A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • How to Save Rs.1 Lakh on Home Loan Repayment

    Paying off a home loan can be an expensive affair. Since home loan amounts are usually on the higher side, the mere interest payable on them can add up to a lot. This doesn’t mean that you cannot save out on money. Here are some tips on how you can save money on repaying your home loan.

    • Prepay your Loan – Prepaying your loan can help slash your total interest payable considerably. Although this requires an abundance of financial discipline and commitment, the long term effects of prepaying your loan can overshadow the struggle of saving up to do so. However, one must bear in mind the prepayment charges, and other charges that go in hand with preclosing your home loan.
    • Ask to Reduce the Interest Rate – Negotiate with your bank on the rates of interest. If you have been a customer with the bank for a while, most banks will oblige to your request. This is sure to help you save on a lot of interest payable depending on the loan amount.
    • Do Your Research - It is important to do through research before applying for a home loan. Although two banks may offer similar rates of interest, other fees and charges may vary. Not doing through research before applying for a loan could cost you a lot of money that can otherwise be avoided. With the numerous online marketplaces that are available at a consumer’s convenience, it is now easy to compare home loans and choose the best loan product as per a customer’s requirement.
    • Invest Before You Apply for a Loan – Investing your money in various schemes will help you accumulate some money that can be used to making the down payment for your home loan. The larger the amount paid towards down payment, the lesser will be the loan amount. And the lesser the loan amount, the lesser will be the interest payable on the home loan. Therefore, the higher the down payment, the more money you can save on interest payable.
    • Transfer the Balance of Your Home Loan – Home loan balance transfer is a process where a bank takes over the home loan from an existing bank. Often times the bank that takes over the loan offer you with a lower interest rate. This is bound to save you on the interest amount over the tenure of the loan. Home loan balance transfer is easy to obtain and effective when it comes to saving on interest.

    Although paying off a home loan can be expensive, one can save money on the interest by following the steps mentioned above. Financial commitment is key when it comes to saving money on your home loan. Always remember that prepaying your home loan partially or fully can help you save money as well. However, the most important tip that one can follow to save interest on home loans is invest. Investing money to make a larger down payment will reduce the overall interest paid on the loan. Moreover, it builds discipline in building the financial discipline to save money in future.

