7 tips to help you save and pay lower home loan EMIs - Loan Trivia


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Wednesday 25 August 2021

7 tips to help you save and pay lower home loan EMIs

Home Loan EMI

 Do you an active home loan account or want to avail of a housing loan in the future? 

If yes, if you would like to reduce your home loan EMI and pay conveniently, you can do that. 

All that you need to do is follow a few tips. 

Read on!

  1. Renegotiate loan terms with your lender

You should renegotiate the lender’s terms and readjust your loan. This way, you can save and pay the lower home loan EMIs. 

  1. Go for a home loan balance transfer 

If your lender does not readjust your home loan interest rates, you should opt for a home loan balance transfer. It will help you switch your loan to a lender offering a lower rate. Once done, you can pay a lower home loan EMI. You can also take advantage of a top up loan and manage other financial goals without restrictions. 

  1. Make prepayments

You should also make prepayments during the tenor to pay the reduced home loan EMIs. 

  1. Pick the right home loan 

If you are a new customer, you should pick a loan matching your needs and budget. You should compare all deals on a third party site and do that. In turn, it can help you to pay the lower home loan EMIs.

  1. Make a large down payment

Your down payment amount should be more than the otherwise general 15-25%. This way, your borrowable amount will reduce. It will lead you to save on home loan interest charges and pay the smaller home loan EMIs. 

  1. Go for a longer tenor 

It will help you to spread the loan amount and pay the lower home loan EMI

  1. Increase your EMI amount 

You should also increase your EMI amount every month or after a few months. It will help to repay your home loan faster. What’s more, subsequent home loan EMIs will also be lower. 

If you are able to follow these tips as per your profile, you would be able to pocket savings on interest and manage lower home loan EMIs.        

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