Ways to Reduce Your Home Loan EMI

Kishan Thakkar K

Overview

To secure a financially secure future, or even to bring some comfort to their lives, one has to make certain major expenses or investments. Decision for choosing the EMI is one of the important decisions for your financial journey. It has the ability to make a big hole in your pocket. We have discussed the ways to reduce the home loan EMI.

  1. Credit Score

In the case of major expenses, taking a loan instead of using one’s savings is always advisable. There are certain ways to save on your loan EMI. 

  1. Opt for a Higher Down Payment

The customer will also be able to borrow less money since part of the total price will be paid by him as a down payment.

  1. Choose a Loan with a Longer Repayment Tenure

If you choose a longer loan tenure, the total amount due is spread over a longer period. This lowers the monthly installment amount.

  1. Go for a Step-Down EMI Plan

As time progresses, the EMI amount gradually decreases after each monthly payment according to the Step-Down EMI Plan. This plan is offered by numerous banks and non-banking financing companies.

  1. Consider Taking Loans with Your Existing Bank

If you’re already a customer with a certain bank, you might want to consider using the same bank to purchase a loan. This could be a great option for you.

  1. Negotiate with Bank For Lower Rate

When a person has a good standing with their bank, they may be able to negotiate with the bank for a lower interest rate.

  1. Compare Before You Switch Your Lender

Whenever you decide to take a loan and your bank is not offering you the best deal, do not hesitate to look around. There is no shortage of reputable and established loan providers in the marketplace.

I hope you have got a clear idea about reducing the EMI for home loans. In case you have any doubt, please feel free to contact us at info@roodland.com. We have a devoted team to answer your concerns and queries. We assure you to provide the needed guidance in the best possible manner.

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