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Slash Your Home Loan Interest Rates Proven Tips to Save Big on Your Mortgage

To save on a home loan in India, you can compare interest rates from different banks, improve your credit score, opt for a shorter loan term, make a larger down payment, consider a fixed-rate mortgage, or refinance your loan at a lower rate.

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Slash Your Home Loan Interest Rates Proven Tips to Save Big on Your Mortgage

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  1. Tips for lowering home loan interest rates

  2. Strong Creditworthiness • Avoid multiple loan applications and limit credit card usage to better your credit score.

  3. Increase Down Payment Raising the down payment amount lowers the default risk.

  4. Shorter Payback Period You can pay off your floating rate loan early without incurring any charges.

  5. Research Lenders Choose your home loan lender after extensive research on different lenders' offerings.

  6. Buy Insurance • Presentations are communication tools that can be used as demonstrations. Insurance will pay your EMI if you lose your job or become disabled.

  7. Prepayments Regularly pay the increased EMI to reduce the interest burden. • 1. • 2.

  8. Revise Your EMI Request an EMI revision from your lender based on your annual appraisal.

  9. Opt For a Balance Transfer Switch your outstanding home loan balance to a new lender and benefit from lower interest rates.

  10. Contact Existing Lender Get a home loan from your current lender if you have been on time with previous loan payments.

  11. Choose Floating Rate A floating interest rate is usually cheaper than a fixed rate of interest.

  12. The suggestions above will assist you in obtaining a low-interest-rate loan and saving a decent amount of money on interest payments.

  13. Thanks Would Love to hear from you. Hero Housing Finance Ltd. 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel: 18001024145 Email: customer.care@herofincorp.com Website: https://www.herohousingfinance.com/ URL: https://www.herohousingfinance.com/blog/knowledge- series-of-experts/how-to-reduce-home-loan-interest

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