LIC Housing Finance has cut the loan interest rates by 0.25%. After this cut, taking all types of loans from SBI has now become cheaper. Now the interest rate of SBI’s home loan will start from 8% per annum. RBI has recently reduced the repo rate from 6.25% to 6.00%. After which banks have also started cutting the interest rates of FD and loan. Earlier, SBI had cut the loan interest rates by 0.25%. Keep these 3 things in mind while taking a home loan 1. Be sure to know about pre-payment penalty
Many banks impose penalty on repaying the loan before time. In such a situation, take complete details about this from the banks, because on repaying the loan before time, banks get less interest than expected. In such a situation, some terms and conditions are imposed by them. Therefore, while taking a home loan, get complete information about this. 2. Take care of your CIBIL score
CIBIL score reveals the credit history of a person. In case of personal loan, banks definitely look at the applicant’s CIBIL score. Credit score is decided by several special credit profiling companies. It looks at whether you have taken a loan earlier or how you have used credit cards etc. The credit score of any person is determined by the repayment history, credit usage ratio, existing loans and timely payment of bills. This score is in the range of 300-900, but lenders consider a score of 700 or more to be good. 3. Pay attention to offers
Banks keep providing better offers to loan takers from time to time. In such a situation, before taking a loan, you should find out about the offers of all the banks. Because taking a loan in a hurry can prove to be wrong for you. Investigate properly before taking a loan.
