How to Reduce Your Home Loan Interest Burden?
Simple Tips to Reduce Your Home Loan Interest Burden
Carefully Select the Tenure
Simply balance the interest rate, EMI amount, and tenure to fit your financials and the desired interest rate.
Prepayment can relieve some of the interest rate burden, and you will not have to pay the penalty if this aligns with the lender’s policies.
Ask for a Revision on the Interest Rate
If you have improved your CIBIL score and been consistent with EMIs, you can request the lender for a home loan interest rate revision.
Go for a Loan Balance Transfer
You can transfer the outstanding balance to a different lender, offering you a lower interest rate.
Choose Floating Home Loan Interest Rate
Availing a home loan with a floating interest rate will mean it will vary during the tenure as per the Repo Rate.
Pay a Higher Down Payment
If you pay a higher down payment on the property, the loan amount and interest levied may be lower
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Simple Steps to Reduce Your Home Loan Interest Burden