A home loan is most likely the largest debt that a person will ever take on. It also has the longest repayment period. As a result, the majority of home loan borrowers are constantly looking for ways to reduce their equated monthly installment (EMI) payments. Paying monthly EMIs might be difficult, and this harms the borrower’s credit score. Most borrowers contemplate lowering their house loan EMIs to avoid such situations.
Agrim HFC will assist property buyers in obtaining simple home loans for their new homes.
Here are some alternatives for reducing the EMI burden of repaying a home loan that homebuyers should consider:
Payment of the loan in advance
The interest rates charged by the bank have a considerable impact on the amount of a home loan. If a home buyer borrows 50 lakhs from a bank at 9% interest for 20 years, he will spend more than 53 lakhs in interest on the loan, bringing the total amount paid to the bank to more than 93 lakhs. Experts advise that if a borrower has cash, he should consider prepaying the principal, which will significantly reduce the EMI. A homebuyer should consider prepaying a loan for flats when interest rates are low
Transferring a loan to a different banks
Homebuyers may consider switching their house loan to another bank that offers cheaper interest rates after comparing housing loan interest rates with other lenders. However, the new lender will treat your request for a home loan transfer as a new application and charge application fees, processing fees, and other expenses. As a result, constantly factor in the new fees and benefits that come with changing interest rates or tenure.
Consider EMI-waiver plans
Banks offer attractive plans to consistent EMI payers by waiving some EMIs throughout the concluding phase of the loan term. However, a borrower should carefully consider such bank offers, as these flat loans may have higher EMIs than ordinary loans.
Increase your EMI payment
You may ask your lender to increase your EMI amount as your wages increase and you can afford larger EMIs. As a result, homebuyers may be able to repay their simple house loans significantly more quickly and become debt-free sooner. Even a small increase in the EMI amount of 5-10% might have a major impact on the overall payment to the lender.
Always be prepared to haggle over new loan terms
The Reserve Bank of India (RBI) adjusts the repo rate – the rate that determines the interest rates that banks provide – in response to market conditions. So keep a close eye on new repo rates and re-negotiate your home loan conditions with the banks, as banks may not automatically respond to reduced interest rates.
You now have professional advice on how to lower the interest rate on your home loan. Of course, there are other intricacies to gaining a lower home loan interest rate. Each lender has a different option to lower your interest rate and lower your overall home loan debt. Agrim HFC also offers self-employed home loans to home buyers.
To make home loan interest more affordable, Agrim HFC passes on the minimum rate hikes to all existing clients. Get in touch with our specialists right now to get the best home loan interest rates available.
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