Planning to buy a home during the festive season? Keep these 5 things in mind, and you'll benefit from lakhs on your home loan.

The festive season is the perfect time to fulfill your dream of buying a home. Banks and housing finance companies offer attractive offers, low interest rates, and easy loan processing around Navratri and Diwali. But don't rush into taking a loan just by looking at the offers. By paying attention to a few key factors, you can save lakhs of rupees and pay off your debt faster. Let's learn five things to keep in mind before taking a home loan.

During the festive season, banks may waive processing fees, offer discounts on interest rates, or offer special cashback offers. Compare offers from different banks. Choosing the right offer can save you between 20,000 and 50,000 rupees.

Tax benefits increase if you take out a joint home loan with your partner or parents. Both receive separate deductions under sections 80C and 24(b). This can double the total tax savings, and banks are more comfortable approving larger loan amounts. Furthermore, having a female co-applicant can help you get a slightly cheaper loan.

A bank's floating rate is always linked to the RBI repo rate, but each bank sets its own spread. This spread is the real difference. If the spread is high, your interest will remain high even if the RBI rate decreases in the future. Be sure to ask for details of the spread before taking a loan.

A longer tenure means lower monthly EMIs, but higher total interest. Choosing a 10- or 15-year term instead of 20 years can result in interest savings of up to lakhs of rupees. Try to keep the EMI no more than 40% of your salary.

There are many hidden charges, such as processing fees, locker charges, franking fees, and administrative charges. Read these carefully and negotiate with the bank. Often, banks will reduce or eliminate these charges, which can save thousands of rupees.