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Home loan rates drop: Should you bite the bullet?

DNMUM390887 | 6/20/2017 | Author : Kumar Shankar Roy | WC :753

PERSONAL FINANCE

Buying a house on loan is a long-term commitment, and so many are seriously considering locking in loans at lower rates to reduce interest burden. Experts tell DNA Money buyers must consider the numbers fully and clearly, before they let emotions linked to ‘apna ghar’ rule the roost.
‘New’ loans cheaper : New home takers are at an advantage. Rishi Mehra, CEO of lending marketplace Wishfin.com says, “At the start of 2016, most lenders were charging an interest rate of around 9.40%-9.85% per annu..home-loan rates now range from 8.30%-8.90% per annum across lenders in India.
The per lakh EMI has fallen to Rs 755-797 from Rs 834-867. In the ongoing rate cut marathon, one must not forget that the new rate is applicable
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