5 ways you can Apply for Lower Mortgage Loan Interest Rates

If you need some higher amount of money at the best rate of interest, then it’s better to apply for the mortgage loan. A mortgage loan is a loan in which you pledge your property or real estate as the collateral. 

Since the collateral, in this case, is your home, lender lets you enjoy lower mortgage loan interest rates. As a result, you get to repay the mortgage loan in smaller EMIs over a longer tenure.  

However, even after pledging the home as the collateral, your mortgage loan interest rates may remain high. Hence, if you want to ensure to get the best mortgage loan interest rates, here are some tips that you help you grab it. 

Easy ways to Enjoy Lower Mortgage Loan Interest Rates

Improve your CIBIL Score-

When you have a robust Credit Score, it means that you are responsible for your debts. Hence, lenders could be sure of approving the loan at a lower rate. It is because your risk of loan defaulting is negligible. Thus, try to keep your Credit Score above 750+ or more and enjoy the home mortgage loans at the best rate.

Maintain a Clean Repayment History-

If you have been able to repay your existing loan EMIs and credit card outstanding on time, it means that you have a great repayment history. You can reap the rewards of maintaining it in the form of the lower home mortgage loans rate. 

Opt for a Short Tenure-

Of course, having a long tenure helps you repay the mortgage loan. It helps you without stressing your monthly expenses. But, it also coughs up a higher rate of interest (compounding) in the end. To avail the lower mortgage loan interest rates, you need to repay the loan in a short tenure. Going for a tenure of 5-7 years will require you to pay a higher EMI, but that would also save you from paying compounding rates. 

Shop Around-

We live in a time when there is a lot of competition among the lenders to offer you the best mortgage loan rates. Hence, to get to the best of the loan rates, you can shop around for the best deals and finalize one that suits your income level the best. To do that, you can land on a third-party website which will list all the mortgage loan offers. You can assess your own income level, repayment capacity and other personal factors to decide on a lender’s offer. This way, you can seize the best mortgage loan interest rates. 

Have Consistent Employment and Income Stability-

Mortgage loan providers also want to ensure sure that you are earning enough money. They also want to be sure that you have a decent employment history before offering you the loan. Even though the collateral is your loan, still the lenders want to be sure of your income stability. It is because of a higher loan amount involved, and hence, there is a risk involved. If you can prove that you have been well employed and taking home a decent salary, you can get the lower mortgage loan interest rates. 

A mortgage loan is a unique facility that can help you to grab a higher loan amount at lower rates. Now that you are aware of some tips that can assist you grab lower mortgage loan interest rates, you can follow it and get going. You can unlock your special pre-approved loan offers by providing a few of your basic details like name and mobile number.    

Bajaj Finserv presents some affordable yet exciting pre-approved offers on mortgage loans, loan against property, business loans, home loans and a lot more. The purpose of such offers is to ease off your loan processing and make it hassle-free. 

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