Faqs - L&T Finance

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What is a Home Loan interest rate?

A Home Loan interest rate is the annual percentage rate charged by a lender for borrowing money to purchase a home.

How does my credit score affect my Home Loan interest rate?

A good credit score can significantly lower your Home Loan interest rate by demonstrating your creditworthiness to lenders.

What is the current average Home Loan interest rate in India?

The average Home Loan interest rate in India starts from 8.35% per annum. You can get a Home Loan starting at 8.65%* p.a. onwards with L&T Finance.

How can I get a lower Home Loan interest rate?

To secure a lower Home Loan interest rate, maintain a good credit score, choose a shorter loan tenure, make a larger down payment, and shop around for the best deals from different lenders.

What is the loan tenure’s impact on the interest rate?

A longer loan tenure generally results in a lower monthly EMI but a higher overall interest cost due to the longer repayment period.

Can I negotiate the interest rate on my Home Loan?

Negotiating the interest rate on your Home Loan is possible, but its success depends on various factors. A good credit score, a larger loan amount, and the lender's willingness to negotiate can increase your chances of securing a lower interest rate.

Are Home Loan interest rates tax-deductible?

Yes, the interest component of your Home Loan EMI is generally tax-deductible under Section 24 of the Income Tax Act.

Can I switch my Home Loan to another bank for a lower interest rate?

Yes, you can switch your Home Loan to another bank with a lower interest rate through Home Loan balance transfer.

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