Does home Loan EMI make you miserable? 5 simple tips..!

The easiest way to reduce loan EMIs is to pre-pay as much as possible. If you have savings in addition to your expenses or you get a large amount from some source, you can reduce your loan EMI by pre-paying it.

How to Reduce home Loan EMI: To control rising inflation, interest rates are being hiked by central banks around the world. The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) continues to increase the repo rate. After the RBI's announcement, many banks have been increasing their home loan interest rates. This will have a direct impact on the monthly installment (EMI) of home loans, and car loans. In such a situation, if you want to reduce the expensive EMI of the home loan, you will find 5 tips for that in this post.

Pre-pay as much as possible:

The easiest way to reduce loan EMIs is to pre-pay as much as possible. If you have savings in addition to your expenses or you get a large amount from some source, you can reduce your loan EMI by pre-paying it. Whenever you make a pre-payment, the amount is deducted directly from the principal amount. This way your monthly installment is reduced.

Extend the loan tenure:

Many times monthly expenses are affected due to home loan EMI. In such a situation, if you don't have extra income or savings, you can reduce the EMI by increasing the loan tenure. However, this will result in higher interest payments.

Always compare interest rates when choosing a payday loan bank. Get a loan wherever you can get a good deal. Sometimes you have a loan from one bank, but another bank has a lower loan rate. At such time, the loan can be transferred to that bank. Always choose the best deal and switch the loan to your preferred bank.

Talk to the bank for the best rates:

Banks sometimes provide additional relief on interest rates to customers with a good repayment track and CIBIL score. If you have a good record, you can talk to your bank to get the lowest home loan interest rate possible. This will reduce your EMI.

The down payment can be increased:

When getting a home loan, try to make the down payment as high as possible. Because even a higher down payment of Rs 1-2 lakh can reduce the EMI to Rs 2-3 thousand. Apart from this, interest is also saved.

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Sowmiya Sriram

18/11/2022 07:58 PM