Are you an existing home loan borrower or want to apply for a new one?
If yes, do you want to reduce your current loan burden and manage lower home loan rates?
You can do that if you follow a few handy tips. Read on!
1. Go for prepayments
Existing home loan customers can lower their interest charges by going for prepayments during the tenor. But before doing that, it also becomes a must to check out your lender’s prepayment charges.
2. Opt for a shorter tenor
If you want to enjoy lower home loan interest rate, you can go for a smaller tenor. This way, your EMI amount may increase, but you can surely save on interest charges.
3. Compare all available offers online
One of the best ways to enjoy the best home loan interest rates is to compare all available loan deals online. You can do that on a third-party website and pick an offer matching your needs and budget. This facility is available for free and works 24x7.
4. Pay more as the down payment
If you can pay a sizeable down payment amount, you have to borrow less. This way, your home loan interest will also go down and help you to pay reduced EMIs. The higher is your down payment amount, the better it is. Before applying for home loan, you should start saving to put down a considerable down payment amount.
Considering these aspects will surely help you deal with affordable housing loan interest rate.
