Deciding to purchase your first home is a significant milestone, filled with both excitement and complexity, especially when navigating the fluctuating landscape of interest rates and real estate prices.
You could consider making part-prepayment of the loan out of your savings and investments. Just an extra few thousand every month can reduce your interest payout over the long term.
In the Interim Budget 2024, India s Finance Minister Nirmala Sitharaman announced fiscally strict measures, resisting populist actions before the upcoming General Elections. Lower borrowing, increased capital expenditure, and anti-inflationary measures are expected to pave the way for rate cuts, providing relief to the common man, particularly in the housing sector.
State Bank of India charges interest rate on the basis on borrower’s credit score. To borrowers with a high score, the state lender offers loan at 9.15 percent to 9.55 percent.