The charm of Mumbai attracts a lot of people to this city and in addition to its charm, there are numerous employment opportunities as well which adds fuel to this fire. A lot of these people have plans of settling in the city and start hunting for homes according to their budget. Along with this hunt for a home, people also look for finance options to fund their purchase of a home in Mumbai. Considering the prices of residential real estate in Mumbai, almost all home buyers have to opt for Home Loans from banks or Non-Banking Financial Companies (NBFCs).
Different lending institutions in Mumbai charge different interest rates for Home Loans after considering the financial profile and past repayment history of the applicant. A borrower can increase the chances of getting a Home Loan in Mumbai at a low rate of interest by taking care of a few important factors. The most crucial ones have been listed below:
Bargain for a good interest rate
The Reserve Bank of India sets the basic rules and repo rates for banks and NBFCs based on which they decide on their lending rates for Home Loan applicants. Here, good negotiating skills come in handy to secure an affordable Home Loan.
Avail Festive Offers
Banks and NBFCs provide great loan deals during the festive season. So one should make the best use of such opportunities.
Also Read: How to Apply For Low-Interest Home Loan In Mumbai?
Avail Government Schemes
The government implements subsidized housing initiatives from time to time. Home buyers in Mumbai should keep themselves updated about such schemes.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.