How to reduce Home Loan EMI: Are you worried about taking a home loan for a long period? Are you complaining about how to repay or reduce the loan before time? In such a situation, we are going to tell you about some easy tips, with the help of which you can also reduce the EMI of your home loan in a jiffy. You can gradually repay the entire loan. Even the bank will keep wondering how this happened so quickly. Let's know 5 such tips.
Make pre-payments as far as possible.
An easy way to reduce the EMI of the loan is to make pre-payments as much as possible. If there are savings apart from your expenses, or you get a large fund from somewhere, then you can reduce the EMI of your loan by making a prepayment. Whenever you make a prepayment, that amount is directly reduced from the principal amount. In this way your monthly installment also reduces.
Increase the loan tenure.
Many times it happens that monthly expenses are getting affected due to home loan EMI. In such a situation, if there is no extra income or savings, then you can reduce the EMI by increasing the loan tenure. But, one disadvantage of this will be that you will have to pay more interest.
Get the home loan transferred
While choosing a bank for a home loan, always compare the interest rates. Get the loan from the one where you get a good deal. Many times it happens that you have taken a home loan from a bank, but the interest rate in another bank is lower, then you can get the loan transferred. Always get the best deal and get the loan transferred whenever you get a chance.
Talk about better rates from the bank.
Banks often give extra relief in interest rates to their customers with good repayment track records and civil scores. If your record is good, then you can talk to your bank and get the interest rate of your home loan reduced. This will reduce your EMI.
You can increase the down payment.
While taking a home loan, try to make the down payment as high as possible. This is because a higher down payment of Rs 1-2 lakh can reduce your EMI by Rs 2-3 thousand. Apart from this, interest is also saved.
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