Rate of interest can play a huge role in defining your EMI (Equated Monthly Installments) of any type of credit you take. But while taking a home loan, it’s important that you have an eye on the interest rate offered by the lender as it can distort your whole budget. Various types of banks and financial institutions provide the home loan facility to their customers at different rates of interest. Indiabulls is one of the leading financial institutions that also provide this facility.
What makes this facility stands out among all is the Indiabulls home loan rate of interest which is pretty competitive and affordable. But this interest rate varies from one applicant to another based on a few factors. In this article, we will tell you about all these factors that impact the Indiabulls home loan rate of interest, and also about the features of home loan from Indiabulls. Keep reading to know all about it! Factors that define Indiabulls Home Loan rate of Interest for an applicant: Generally, Indiabulls home loan rate of interest ranges from 8.80% to 12% per annum but it depends on various factors that are mentioned below. Profile of an Applicant: The term ‘Profile’ indicates your employment type (whether you’re salaried and self-employed), gross monthly income, and most importantly your CIBIL score. All these factors together make your profile which decides at which interest rate you will get your home loan. A good CIBIL score (Anything above 700) will earn you a higher loan amount with a lower rate of interest whereas a low CIBIL score will result in paying a higher rate of interest for the same amount. Loan Amount: This is also an important factor in deciding your interest rate as the Indiabulls home loan rate of interest also depends on the loan amount you want from the bank. Indiabulls provide maximum loan to value ratio. Tenor Period: Indiabulls provide the facility for a maximum of 30 years. But there’s a catch in it as your rate of interest also depends on the tenure period you opt for. A higher tenure period is supposed to have a higher rate of interest and you’ll also pay more interest amount if you decide to repay the loan in a longer period. Property Type: The location and value of your property also play a huge role in determining the rate of interest on your home loan facility. As a property having more facilities nearby is supposed to be a good fit for the lender to sanction the loan at a lower rate of interest in comparison to an old property having no amenities nearby. So it’s important to keep an eye on the value and location of your property before opting for a home loan. What are some features of Indiabulls Home Loan that make it preferable among customers?
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Anika Sharma
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