Bringing mortgage is actually an important choice. You should do sufficient homework in order to no from inside the toward finest possible contract, if you don’t it can charge a fee precious given that a mortgage try an excellent future mortgage have a tendency to running for fifteen-twenty years. Among factors to consider is the rates rather than acquiring the lowest you can easily one could be expensive. Test it: Merely a good 0.5% difference between rate of interest (eight.5% instead of seven%) having good Rs 50 lakh mortgage can result in large EMI outgo off Rs 3.64 lakh to own a mortgage that have a tenure off 20 many years.

Its therefore vital that you be sure to tick all the right packets at first in itself. Listed here are 5 wise implies an alternate mortgage borrower is also lower the EMI number.

Compare interest rates, get a hold of a reduced

Of many lenders such as for example SBI, Kotak Mahindra Lender and LIC Housing Financing bring their best rates so you’re able to salaried customers and costs a higher level toward non-salaried.