Home loan for many people can fulfill their dream of buying their dream home. But if it is not managed properly then it can also create problems. In the last 10 months, home loan interest rates have increased sharply, making it costlier for borrowers. Before taking a home loan, you must know these things:
1. Floating Interest Rate- Floating interest rate option on your home loan can provide you the lowest interest rate, but this interest With a rise in rates comes the risk of paying more interest.
2. Do not extend the tenure: Some experts recommend keeping the home loan tenure the same even if the interest rate increases. In this way you can repay the loan quickly.
3. Choose the prepayment option: Choosing the prepayment option can help you complete your home loan faster.
4. Take advantage of a better credit score: If you have a good credit score, you can appeal to your bank for a concessional interest rate.