There are a few simple steps that will lay the groundwork for a good home loan experience and also reduce your Tata Capital Home Loan Interest Rate:
- Ensure that you have a great credit score – Your credit score plays a crucial role in determining the interest rate on your home loan. Usually, a credit score of 750 and above will be put in the good books of the lender and you can get a lower interest rate.
- Opt for Home Loan Balance Transfer – Tata Capital has a balance transfer home loan that comes with a good rate of interest.
- Add a co-applicant to your home loan – If you have a spouse, sibling or parent who is also an earning member, you can add them as a co-applicant on the loan. Your combined income will help reduce the home loan.
- Check the location and value of the property - Properties that are located in prime locations and built by reputed developers help you secure lower home loan interest rates.
- Age Factor – Usually, younger applicants get a lower interest rate
- Women applicant – Most lenders offer a 0.5% discount on the interest rate for women applicants.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
Conclusion: Various factors determine your home loan interest rate. Tata Capital Home Loan interest rates are one of the lowest in the market. If you want a low interest rate on your Tata Capital Home Loan, you need to ensure that you have a good credit score and a high income to support your EMI payments.