INSUBCONTINENT EXCLUSIVE:
Owning your dream home through a home loan is exciting, but it can also be financially challenging
The large sum involved and lengthy tenure of home loans can strain your financial resources
The good news is, there are practical ways to alleviate this burden by reducing your home loan EMIs.Here some of the most effective ways to
bring down your home loan EMIs, enhancing your overall financial experience:1.Check different lendersLook at different banks and compare
Use free online tools to see how much you would have to pay each month
Choosing a bank with lower interest rates will help you pay less every month.2
Choose a longer loan timeIf you have more time to repay the loan, you pay less each month
But remember, if you take a longer time, you might end up paying more in total
Keep a good credit scoreYour credit score is important
A higher score means banks trust you more
Try to pay your bills on time and don't use all your credit
This helps keep your credit score high.4
Talk to the bank for a better dealIf your credit score is good, you can talk to the bank to get a better deal
Show them all the money you get, keep a good relationship with them, and prove your income
This can help you get a better offer.5
Pay extra when you canSome banks let you pay extra money when you can
This is called a prepayment
When you do this, you pay off your loan faster and pay less overall
Just check if there's a fee for doing this.6
Pay more in the beginningIf you can, pay a big amount when you start the loan
This makes your monthly payments smaller because you borrowed less money
It can also get you a better interest rate.7
Look for special offersSometimes, banks give special offers to some people
These are called pre-approved offers
Check if you have any of these, as they might give you a lower interest rate.8
Move your loan to other bankIf another bank offers a lower interest rate, you can move your loan there
This is called a balance transfer
But make sure it really saves you money after considering any fees.By trying out these simple tips, you can make your home loan payments
more manageable and save money in the long run.
