Soon after deciding to avail a home loan, the first and foremost thing that came into the mind of many is none other than the interest rates. That’s Right! And, why not, after all, they play a crucial role in the overall loan journey of an individual.
But before we talk about them, it is important that we should talk about the best lender first. Yes, finding the best lender is equally important to grab the best deal. So how about Axis Bank home loan interest rates? Sounds good? Of course, it is! Well, before you came to any conclusion and think that we are going to give you the brief on rates, let’s just twist the story.
How about letting you know the factors affecting the home loan interest rates? Yes, if you are someone who doesn’t know what all vital factors actually affect your overall journey, you simply need to read the article below.
Monthly Income: If an applicant is having a higher income, he would have higher chances of getting the better rates. With higher income, lenders expect higher repayment capacity of an applicant. All in all, he would be at lower risk of not to default in the future. Repayment can easily be possible with an attractive income.
Credit History: Your three-digit numeric summary is also one of the prime factors that can help you enjoy a lower rate. Yes, a score of 700 or above out of 900 is considered to be good enough in grabbing the best deal. Lenders do check the same before offering an online home loan to the borrowers and then decide whether this applicant is eligible to get the lower rates or not.
Relationship with a Lender: Having good terms with the bank can go a long way in negotiating for the better rates. If you are an existing customer, you can negotiate with your lender for better rates, which can reduce your overall loan burden. Thus, it is always advisable that one should maintain the good terms with his existing bank as it further helps in enjoying a journey in the future.
Your Employer Category: An applicant working in a renowned company helps in creating a good impression in front of the lenders. If you are someone who works in a Fortune 500 company, it adds all the more value to your profile and allows you to bargain further for the better rates.
Age: Your age is another vital factor that can impact your journey. Applying for this credit facility at an early age has its own benefit. Yes, in such a case, an applicant has more years in hand to repay the loan easily as compared to someone applying later.
However, one thing that needs to be mentioned here is the fact that now that you are aware of the factors affecting the rates. It would not be wrong to say that using Axis Bank home loan EMI calculator also helps you enjoy the hassle-free journey by letting you know whether your monthly installments are pocket-friendly or not.
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