• About Us
  • Disclaimer
  • Privacy Policy
  • Contact Us
Best Digital Mate
  • Home
  • Business
    • All
    • Cryptocurrency
    • finance
    Commercial Finance Lenders

    5 Qualities to Look for When Partnering With Commercial Finance Lenders

    Advancements in Digital Licensing Fueled by Bitcoin

    Advancements in Digital Licensing Fueled by Bitcoin

    Navigating the Market: Strategies for Swift Business Idea Validation

    Navigating the Market: Strategies for Swift Business Idea Validation

    Data Preservation and Digital Yuan: China's Synergetic Approach

    Data Preservation and Digital Yuan: China’s Synergetic Approach

    Why should you invest in Tata Motors Shares?

    Why should you invest in Tata Motors Shares?

    Bitcoin Investment Progress for this Decade in Seychelles

    Bitcoin Investment Progress for this Decade in Seychelles

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • finance
  • Digital Marketing
    • SEO
  • Technology
  • Health
  • Travel
  • Education
  • Gaming
  • Real Estate
  • More
    • Gadgets
    • Event
    • Entertainment
      • All
      • Celebrity
      13377x Movies

      13377x Search Engine for Movies, Games, Software, Applications in 2024

      EZTV Proxy Sites to Watch Your Favourite Content in 2022

      EZTV Proxy Sites to Watch Your Favourite Content in 2024

      Moviescouch website 2021

      MoviesCouch Website 2024 for Latest Hindi Movies download

      1337x Proxy Site List in 2022: Free Access to Premium Content

      1337x Proxy Site List in 2024: Free Access to Premium Content

      Faverou app

      The Loveliest Masterpiece of God’s Heart- The Heart of a Mother

      Movierulz ps Website for Telugu Movies, TV Shows and Webseries in 2023

      Movierulz ps Website for Telugu Movies, TV Shows and Webseries in 2023

      Trending Tags

      • Golden Globes 2018
      • Grammy Awards
      • Explore Bali
      • Champions League
      • Harbolnas
    • Electronics
    • Training
    • Outdoor
    • Fashion & Beauty
    • Lifestyle
No Result
View All Result
  • Home
  • Business
    • All
    • Cryptocurrency
    • finance
    Commercial Finance Lenders

    5 Qualities to Look for When Partnering With Commercial Finance Lenders

    Advancements in Digital Licensing Fueled by Bitcoin

    Advancements in Digital Licensing Fueled by Bitcoin

    Navigating the Market: Strategies for Swift Business Idea Validation

    Navigating the Market: Strategies for Swift Business Idea Validation

    Data Preservation and Digital Yuan: China's Synergetic Approach

    Data Preservation and Digital Yuan: China’s Synergetic Approach

    Why should you invest in Tata Motors Shares?

    Why should you invest in Tata Motors Shares?

    Bitcoin Investment Progress for this Decade in Seychelles

    Bitcoin Investment Progress for this Decade in Seychelles

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • finance
  • Digital Marketing
    • SEO
  • Technology
  • Health
  • Travel
  • Education
  • Gaming
  • Real Estate
  • More
    • Gadgets
    • Event
    • Entertainment
      • All
      • Celebrity
      13377x Movies

      13377x Search Engine for Movies, Games, Software, Applications in 2024

      EZTV Proxy Sites to Watch Your Favourite Content in 2022

      EZTV Proxy Sites to Watch Your Favourite Content in 2024

      Moviescouch website 2021

      MoviesCouch Website 2024 for Latest Hindi Movies download

      1337x Proxy Site List in 2022: Free Access to Premium Content

      1337x Proxy Site List in 2024: Free Access to Premium Content

      Faverou app

      The Loveliest Masterpiece of God’s Heart- The Heart of a Mother

      Movierulz ps Website for Telugu Movies, TV Shows and Webseries in 2023

      Movierulz ps Website for Telugu Movies, TV Shows and Webseries in 2023

      Trending Tags

      • Golden Globes 2018
      • Grammy Awards
      • Explore Bali
      • Champions League
      • Harbolnas
    • Electronics
    • Training
    • Outdoor
    • Fashion & Beauty
    • Lifestyle
No Result
View All Result
Best Digital Mate
No Result
View All Result
Home Business finance

7 Best Tips To Get Lowest Home Loan Interest Rates

Admin by Admin
September 24, 2022
in finance
0
7 Best Tips To Get Lowest Home Loan Interest Rates
590
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

Getting a home loan is not a trivial decision; it is one that can have a huge impact on all your other finances. While it is important to list out the best home loan lenders and pick the most suitable one for you, it is also necessary to make sure that the plan you opt for offers you the lowest interest rate possible. A high-interest rate on your loan can leave a dent in your pocket.

