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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. When they drop below what you are paying, you are passively losing money on every single EMI payment. 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.ДЇifth 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. Applicants may spend months going through this process, losing money in the process through lost work time, paid due diligence and housing price increases. Home loans are notoriously complex and time-consuming. Improperly matching your home loan needs with the wrong bank can cause delays, rejections and interest rate increases.ДЇourth, execute your home loan process smartly and efficiently. If your home loan is generic, it is likely to be more expensive than one that is tailored keeping in mind your specific profile. Every borrower is different in terms of type of property, income sources, salary, credit score, housing market price etc. Third, make sure your home loan is personalized to match your profile. This is unlikely to be the cheapest rate in the market. First time home buyers tend to go with the first bank they speak to, usually the bank with whom they already have an account. Second, when youвЂ™re in the market for a new home loan, you need to shop around and see competitive rates from different banks and NBFCs. This ensures that the interest rates charged on your loan will be as low as possible since banks donвЂ™t see you as a liability.

It involves building a solid credit history so your credit score is healthy. The first starts long before you even decide to get a home loan, or buy a home. There are 5 ways to get the cheapest home loan in the market. So remember, when you pull your credit report from us, take the time to understand our analysis, and proceed with our personalized recommendations, youвЂ™re making huge savings for yourself and for the national economy as a whole! Our match saves you and also the lender a huge amount of time and money that would be wasted on mismatched and faulty applications. It gets even better! WeвЂ™ve developed proprietary algorithms that match your particular profile with the best possible lender, thus driving down your interest cost.

This allows us to bring you these valuable services for free, like a credit score that is worth в‚№ 4300, and an expert analysis of your score to identify opportunities and strategies. WeвЂ™ve streamlined and digitized the process, delivering them huge savings, of which we get paid a small portion. Lenders waste a lot of time and money on the huge and complex due diligence they need to do for prospective borrowers. We believe the opacity in the financial system, and the difficulty to obtain good information can be solved, thus unlocking a tremendous amount of value for you, the customer, and the entire financial landscape. This is why our service to bring you your credit score is, and will always be, totally free.

At the heart of both these issues is the requirement for a free credit score and a report to understand all its details. Mymoneykarma started with a mission of improving financial literacy and increasing access to credit in India.

#Mymoney login free#