Get the Best Home Loan Deal: https://www.mymoneykarma.com/home-loan.html We’re surrounded by information, content and news. Everywhere, all the time. The human mind can only meaningfully absorb a handful of new facts about the world. mymoneykarma’s insights team selects just the bits of news from the finance world that you should know about, things that you can actually do something about right now. Subscribe to our channel so you don’t miss out on our daily updates. If you’re interested in learning more about practicing Intelligent Finance in your daily life, why not get started with this video here https://youtu.be/G_DsZ0s379Q What is mymoneykarma? This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance. Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector: Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score) High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button. Apply for a Home Loan @ https://www.mymoneykarma.com/home-loan.html Get your Credit Score worth Rs. 4300 for Free @ https://www.mymoneykarma.com/credit-score/credit-score.html ______________________________________________________ Get to know and Follow us: Facebook https://www.facebook.com/mymoneykarma/ Linkedin https://www.linkedin.com/organization-guest/company/mymoneykarma Instagram https://www.instagram.com/mymoneykarma/ Twitter https://twitter.com/mymoneykarma There are 5 ways to get reduce the interest rates on your home loan The first starts long before you even decide to get a home loan, or buy a home. It involves building a solid credit history so your credit score is healthy. This ensures that the interest rates charged on your loan will be as low as possible since banks don’t see you as a liability. Second, when you’re in the market for a new home loan, you need to shop around and see competitive rates from different banks and NBFCs. First time home buyers tend to go with the first bank they speak to, usually the bank with whom they already have an account. Though this may seem convenient, it is unlikely to get you the cheapest rate in the market. Third, make sure your home loan is personalized to match your profile. Every borrower is different in terms of type of property, income sources, salary, credit score, housing market price etc. If your home loan is generic, it is likely to be more expensive than one that is tailored keeping in mind your specific profile. Improperly matching your home loan needs with the wrong bank can cause delays, rejections and interest rate increases. Fourth, execute your home loan process smartly and efficiently. Home loans are notoriously complex and time-consuming. Applicants may spend months going through this process, losing money in the process through lost work time, paid due diligence and housing price increases. After spending many weeks going through the stages of the process, your application may be rejected at any stage, causing additional losses and a hit on your credit score. Fifth and most importantly, the cheapest home loan is one that continuously saves you money over the entire tenure of the loan, not just in the negotiation phase before you sign your contract. Interest rates in the market fluctuate. When they drop below what you are paying, you are passively losing money on every single EMI payment. The solution is to keep track of interest rates in the market and refinance your loan when an opportunity comes up to decrease your home loan interest rate. mymoneykarma offers a package solution that covers all of these 5 steps to ensure you get the cheapest home loan in the market.