Since a home loan is a long-term commitment, it is crucial to take a loan with the lowest interest rate available. On average, a loan last for 10-15 years which means even a slight difference in percentage can cost you thousands in the long run. Below are some tips on how to get the lowest interest rates on a housing loan.

7 Ways to get the lowest home loan interest rates:

Table of Contents

  • 7 Ways to get the lowest home loan interest rates:
    • 1) Market Research:
    • 2) Maintain a good credit score:
    • 3) Consider increasing the EMI amount:
    • 4) Pay it off early:
    • 5) Save big for the downpayment:
    • 6) Shorter tenure might help:
    • 7) Move to a new lender:
  • Summary:

1) Market Research:

This is a no-brainer; if you want to find a low interest home loan, you will have to look for the options available out there. Once you do thorough market research, list out the options that you feel offer the best interest rate. You can then further compare the plans and see which loan plan benefits you the most.

A lot of these options might seem convincing at first, but only a deep dive into the specifications will help you decide which one is the best for you. A home loan is nothing something that should be taken in haste. Take your time to compare the options for as long as you want to before signing up for it. 

2) Maintain a good credit score:

Your credit score has a consequential role to play when it comes to any kind of loan. Since a home loan is usually a large sum of money, any home loan finance company depends even more on your credibility. And the easiest way to check someone’s financial credibility is to know their CIBIL. Suppose your credit score is low, the chances of a higher interest rate increase.

The only condition when a lender is going to trust you with a low credit score is if you pay a higher interest rate. The better your credit score, the more you can negotiate with the lender and convince them to give you better plans. You can start working on your credit score a few months prior to applying for the loan by paying your credit card dues on time or before time. 

3) Consider increasing the EMI amount:

The higher the EMI amount you pick, the lower the interest rate you will be required to pay to the bank/ NBFC. Or, if you have an ongoing home loan already, an increase in your monthly installments may help bring down the interest rate. If you are earning more now than you used to at the time of applying for the loan, increasing the EMIs could be a good option. Connecting with your lender and revising the plan can help you save money on the interest rate. In cases of ongoing home loans, reviewing your home loan periodically will make sure that it remains the best housing loan for you. 

4) Pay it off early:

The best way of escaping the interest charges on your home loan or any loan is to pay it off early. If you have some extra cash at your hand and you are in no immediate need of it, you can benefit from it by making a prepayment for your loan. Early payments can help you get debt free early and therefore reduce the interest rates. Any extra money that you earn during your repayment tenure can be used to pay off your loan early instead of being spent on a new gadget or a luxury item.

5) Save big for the downpayment:

Paying a big downpayment amount initially automatically decreases the remaining amount. You will be charged a lesser interest if there is less repayment amount left. It is therefore suggested to start saving long before you plan to apply for a home loan so that you can go big on the downpayment.

However, also make sure that you keep saving emergency savings with you and not spend the last penny on your downpayment. Pay as much as you comfortably can. Loan repayment should be structured, keeping all the other expenses in mind.

6) Shorter tenure might help:

The sure-shot way of getting the lowest interest rate on your home loan is to opt for a short repayment tenure. Lenders give you the option to pick a home tenure as per your paying capabilities, whether you take up the loan offline or opt for a home loan online apply.

A longer tenure might appear tempting as it means lower EMIs; however, if your budget allows, you should always opt for a shorter tenure. The tenure that you select has a huge impact on the interest rate. You will not realize how much extra you end up paying to the lender in the form of interest rate in longer tenure. 

7) Move to a new lender:

The repayment tenures for the best home loans are long. A lot can change in the market in such a long time. If you feel that you are paying high-interest charges on your current home loan and a lot of cheaper options are available out there, consider shifting to a new lender. You can request a balance transfer and get into a new plan for your existing loan with a new lender of your choice. Staying up to date with the options available and shifting to a home loan for you at that time is a wise choice.

Summary:

The best home loan lenders in the market provide you with various options for a home loan. Pick the one that offers you the lowest interest rate, or strategize your loan plan in a way that you are paying the lowest interest rate in the market.

That can be done by taking up a short tenure period, making a big downpayment, making prepayments against your loan, paying higher EMIs, etc. No matter which option you pick, your sincerity during the repayment tenure defines how early you will be free of debt and how less you will pay as an interest to the bank.

Tags: best home loansEMI amountfinance companyHome Loanhome loan lendersrepayment tenure
Previous Post

Why Is Louis Vuitton So Expensive?

