4. Learn About Different Interest Rates

Being an investor you should also include different interest rates offered by banks, in your checklist. Usually, banks offer two types of interest rates to the customers. One is, floating interest rate and fixed interest rate.

Floating interest rate is the one that is connected to the market. It moves along with the markets’ ups and downs. On the other hand, fixed rate remains constant for a period of time defined by your bank.

However, according to the research, floating rates work cheaper than fixed rates when calculate for a long run.

5. CIBIL Score

Credit Information Bureau Limited (CIBIL) is India’s first Credit Information Company (CIC) that was founded in 2000. All the details of your credit card including the timely payment and debt amount, CIBIL keeps a track record.

Keeping this in mind, it is very important to maintain a good credit score if you want to apply for a home loan. To get home loan with attractive interest rates you should atleast score more than 750 credit points. With a low CIBIL score, you might not get your loan approval easily or probably you have to pay high interest rates.

Also Read:

5 Personal Finance Myths Which Can Make You Loose Money

7 Apps That Will Take Complete Care Of Your Finances for You