Some of the most well-known brands as well as financial companies can offer you home loans of up to 3.5 crores. There are also ways through which you can lower the interest rates for these loans and pay lesser. Here are some tips and ways through which you can secure the most affordable construction loan interest rates.
The Pradhan Mantri Awas Yojana Scheme
If you belong to the lower income group (LIG) or economically weaker section (EWS) of the society, you can get benefits under the Pradhan Mantri Awas Yojana scheme. This would culminate in an interest subsidy of up to 6.5% on your home loan repayments.
Pay Your Loan Faster
You can pay your loan faster by choosing a shorter loan repayment tenure and get benefited from lower interest rates. For instance, you would be paying a lesser interest rate if you repay your home loan in 8 years instead of 10 years.
Loan Transfer
When compared to the centralized banks, leading financial companies including Bajaj Finserv may offer you around 3% to 4% lower interest rates. If you have already taken a loan, you can transfer it to the lender who is offering you more affordable conditions.
If you have a stable source of income and also have a good CIBIL score, you will definitely get benefited from these factors and will get low construction loan interest rates. Therefore, improve your financial discipline and pay all your loan repayments and credit card bills in time. Proper research will help you to construct your home in the most affordable way.
Additional Read: Construction Loans Are The Best Ways To Build Your Dream Home
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