Reduce existing home loan interest rate, here we tell you how

 If you're looking to purchase your dream home, now may be a wonderful moment to do it. Several banks around the country are currently giving the lowest home loan interest rates in history. Aside from that, there are festive incentives such as processing cost waivers.

To top it off, the Reserve Bank of India (RBI) has opted to maintain the key interest rates at their current levels. In the midst of the current COVID-19 pandemic, this is a welcome relief for borrowers. However, if you have already taken out a home loan and have been paying your EMIs, we will provide you with some helpful recommendations for lowering your home loan interest rate.

Banks have recently been offering attractive interest rates on house loans.

How to reduce home loan interest rate

When you switch from a BPLR, base rate, or MCLR loan to an EBR-linked loan, your interest rate and EMI are likely to decrease.

Customers who have a floating rate home loan will invariably pay EMIs at the lower rate of interest if the interest rate falls.

Borrowers of floating rate home loans have the option of making partial prepayments without penalty, which they can use to lower their EMIs.

If you believe your current lender has a higher interest rate, you may want to explore transferring your home loan balance to a different lender.

Remember to maintain a high CIBIL score and a low debt-to-income ratio. This will assist you in obtaining the lowest possible home loan interest rate.

Consider extending the term of your loan if you are experiencing financial hardship and wish to relieve some of it by lowering your home loan EMI.

Due to the COVID-19 epidemic, borrowers who are temporarily unable to pay their EMIs may request a moratorium from their lender.

A moratorium suspends EMIs or principle payments for a period of time, after which the loan is restructured to a more acceptable repayment schedule.

Conclusion

There's no need to be discouraged if your personal loan application is turned down. To boost your chances of loan approval, simply work on improving your credit report and following the methods outlined above. Once you've completed this checklist, you're ready to submit your personal loan application.To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Best Home Loan In India if you have any more.

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