Amidst festive fervor, banks entice homebuyers with reduced home loan rates and waived fees. State Bank of India offers a 65 bps discount, lowering rates to 8.4%. HDFC Bank’s special Festive Treats include rates as low as 8.35% and a 50% processing fee discount until November 20, 2023. If you are opting for a home loan, strategize repayment by leveraging surplus income or Diwali bonuses. Initiating pre-payments can substantially cut interest and tenure. Bankbazaar CEO Adhil Shetty advises a Switch Hit method, akin to cricket strategy, involving refinancing for a lower rate but maintaining higher EMIs for quicker debt clearance. Consider refinancing options after a thorough cost-benefit analysis.
Unlocking Homeownership: Festive Deals and Strategic Repayment Tactics Revealed
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