    Home Loan - Sitemap

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    Home Loan Reviews

    • review Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken my Home loan a long time back and the process in getting the loan has been pretty good. The loan amount has been sufficient and the interest rate which they offered has been nominal when compared with the market rate. Their customer support team has also been helpful during the process in getting the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 23, 2019
    • LIC Housing Home Loan
      "Very good"
      0.5 4.0/5 "Great!"
      I have taken one home loan from lic housing finance last fouryears , and their allover service is good , my loan amount is 19L , and rate of interest is nominal , EMI amount is 19k , tenure is 15 years , I am satisfied with lic housing finance home loan ,
      Was this review helpful? 0
      , thane
      Reviewed on Apr 23, 2019
    • Indiabulls Home Loan
      "Very Good choice for housing loan"
      0.5 5.0/5 "Blown Away!"
      I do have housing loan with India bulls, the interest is normal. I took the loan amount of Rs. 25 lakhs now I need to pay only Rs. 2.5 lakhs. They quoted me the interest around 8.99% now they revised to 9.5%, I done lots of part payment without any charges. They are very helpful and supportive on the queries handling.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 23, 2019
    • ICICI Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken a HOME LOAN from ICICI BANK a long time back and the experience i had has been quite good. The loan amount has been sufficient and the interest rate with them had been less when compared with the other banks. There was no additional charges made by them. The customer support team of them had been very much approachable.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 23, 2019
    • ICICI Bank Home Loan
      "Need transparency"
      0.5 3.5/5 "Pretty good"
      I found the interest rate is bit higher in ICICI compared to other banks, where it was 8.75% but have been charged 9%. Am still paying the premium for home loan and it was taken before 2 years. The total tenure is 20 years. My experience was good just documentation took lit longer. At the time of registration process, they failed to provide one document. There was a processing fee but they informed it will be waived off during the loan process and it does not happen.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2019
    • Punjab National Bank Home Loan
      "BETTER"
      0.5 3.5/5 "Pretty good"
      PNB HOUSING FINANCE LIMITED is the finance limited where i have applied for the housing loan, the application process was not much user friendly but they have provided with nominal rate of interest added on that the loan amount is good. The service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 23, 2019
    • Canara Bank Home Loan
      "gOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I took a housing loan from the CANARA BANK .The interest rate was nominal.There are no additional charges such as part payment charges. Overall it has been a really good experience. I got the loan amount sufficient and even the tenure period was fair enough .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • IIFL Home Loan
      "Very faster response"
      0.5 5.0/5 "Blown Away!"
      When I am looking for housing loan, IIFL immediately responded to my request . I got a very good customer response for verifying my documents . They processed the loan within one month of time . They sanctioned the loan with the average interest rate for next twenty years .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 22, 2019
    • LIC Housing Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Previously i applied for my housing loan with LIC HOUSING FINANCE , but i felt the rate of interest they are charging too high comparing to other bank, the loan amount was sufficient it was on my requirement i got loan. Even i am not happy with their service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have done balance transfer from other bank to HDFC limited, i have taken home loan with them recently, the reason for doing balance transfer because of the less rate of interest they are charging, they have charged me up to 9.2% previously was 8.5% it is not fixed, Still this loan is running.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • Canara Bank Home Loan
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have applied for the housing loan with the CANARA BANK the documentation process was simple and i got the loan on time with hassle free process. They have given the satisfactory loan amount added on that the rate of interest was 8.8% and using from last 2014.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 22, 2019
    • DHFL Home Loan
      "Not satifactory service"
      0.5 1.0/5 "Really Bad"
      I got home loan with DHFL FINANCIAL INSTITUTION . I am not happy with the services even the customer service response is not so good . The loan amount which they gave was good but they charge very high rate of interest . Overall it is fine experience .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 22, 2019
    • IDBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the housing loan with the IDBI BANK the documentation process was quick and done on time. They have given the good loan amount the rate of interest was 8.7% which was a fixed. There was a processing fee, the duration for repaying is for 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 22, 2019
    • LIC Housing Home Loan
      "Should be transparent and prompt"
      0.5 1.0/5 "Really Bad"
      I have housing loan from LIC, the interest is high. My property located in lucknow but I am staying in mumbai hence for the balance transfer its very difficult they need lots of loan documents. Without proper notification they increased the interest but for the reduction they have lots of procedure and I need to pay Rs.1000.
      Was this review helpful? 1
      , mumbai
      Reviewed on Apr 22, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took one home loan from HDFC LTD , and their allover service is good , my loan amount is 30L but this time only disbursement amount is 3L and rate of interest is 8.95% IS nominal , and EMI is 3400K rest amount after some days I take it , I am satisfied with all thing their service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 22, 2019
    • ICICI Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan through ICICI BANK . This is one of the good experience i had and would suggest everyone to go for it if you are looking for any Home loan., because they have the reasonable interest rate. When i had gone to apply home loan they sanctioned the amount in just few days .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 21, 2019
    • HDFC Limited Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Home Loan from HDFC LTD a long time back where the process in getting the loan was good and the disbursement was on time. The interest rate and charges which they had made has been nominal and there has not been any sort of extra charges which they had made and the loan is still running.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 21, 2019
    • LIC Housing Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      LIC HOUSING FINANCE has also offered me a home loan. The process was quick and I got the loan on time. The rate of interest is and there were processing charges as well both are very nominal compare to others in the market . The tenure period is 10 year and it is sufficient .
      Was this review helpful? 0
      , vadodara
      Reviewed on Apr 21, 2019
    • review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have SHAMRAO BANK i have took home loan from this bank . Their service is better, Overall the whole loan process was easy and hassle free. Only the rate of interest were high with this bank. The processing fee is nominal with this bank . And the loan amount is not satisfactory .
      Was this review helpful? 0
      , pune
      Reviewed on Apr 21, 2019
    • HDFC Limited Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      HDFC LIMITED is the bank where i have taken the housing loan the loan amount they have offered was good and satisfactory added on that the documentation process was simple and pretty simple documents. I got the loan within one day, the rate of interest was nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 20, 2019
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