If you plan to buy your dream home, it is prudent to consider financing it using a home loan. There are numerous benefits of funding your house’s purchase through a home loan. The most tangible benefit is that it reduces the financial burden by financing the cost through the loan, which you can repay through EMIs. New-age lending institutions like Grihashakti have made it easier to obtain a home loan. It also offers you the flexibility to apply for a home loan online through its website.
Before applying for a home loan, you must consider the interest charges. The interest rate plays a crucial role in determining your EMIs and the total outstanding balance. Since home loans are high-value loans, it is important to keep the interest rates as low as possible. It is recommended to compare home loan interest rates from different providers and choose the most suitable one. You must invest time in findinghow to reduce interest rates on home loans.
Tips to reduce home loan interest rates
Here are some of the most effective tips to reduce the interest rate on home loans that you must learn about.
Opt for a shorter loan tenure
Longer tenures can reduce your monthly instalments, but they can significantly increase the interest component in the outstanding balance amount. Conversely, a shorter loan tenure will lead to a lower interest amount, which will reduce the total due balance. You can compare the reduction in interest charges using a home loan EMI calculator by entering different loan tenures and keeping other variables constant.
Compare interest rates from multiple lending institutions
The best way to reduce your interest rate on home loans is by comparing the rates offered by multiple lending institutions. You can check this online by visiting the website of different home loan providers.
Pay a higher down-payment amount
Most financial institutions finance between 75% to 90% of the property’s value.
Therefore, paying a higher down payment amount is a great way to reduce your interest rate, EMIs, and the total outstanding balance. In addition, a higher down payment amount will reduce the principal component of the loan on which the interest is applied. It will naturally reduce the total interest fees charged.
Look for prepayment terms
Prepayment options associated with home loans allow borrowers to repay the total loan amount in advance before the end of the tenure. Some lenders put a prepayment charge on home loans. However, many do not levy any prepayment penalty. In this case, you can reduce the overall interest fee by paying in advance. You must factor in your income and expenses before taking such steps. If you can manage to repay the loan amount before maturity, then it would be beneficial in the long run.
Maintain a higher credit score
The credit score plays a crucial role in determining the interest rate for any loan. Most lenders have a minimum credit score criteria for accepting loan applications. The credit score is a numeric representation of your creditworthiness in the market. Therefore, you must work on maintaining a high credit score. Most home loan providers have minimum score criteria of over 700 points. However, a score over 750 points is excellent for all home loans and will help you obtain better terms and reduced interest rates.
Home loan balance transfer
A home loan balance transfer is another option to reduce the interest rate on existing home loans. In this scenario, the outstanding home loan amount of the borrower is transferred to a new lending institution that repays the existing loan amount. You can apply for a home loan balance transfer for better interest rates and other facilities. However, you must carefully read the terms and conditions of the home loan balance transfer before choosing one.
Don’t skip your EMIs
Skipping EMIs on your home loan is a shortcut to inviting heavy penalties on your home loans. If you fail to pay three consecutive EMIs, the lender will see you as a defaulter and can take necessary corrective actions against you. It can also lead to losing the possession of the collateral pledged. If you cannot repay the EMIs, you can request the lender for an extension or an EMI-free period. In addition, online housing loans have made it easier to compare the features and benefits offered by different loan providers.
Revise EMIs based on your income
One of the best features offered by most home loan providers is the flexibility to revise the EMIs based on your income. If your income has increased considerably in the past year, you can easily opt for a higher EMI amount going forward and thus lower the interest burden.
For more valuable information visit this website
Very well presented. Every quote was awesome and thanks for sharing the content. Keep sharing and keep motivating others.
Thank you for the good writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! By the way, how could we communicate?
