GRAPHIC: Make the most of current home loan rates

Shop around and weigh the pros and cons of various offers before deciding on a lender

The Reserve Bank of India’s rate cuts and demonetisation-induced liquidity have led to banks cutting interest rates on home loans 

Compare the rates offered by different lenders before choosing one

Take into account the processing fee, insurance and other costs 

A credit score of 750 or above will help you get an attractive rate of interest

Find if the loan is based on six-month or one-year marginal cost of funds based lending rate (MCLR). The former will be reset more frequently

Older borrowers should compare the rate they are getting with the best ones being offered in the market

Either negotiate with your current lender to be shifted to the rate for new borrowers or move to another lender