5 Ways Home Loan Borrowers Can Lower their Home Loan EMI_WC

Banner-Dynamic-Scroll-CockpitMenu_HomeLoan

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 tenor, 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. 

Blog-Intro-Disclaimer

DISCLAIMER:

While care is taken to update the information, products, and services included in or available on our website and related platforms/websites, there may be inadvertent errors or delays in updating the information. The material contained in this website and on associated web pages, is for reference and general information purposes, and the details mentioned in the respective product/service document shall prevail in case of any inconsistency. Users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/service document and applicable terms and conditions. Neither Bajaj Housing Finance Limited nor any of its agents/associates/affiliates shall be liable for any act or omission of the Users relying on the information contained on this website and on associated web pages. In case any inconsistencies are observed, please click on contact information.

Asset Publisher

Trending Articles

Call_And_Missed_Call

RHS-insurance-ad-card

RHS Ads