EMI Hack: Steps to reduce your Home Loan!

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Written by Shivam Rajmane

Old bank loans might cost more. Shift to EBLR now for potential savings and faster benefits when interest rates drop.

Repaying your home loan diligently can boost your credit score. Use this to negotiate lower rates. Explore options.

Extend your home loan tenure for lower payments if you've paid much and have time left before retirement for benefits.

Interest rates vary among lenders. You might pay more if your loan isn't from a competitive lender. Hence, compare interest rates.

Interest rates on fixed-rate loans are often higher. If you want to reduce your interest and EMI costs, think about moving to a floating-rate loan.

Floating-rate borrowers can reduce their loan duration and EMIs by making penalty-free prepayments.

As an alternative, ask for reduced EMIs following a sizable down payment.