for the property of your choice.

Go for pre-approved properties Get a list of pre-approved properties for the city and area of your choice from selected lenders. Zero down on two to three  most suitable options that fit your budget.

Keep your credit history clean You can get into a position of being offered best home loan interest rates when you have a good credit history. Therefore, ensure that you are disciplined while repaying previous loans and outstanding payment for your credit card.

Negotiate with the lender If you are not taking the housing loan from the lender offering the lowest home loan interest rate explore the possibility of a lower rate from a home loan provider citing your creditworthiness and lower rate offered by the lowest rate lender.

Owning your home, especially your first home, will be one of the proudest moments in your life. Keeping these five tips in mind and you will have a home loan making it easier to make your dream come true.