Home loan is one of the most trending loans that customers are buying because everybody wants their dream home and in the period of inflation we should just not depend upon only savings. We need a bid amount for buying a new home or to build a new home. Their competition in this category is very high.
Every bank or NBFCs offers the best facility to their customers for Home Loan but still we believe in some of the myths. Let me just clear those of the myths that we believe.
Shorter loan tenure is much better than longer than this: This is a myth. Shorter tenure leads to the burden and also it is good for salaried employees. It has an advantage also of lesser cumulative interest but will not be helpful for those who want to save money for emergencies because it will take a part of your monthly income.
Lower credit score leads to no loan: This is true that many of the banks and NBFCs offer no loan to those who have low credit scores because credit score matters a lot. But this is a myth there are still institutes available for those who apply for a loan at low credit score although the interest rate will be high as comparatively. Like PNB Housing Finance offers home loans at best rate of interest which is quite affordable.
Fixed rates are better than floating rates: This is a myth that fixed interest rates are better than floating rate because if you need savings during the entire loan tenure then you should opt for a floating interest rate.
