Kolkata, a vibrant city rich in culture and which is termed as the ‘city of joy’ is a great place to settle in. Now, settling down in a new city eventually brings us at the juncture where we have to decide between buying a place of our own or continue living in a rented place. Buying a home is a better idea in most cases as it is an investment which rarely goes wrong when you are financially capable of repaying the Home Loan. If you are trying to decide for the long term and are sure of settling in the city of joy, you can easily avail a Home Loan to finance your home purchase.
The procedure of availing the loan is known by all prospective home buyers, but the ways of getting a good deal on the Home Loan is not common knowledge. Here’s how you can get a great deal on your Home Loan in Kolkata:
Looking out for Lower Interest Rates
The rates of interest for Home Loans keep changing throughout the year. During the festive season, many banks and NBFCs lower their interest rates and this time is great for getting a good deal on a Home Loan.
Paying a Higher Down Payment
A practical way to get a lower interest rate is by paying a higher down payment amount. You can start saving or investing to arrange for the down payment.
Building a High Credit Score
A high credit score above 750 increases your financial trustworthiness and thereby enables the lender to charge you a low rate of interest on your Home Loan.
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