If people had their ways, they would never take loans. After all, who wants to pay interest. But reality is that prices of real estate are beyond most people’s reach and hence, people do need to take loans to buy their dream homes.
Home loans run into several lakhs and in many cases, crores. So even if there is a small chance of saving even a small percent somewhere, it means savings lakhs during the full tenure of the loan.
Here are 5 ways in which you can save money on home loans that recommended by Tata Capital:
Check and leverage your CIBIL score
Lenders might tell you that your credit score is not good and hence, they cannot offer you loans at low rates. But you can counter them if you have already checked your CIBIL score and found it to be satisfactory. So make sure to check you CIBIL score before applying for home loan. Lenders give loans at lower interest rates to those who have high CIBIL score.
Look for options
Do not go and take loan from a bank where you have your savings account. Many lenders are ready to offer better rates and borrower friendlier terms. So visit multiple lenders and evaluate their basic offers. It’s possible that you might get a loan offer which is much better than what your long-time banking partner is offering.