allergy medications for itching skin best antihistamine decongestant combo prescription vs over the counter
order deltasone 5mg sale prednisone 5mg cheap
daily heartburn relief order duricef 250mg
I do not even understand how I ended up here but I assumed this publish used to be great .aryqtv programs
I saw a lot of website but I conceive this one has got something special in it in it
buy zanaflex online cheap order tizanidine 2mg online order tizanidine 2mg generic
Magnificent beat ! I wish to apprentice even as you amend your web site, how can i subscribe for a weblog site? The account aided me a applicable deal. I were a little bit familiar of this your broadcast offered brilliant transparent concept
oral deltasone 10mg buy prednisone 40mg pills prednisone pills
buy isotretinoin 40mg sale accutane 10mg over the counter accutane buy online
I really like reading through a post that can make men and women think.<a href="https://www.cse.google.nu/url?sa=t
amoxicillin sale cheap amoxicillin 500mg cheap amoxil sale
buy ventolin 2mg online cheap albuterol 2mg over the counter ventolin inhalator order online
buy zithromax 250mg generic order generic azithromycin buy azithromycin 500mg for sale
order augmentin 625mg pill buy clavulanate medication buy augmentin 625mg online
how to buy prednisolone prednisolone for sale online buy omnacortil 40mg generic
synthroid for sale online levothroid generic buy synthroid 150mcg for sale
gabapentin 800mg uk buy neurontin no prescription order neurontin 800mg pill
Pretty! This has been a really wonderful post.any thanks for providing these details.-tv free live stream
buy furosemide 100mg without prescription buy furosemide 40mg for sale order furosemide sale
order sildenafil sale sildenafil for men buy generic viagra 50mg
buy vibra-tabs without prescription monodox over the counter brand doxycycline 200mg
purchase semaglutide online cheap buy semaglutide for sale rybelsus medication
online slots playing poker online for money best online casinos real money
order levitra 10mg online cheap order levitra online levitra 10mg canada
pregabalin buy online lyrica 150mg usa pregabalin sale
plaquenil pill plaquenil 200mg generic buy plaquenil 400mg for sale
triamcinolone 10mg over the counter buy generic triamcinolone online aristocort online order
order cialis 40mg pill brand cialis 5mg tadalafil 20mg usa
clarinex order purchase clarinex without prescription order clarinex without prescription
cenforce sale cenforce order online order cenforce 50mg online cheap
buy cheap loratadine loratadine without prescription claritin 10mg tablet
buy orlistat no prescription purchase diltiazem sale order diltiazem 180mg without prescription
brand metformin 500mg buy generic glycomet 1000mg buy glucophage medication
Excellent article! We will be linking to this particularly great article on our website.Surge Protector Power Strip 5Ft Flat Extension Cord Flat Plug with 4 USB Charging Ports (2 USB C) 8 Widely Outlets 1080J Wall Mount Outlet Extender Office Supplies Dorm Room Essentials – Hot Deals
brand zovirax 400mg buy allopurinol without prescription zyloprim 300mg brand
buy norvasc 10mg pills order amlodipine pills order norvasc 10mg generic
crestor drug crestor 10mg sale zetia online
zestril 2.5mg generic order generic zestril lisinopril brand
buy domperidone generic buy tetracycline cheap order tetracycline pill
buy omeprazole prilosec 10mg over the counter cost prilosec 20mg
flexeril medication buy baclofen 10mg for sale buy cheap generic lioresal
For the reason that the admin of this site is working no uncertainty very quickly it will be renowned due to its quality contents. – hey dudes for girls
Great website! I am loving it!! Will be back later to read some more. I am bookmarking your feeds also
order lopressor 50mg online cheap purchase lopressor sale lopressor 100mg cheap
ketorolac for sale toradol pills buy gloperba without prescription
tenormin 50mg pill buy tenormin pills for sale atenolol 50mg generic
Hey there this is somewhat of off topic but I was wondering if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding experience so I wanted to get guidance from someone with experience. Any help would be greatly appreciated!
There is definately a lot to find out about this subject. like all the points you made . Shoe Palace
I?¦m now not certain the place you’re getting your information, but good topic. I must spend some time finding out more or working out more. Thanks for excellent info I was in search of this info for my mission.
In the grand design of things you secure an A+ just for hard work. Where exactly you actually lost us was first on all the specifics. You know, they say, the devil is in the details… And it couldn’t be much more accurate here. Having said that, let me tell you precisely what did deliver the results. The article (parts of it) is definitely extremely convincing and that is most likely the reason why I am making an effort to comment. I do not really make it a regular habit of doing that. 2nd, although I can certainly see the leaps in reason you make, I am not confident of just how you appear to unite your ideas which in turn help to make your final result. For the moment I shall yield to your point but wish in the foreseeable future you connect the dots better.
I think this internet site has very excellent written subject material blog posts.
I’ve been absent for a while, but now I remember why I used to love this blog. Thanks, I?¦ll try and check back more frequently. How frequently you update your web site?
https://xn--h50bo5sskh9zc.com/
It’s a game. Five dollars is free. Try it It’s not an easy game ->-> 토토사이트.com
A big thank you for your blog.Really looking forward to read more.
Does your site have a contact page? I’m having problems locating it but, I’d like to send you an email. I’ve got some creative ideas for your blog you might be interested in hearing. Either way, great site and I look forward to seeing it grow over time.
I always was concerned in this topic and stock still am, regards for putting up.
I’ve been browsing online more than 3 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. Personally, if all site owners and bloggers made good content as you did, the web will be a lot more useful than ever before.
Fitspresso stands out among the crowded health supplement market as an exceptional product.
With havin so much content do you ever run into any problems of plagorism or copyright infringement? My blog has a lot of unique content I’ve either authored myself or outsourced but it seems a lot of it is popping it up all over the web without my agreement. Do you know any methods to help stop content from being ripped off? I’d genuinely appreciate it.
Hey! This is my first comment here so I just wanted to give a quick shout out and tell you I genuinely enjoy reading your blog posts. Can you suggest any other blogs/websites/forums that cover the same topics? Thanks!
Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.
Perfect piece of work you have done, this web site is really cool with fantastic information.
Tonic Greens, a natural health supplement, is designed to enhance immune function.
Your post made my day brighter, thank you! useful source
Can I just say what a reduction to seek out somebody who truly knows what theyre talking about on the internet. You undoubtedly know the right way to convey an issue to mild and make it important. Extra individuals have to learn this and perceive this facet of the story. I cant consider youre not more in style because you definitely have the gift.
Balmorex Pro is a natural and amazing pain relief formula that decreases joint pain and provides nerve compression relief.
Good day very nice blog!! Guy .. Beautiful .. Wonderful .. I will bookmark your website and take the feeds additionally…I am glad to search out so many helpful info right here within the post, we need work out extra strategies in this regard, thank you for sharing.
I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here frequently. I’m quite certain I will learn many new stuff right here! Good luck for the next!
Hi, Neat post. There’s a problem with your site in internet explorer, would test this… IE still is the market leader and a huge portion of people will miss your great writing due to this problem.
I have been absent for some time, but now I remember why I used to love this site. Thank you, I will try and check back more frequently. How frequently you update your site?
Wonderful work! That is the type of information that are meant to be shared across the net. Disgrace on the seek engines for not positioning this submit higher! Come on over and talk over with my website . Thanks =)
Nearly all of whatever you point out happens to be supprisingly legitimate and it makes me wonder why I hadn’t looked at this in this light before. This article really did turn the light on for me personally as far as this subject matter goes. However there is 1 factor I am not really too comfy with so whilst I attempt to reconcile that with the main theme of your position, let me observe exactly what the rest of the visitors have to point out.Very well done.
This is a topic close to my heart cheers, where are your contact details though?
Great awesome issues here. I am very happy to look your article. Thanks a lot and i’m having a look forward to contact you. Will you please drop me a e-mail?
I like this site very much so much great information.
I just couldn’t depart your web site before suggesting that I actually enjoyed the standard info a person provide for your visitors? Is going to be back often in order to check up on new posts
I like this post, enjoyed this one thanks for putting up. “To the dull mind all nature is leaden. To the illumined mind the whole world sparkles with light.” by Ralph Waldo Emerson.
I delight in, cause I discovered exactly what I used to be taking a look for. You have ended my 4 day lengthy hunt! God Bless you man. Have a great day. Bye
We’re a bunch of volunteers and opening a brand new scheme in our community. Your site offered us with helpful info to work on. You’ve done an impressive activity and our entire neighborhood will be thankful to you.
Yeah bookmaking this wasn’t a high risk conclusion great post! .
great post.Ne’er knew this, thankyou for letting me know.
I really appreciate this post. I¦ve been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thanks again
Hi, Neat post. There’s a problem along with your site in web explorer, would test this… IE nonetheless is the market chief and a good portion of folks will omit your fantastic writing due to this problem.
magnificent issues altogether, you simply won a new reader. What would you recommend in regards to your submit that you just made a few days ago? Any positive?
That is the suitable weblog for anybody who wants to find out about this topic. You notice so much its virtually exhausting to argue with you (not that I really would want…HaHa). You undoubtedly put a brand new spin on a topic thats been written about for years. Great stuff, simply great!
Thank you for the good writeup.
It’s in reality a great and useful piece of info. I’m happy that you just shared this useful info with us. Please stay us informed like this. Thank you for sharing.
But a smiling visitor here to share the love (:, btw outstanding layout. “He profits most who serves best.” by Arthur F. Sheldon.
What is Renew? Renew is a dietary supplement designed to support blood flow while also aiming to boost testosterone levels andprovide an explosive energy drive
Wow! This can be one particular of the most beneficial blogs We have ever arrive across on this subject. Actually Fantastic. I’m also a specialist in this topic so I can understand your effort.
You should take part in a contest for among the finest blogs on the web. I will suggest this site!
Hey! I’m at work browsing your blog from my new iphone! Just wanted to say I love reading through your blog and look forward to all your posts! Carry on the excellent work!
I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post…
There’s noticeably a bundle to learn about this. I assume you made certain nice points in features also.
I¦ve been exploring for a bit for any high-quality articles or blog posts in this kind of area . Exploring in Yahoo I at last stumbled upon this website. Reading this information So i am happy to express that I have a very excellent uncanny feeling I came upon exactly what I needed. I such a lot no doubt will make sure to do not put out of your mind this site and provides it a glance on a continuing basis.
I have read some good stuff here. Certainly price bookmarking for revisiting. I wonder how a lot attempt you place to create the sort of fantastic informative site.
Excellent post. I was checking constantly this blog and I’m impressed! Very useful info specially the last part 🙂 I care for such information a lot. I was looking for this particular information for a long time. Thank you and best of luck.
great post.Ne’er knew this, thankyou for letting me know.