There are talks of a further repo rate cut. Should I wait for a home loan then?
Interest rates are already quite lucrative for home loans and with the recent repo rate cut they may fall further soon. The nature of home loan as a long term financial instrument means there will be phases when the interest rates may be high and phases when they will fall. It is hard to judge the timing of entry but the current interest rates are a good entry point. So even if you can go ahead with your home loan now you would not
be losing out on much.
Hi Reba, According to experts, there are low chances of further rate cuts. Even if there are any, they will be very minimal. If you already zeroed in on a home, it might be better to opt for a Home Loan right away. If you choose a floating rate Home Loan, you can ask your bank for lower rates when interest rates drop. However, you might have to pay conversion fees if you want lower rates once your lender has cut their prime lending rate. Check with the lender regarding this before going in for a loan. If you’d like to compare rates across lenders, click here – https://www.bankbazaar.com/home-loan.html.