Next Post

Linebet Apps Bangladesh – Free Apk for Android and iOS

Admin

Admin

Related Posts

Why should you invest in Tata Motors Shares?
finance

Why should you invest in Tata Motors Shares?

by Admin
July 27, 2023
What is Sensex India and its role in the Indian economy?
finance

What is Sensex India and its role in the Indian economy?

by Admin
January 5, 2023
How to decide whether a Personal Loan is right for you or not
finance

How to decide whether a Personal Loan is right for you or not

by Admin
December 26, 2022
The Top Trends That Have Shaped The Life Insurance Industry In 2022
finance

The Top Trends That Have Shaped The Life Insurance Industry In 2022

by Admin
December 23, 2022
Next Post
Linebet Apps Bangladesh - Free Apk for Android and iOS

Linebet Apps Bangladesh - Free Apk for Android and iOS

10 Fun Things To Do On Weekends

10 Fun Things To Do On Weekends

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


The reCAPTCHA verification period has expired. Please reload the page.

ADVERTISEMENT

Recommended

How Do Solar Panels Work?

Sustainable Energy 101: How Do Solar Panels Work?

September 9, 2021
Credit Score

Better Borrower! 5 Important Facts About Credit Scores

February 16, 2021
Benefits of PG in HSR layout

Benefits of PG in HSR layout

June 21, 2022
Draft Curtains Installers

How to Find the Right Smoke Draft Curtains Installers

November 21, 2020
Steps That You Need To Follow For Selling The eBooks For Bitcoins!

Steps That You Need To Follow For Selling The eBooks For Bitcoins!

February 19, 2022

Categories

  • Automobile
  • Business
  • Celebrity
  • Cryptocurrency
  • Digital Marketing
  • Education
  • Electronics
  • Entertainment
  • Event
  • Fashion & Beauty
  • finance
  • Food and Drink
  • Gadgets
  • Gaming
  • General
  • Health
  • Home improvement
  • Internet
  • Law
  • Lifestyle
  • Outdoor
  • Pet
  • Photography
  • Real Estate
  • SEO
  • Technology
  • Training
  • Travel

Don't miss it

12 Top Features to Look for in a Crowd Testing Platform
Technology

12 Top Features to Look for in a Crowd Testing Platform

January 27, 2025
The Complete Wall art Guide According to Different Types
Home improvement

The Complete Wall art Guide According to Different Types

January 23, 2025
The Importance of Quality Assurance in Software Development
Technology

The Importance of Quality Assurance in Software Development

October 16, 2024
Benefits of Using Portable Document Format (PDF)
Technology

Benefits of Using Portable Document Format (PDF)

October 11, 2024
LinkedIn Automation: The Best Zopto Alternatives in 2024-2025
Technology

LinkedIn Automation: The Best Zopto Alternatives in 2024-2025

September 24, 2024
Configuring SMTP Settings in Magento 2: Enhancing Email Delivery
Technology

Configuring SMTP Settings in Magento 2: Enhancing Email Delivery

June 25, 2024
best digital mate_mobile

Welcome to Best Digital Mate, your number one source for all information about Digital Marketing, Events, Health and Fitness, Technology, Travel, Fashion & Beauty, Gadgets and more. We’re dedicated to giving you the very best information about all these categories, with a focus on quality, relevancy and timely update.

Contact: [email protected]

Categories

  • Automobile
  • Business
  • Celebrity
  • Cryptocurrency
  • Digital Marketing
  • Education
  • Electronics
  • Entertainment
  • Event
  • Fashion & Beauty
  • finance
  • Food and Drink
  • Gadgets
  • Gaming
  • General
  • Health
  • Home improvement
  • Internet
  • Law
  • Lifestyle
  • Outdoor
  • Pet
  • Photography
  • Real Estate
  • SEO
  • Technology
  • Training
  • Travel

Recent News

12 Top Features to Look for in a Crowd Testing Platform

12 Top Features to Look for in a Crowd Testing Platform

January 27, 2025
The Complete Wall art Guide According to Different Types

The Complete Wall art Guide According to Different Types

January 23, 2025

Contact Us

    • About Us
    • Contact Us
    • Disclaimer
    • Home
    • Privacy Policy

    © 2021 bestdigitalmate.com. All rights reserved.

    No Result
    View All Result
    • Home
    • Technology
    • Gadgets
    • Digital Marketing
    • Fashion & Beauty
    • Business
    • Event
    • Travel
    • Entertainment
    • Lifestyle
    • Lifestyle
    • Health
    • Electronics

    © 2021 bestdigitalmate.com. All rights reserved.