If you are planning to buy a new house, taking a mortgage loan is a good idea. The financial institution lends you money keeping your property as security. So, the interest rates are low on these loans.
Your property loan interest rate depends on several factors. Let us look at ways to get the best rates.
Make Sure You Have An Excellent Credit Score
Having a good credit score creates a positive impression for your lender. You can improve yours by repaying all your loans on time. If you have a commendable track record with all your previous loans, your chances of getting a loan will also increase.
Have A Stable Source Of Income
Changing jobs frequently is the last thing to do. Your lender will prefer to see that you have been in the same organisation for quite some time. That will make you trustworthy. If you are a freelancer, try to have a stable income for at least a year before applying for a loan. It is even better if you can increase your revenue.
Compare The Rates Offered By Different Lenders
There are innumerable NBFCs in the market. Compare the interest rates they are offering before making a final decision. That will help you grab the best rate.
Final Word
Fullerton India lets you calculate your EMI with their mortgage loan calculator. You have to enter your loan amount, interest rate, and tenure. Your EMI amount will automatically appear before you. So, why are you waiting? Go and plan for your dream home.
