A mortgage loan, simply known as a loan against property, is the best option to get a higher amount of money at a reasonable interest rate. In this, you’ll have to pledge your property as the collateral. However, interest rates purely depend on the lender. So, if you’ve an ardent desire to avail this loan at a lower interest rate then follow the below mentioned steps.
Choose Short Tenure
To lower the mortgage loan interest rates, you should opt for short tenure so that you can repay the loan without paying compound interest on the mortgage loan. Getting a loan for the short time may stress your monthly expenses but it can save you from higher interest rates.
Get your CIBIL Score improved
If you have a good repayment track record then the lender can easily approve your mortgage loan at lower interest rates. It is because your robust CIBIL score represents that you are highly responsible for paying debts and thus the risk of loan defaulting is negligible. Try to keep your CIBIL score 750+ and enjoy lower mortgage loan interest rates.
Do some hard work and find the best lender
Let’s face it guys. You’ll have to do some hardship in order to find the lender who can offer you mortgage loan at the best possible interest rate. Don’t just stick to the referrals and look around to shop the best deals on the loan against property. Competition is at its peak and thus finding the lender who offers loan at a lower interest rate is not a big deal.