There are a few steps that can help you in availing the best loan interest rate for home possible.
Maintain a high credit score that reflects how you have handled credit in the past. Applicants with a higher credit score could enjoy lower interest rates for loans.
Apply for a joint home loan with a close family member who has an excellent credit score and a stable income This will also increase your home loan eligibility and home loan tax benefits.
Ensure that you meet the lender’s required eligibility criteria perfectly
Try to pay as much of the value of the home as down payment, thereby reducing your required loan amount, which could lead to a lower interest rate.
Maintain an impeccable credit history of timely repayments of any past loans, including credit card bills
Ensure that all the required documentation is in perfect order
Maintain updated ITR statements
Pay off all existing debts to have maximum repayment capacity