Question 1

✅ Which Bank has the lowest home loan interest rate?

Accepted Answer

Currently lowest home loan interest rate offer is available through Kotak Mahindra Bank and Citibank at 6.65% p.a. Other top banks offering  minimum home loan interest rate  are HDFC, ICICI, Bajaj Finserv & SBI. Home loan interest rates are at lowest levels in the past 15 years. Women borrowers can tap further concessions on the available rates.

Question 2

✅ How to Get Lowest Home Loan Rates in India?

Accepted Answer

Use professional advice and compare the best deals online to grab the lowest  today home loan rate  offer. Use EMI Calculator and negotiate for the best rate.

Question 3

✅ What factors do banks consider before approving a Home Loan application?

Accepted Answer

Factors that affect the home loan approval process include age, income & job/business stability, debt to income ratio, Credit Score, dependants, co borrower’s financial health, LAP etc.

Question 4

✅ What are the minimum and maximum tenure for Home Loans?

Accepted Answer

Home Loans are available at maximum flexible repayment terms. The tenure can range from 5 years to 30 years. Choose the lowest possible tenure to keep the interest burden low.

Question 5

✅ Can a co-applicant apply for a home loan?

Accepted Answer

Yes, home loan can be applied by co-applicants jointly. Normally the loan is availed in joint names to increase the loan eligibility. You can avail the loan jointly with spouse, children or parents.

Question 6

✅ Is a balance transfer option available for a Home Loan?

Accepted Answer

Yes, a balance transfer option is available for a Home Loan. You can avail of current best offers on  new home loan interest rate  by transferring your ongoing home loan to other bank. It is recommended to transfer a loan in the early years. A loan that has already been served, i.e. max interest liability is already being paid, should not be considered for balance transfer.

Question 7

✅ Is a top-up facility available with Home Loan?

Accepted Answer

The availability of top up facility will varies as per lender’s policy. However, in most cases, you will be eligible for the top up scheme if you have been regular in repaying your EMIs. The rate of interest on the top-up loan will be slightly higher than the Home Loan (still lower than personal loan), yet the approval & processing will be faster than a fresh loan application. You also get repayment flexibility with top up home loan.

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