5 Essentials tips to reduce home loan EMI

5 Ways Home Loan Borrowers Can Lower their Home Loan EMI_WC

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Ways Home Loan Borrowers Can Lower their Home Loan EMI _WC

4 min 04 Jan 2023

Highlights

Tips to Reduce Home Loan EMIs
Apply for a Balance Transfer
Consider Part-Prepayments

While Home Loans empower homebuyers to buy the property they dream of, managing the repayment of the loan is an extremely crucial aspect to consider before one applies for the loan. A good repayment plan would ensure that you pay Home Loan EMIs that are suited to your financial budget, without placing a strain on your other goals.
To ensure that you keep your EMI outgo comfortable, here are some tips to follow.

1. Transfer your Home Loan balance to a new lender

Borrowers can consider opting for the Home Loan Balance Transfer facility that allows them to transfer their Home Loan balance from their existing lender to a new lender. The move to a new lender gives borrowers a chance to secure reduced interest rates, among other competitive lending terms.

Ensure that you compare and evaluate the interest rates that are being offered to you and assess how beneficial the move might be for your outstanding EMIs.

2. Consider Part-Prepayments or Foreclosure

Borrowers also have the option to prepay parts of their Home Loan balance, or even foreclose the loan before the end of their repayment tenure, without incurring additional charges, if they are individual borrowers, serving a floating interest housing loan.

If you have some extra funds handy, consider putting it towards your Home Loan repayment, to bring down your outstanding balance, and thereby, your EMI amount.

3. Move to a floating interest rate

Borrowers may get the option to choose between a floating or a fixed interest rate when it comes to Home Loans. Having a floating interest rate Home Loan can help your chances in reducing your Home Loan EMI, as favourable market conditions can have a direct impact on the rate.

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