Smart Tips To Decrease Your Home Loan Interest​

Looking to save on the home loan EMI?

Here are some smart tips that can help in reducing the interest rate and give you lower EMIs.

Good credit score

You can get discounted interest rates with a good credit score, i.e. a score of 800+. So, maintain a good credit history for a high score.

Prepayment

Part payment or prepayment reduces the outstanding loan amount. This can lower the EMIs and also reduce the loan tenure for faster payments.

Negotiate

You can negotiate the interest rate with the lender and get it reduced. Lenders often discount the rates if you can show a good financial standing.

Existing bank

Choose a lender with whom you have an existing relationship, i.e., an existing account or loan. You can get reduced rates as an existing customer

Refinance the loan

You can transfer your existing outstanding home loan to a lender offering a lower interest rate and save on the interest outgo.

With IDFC FIRST Bank Home Loans you can get attractive interest rates and affordable repayment tenures of up to 30 years.