As per a research report, the housing loan market in India is expected to grow briskly because of low rates of interest and growing trend of urbanization.
Thanks to government initiatives like the Pradhan Mantri Awas Yojana, financing a home loan has also become more affordable than ever today.
Professionals like chartered accountants, doctors and engineers can thus conveniently finance the purchase of their new house with such advances.
Accompanied by strong housing loan growth figures, the possibility of a low home loan for CA interest rate or that for any other professional improves the prospect of such financing.
Nevertheless, you can always utilize a few smart tips to avail housing finance at the best interest rates.
Tips to utilize for the best home loan interest rates
1.Compare the available loan offers
Interest rates on home loans for professionals like a doctor loan interest rate usually remain similar to those for other borrowers. Hence, it is best to look for the rates offered by various lenders.
Researching the various rates available in the market can bring you across the best loan option. Thus, make sure to compare the available loan offers to arrive at the most affordable rate of interest.
2.Opt for a balance transfer facility
Another way to avail the best interest rate for professionals like a home loan for CA interest rate is to opt for a balance transfer facility.
It allows you to transfer the existing balance of your housing loan to another lender offering lower rates of interest. It not only helps reduce total liability through interest rate reduction but also comes with other benefits.
For instance, you can avail a top-up advance when transferring your home loan balance to another lender. It is additional funding available over and above the balance transfer amount and comes with unrestricted end-use. With the best lenders, the amount can be substantial, thus allowing you to address diverse, big-ticket funding requirements.
The balance transfer facility ultimately reduces the total liability, making housing finance repayment affordable.
3.Make a wise choice between fixed and floating interest
Interest rates on loan products are applicable either at fixed or floating rates. Either of these can be advantageous over the other depending on the market trend and scenario. Thus, you need to be prudent when deciding on the interest rate type while availing your home loan for professionals.
For example, if a chartered accountant opts to finance house purchase through a home loan, he/she can compare between the fixed home loan for CA interest rate and the floating one.
If a trend of falling floating rate exists in the market or there is a possibility for such decrease in future, he/she can preferably opt for a floating rate of interest on the home loan for CA. Conversely, opting for a fixed rate of interest can be more advantageous, keeping you covered from market fluctuations.
4.Utilize your negotiable capacity
With strong and reliable credentials, a borrower also gets the upper hand at negotiating with the lender for the best interest rate. Like, a practicing healthcare professional with a strong repayment history stands an improved chance at availing the advance at a better doctor loan interest rate than otherwise.
Similarly, a higher credit score or a better income makes it more likely that you negotiate for the best interest rate on your home loan.
Alongside, considering other charges is equally essential to keep the cost of the loan affordable. Lenders like Bajaj Finserv bring these advances at nominal charges along with competitive interest rates.
They also simplify the process of availing finance through their pre-approved offers. These offers are available on several financial products that also include loan for doctors, loan for CA and more.
Make sure to meet other eligibility requirements before applying to improve chances of quick approval of your home loan for doctor or as any other professional. Also, opt to apply online for a fast-tracked processing of your request.