How To

How to compare home loan rates with Rupee Times

Member

By meghashyam
eHow Community Member

Article Rating:

(2 Ratings)

Are you willing to buy a dream house and looking for home loan rates available in the market today? You want to compare rates offered by various banks and financial institutions in India? If your answer is yes, read on…

I’ve been getting lots of queries about the banks offering home loan rates from people who are in the market to buy a house of their own. I have been guiding individuals to use tools available, seems like a great idea to write a manual about how one can compare home loan rates in India with Rupee Times.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

home loan emi calculator

Step 1

Go to RupeeTimes.com and Click 'Compare' link available in the header portion at Rupee Times and then Click 'Home Loans' button.
Step 2

'Select a Category' whether you are Salaried or Self Employed
Step 3

'Select Tenure' for your home loan query. You can always use the EMI calculator to figure out how long it would take to pay off a loan.
Step 4

Select the 'Interest Rate' type (fixed or floating) you will be interested in paying.
Step 5

And 'Enter Loan Amount'.
Step 6

Once you entered the home loan amount you are willing to apply for, Click 'Get Rate' button.
Step 7

And now you have complete chart available from all major banks with their rate of interest, loan amount and tenure period
Step 8

Now you can easily make a choice of bank depending on their home loan rate offering in India.
Step 9

Go for the Bank which is offering the cheapest of loan rate.

Tips & Warnings

One needs to know the difference between fixed and floating rate of interest. I would recommend choosing a floating rate because Indian banks offer much better floating rates than fixed rates plus the banks usually have leverage to even change the fixed rates after a decent period of time.
You can use Home loan EMI calculator available at RupeeTimes.com to know about the monthly payment you will be making for a loan amount
Now you have the exact idea about the interest rate and the EMI you will be paying every month for your loan amount. Think over it and decide if you will be able to save this amount of money every month for years to pay the EMI for your home loan

Resources