A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 42 How to Reduce Your Home Loan Interest Burden
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.6% - 8.95% Floating
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free Paperless approval available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.70% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 9.25% Floating
    0.50% (min. ₹10,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.35% - 11.75% Fixed/Floating
    0.50% (min. ₹10,000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.25% Floating
    0 One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.6% - 8.95% FIXED:3 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Value Adds
    8.6% - 8.95% FIXED:5 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.0% - 9.25% FIXED:10 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    How to Reduce Your Home Loan Interest Burden is Rated as "Great!" by 24914 Users

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    Home Loan BYTES FROM OUR KITCHEN

    How to Reduce Your Home Loan Interest Burden

    How to Decrease Your Interest Payment on Your Existing Home Loan:

    For almost every home loan borrower, paying EMIs regularly take up at least 40% of their monthly income. Of course, it’s something they’d want a reprieve from. But sadly there’s not much they can do because of the current banking system can only offer so much flexibility.

    However, there’s a solution for everything, and in this case, to reduce your home loan interest payments. Although this solution isn’t as straightforward, a strict adherence to the points you mentioned below will help you cut your interest payments.

    Consider Prepaying Your Home Loan:

    Home loan borrowers often tend to prepay their home loans, but the strategy they use to do so varies between person to person. For instance, one individual might decide to make partial prepayments every six months or a year in order to bring down their overall interest payment. If you want get your interest payment down, this is one approach you can use. An advantage to taking this approach is that banks and NBFCs these days don’t charge any prepayment fees or penalties and actually encourage borrowers to prepay.

    Basically, how a home loan works is, you will be paying the interest for the first few years and the principal repayment only comes in during the latter half of the schedule. So, if you prepay the loan amount in the initial stages, you will be spending a lesser amount on paying interest because the interest amount will significantly decrease.

    Opt For a Balance Transfer:

    Balance transfers were unheard of a couple of years ago, but currently almost every major bank and NBFC has warmed up to offer the service to new borrowers. A balance transfer is basically where a borrower who is unsatisfied with higher interest loan from their current lender can choose to switch to a different lender who’s offering a much lower interest rate.

    One thing worth noting here is that while balance transfer loans come with lower interest rates, they also require you to pay a certain amount to both your current and new lender. For instance, your current lender will charge a penalty to allow you the transfer, while your new lender will charge a processing fee to provide you the loan. So, before you go with a balance transfer you should look into the total amount you are likely to save on the deal.

    Increase Your EMI Payments:

    If you are on a floating rate home loan, you will know that the interest rates often keep changing based on the market conditions. In cases when lenders reduce your interest rate, they will either keep your EMIs constant while decreasing the tenure or reduce your EMIs and increase your loan tenure.

    For the deal to work out in your favour, you should either choose to keep the EMIs constant, or better yet, increase the EMIs. What this does is decrease the overall interest outlay on your loan, thereby saving you a major chunk of money.

    These are some of the most effective strategies you can employ in order to reduce your interest payments to as low a degree as possible.

    How to Reduce Your Home Loan Interest Burden Reviews

    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The service was excellent with HDFC limited in concern to my home loan . They have taken longer than normal because of some documentation. The customer support was prompt with HDFC limited. The rate of interest is nominal with HDFC limited when compared with others. I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I know bank bazaar for past One year. I have applied home loan with bank bazaar website, which is easy to use and user friendly. The bank bazaar customer support has reached me within 24hours after I gave my requirement in bank bazaar website.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 17, 2017
    • Punjab National Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The housing loan was good with PNB HOUSING FINANCE LIMITED was good. The customer support support gave good response . The rate of interest is nominal with PNB HOUSING FINANCE LIMITED when compared with others. I would say it was an excellent service which was given by PNB.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 17, 2017
    • HDFC Limited Home Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I have had taken a housing loan from HDFC LTD based on my salary account that I hold with HDFC . This loan was taken 10 years back, I found the offer was exciting and therefore I had opted for the same. Its still an ongoing loan. No tax benefit I am getting from HDFC LTD, it is not a joint account. I am getting certificate of interest from HDFC LTD on time.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Punjab National Bank Home Loan
      "After SBI its PNB "
      0.5 5.0/5 "Blown Away!"
      PNB Housing loan is the best, PNB offered the least interest rate as compared to SBI, processing was very easy they had taken around 2 weeks for the disbursement . Its a joint loan. I had received the copy of tittle deeds and legal documents to my email id on time.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "User friendly"
      0.5 4.0/5 "Great!"
      Call back response is very good in Bank Bazaar, before coming to Bank Bazaar I might not aware of lot of home loan information but now I got knowledgeable about the home loan. Quite satisfied with their information and service is really good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • Punjab National Bank Home Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      There is no specific reason not to avail loan from PNB housing, only because of the personal reason I have postponed the plan. Therefore I didn't get opportunity to go head with PNB housing, but their response is very good and gave me good interaction.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 17, 2017
    • SBI Home Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      State Bank of India has offered me a home loan and the customer services are good. The documents was collected on time and there are no hassles in the process. The interest rate and processing charges is also normal and the after loan services are perfect.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Initially there was a prompt response from Bankbazaar, where I was contacted and given the details and the application was also processed to the banks. Later I received no follow up calls, which could have been more helpful through the process.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The communication is good with HDFC Ltd. The services and response was good and on time. They completed the process on time as well. The rate of interest was of 9.45% which is on a floating basis. The processing charges was waived off for the home loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "Good financial website"
      0.5 5.0/5 "Blown Away!"
      What ever communication provided by Bank Bazaar is absolutely good they gave me satisfactory information with adequate knowledge of banking products. I am very fine with their good support. You guys are coordinated well with the prompt service.
      Was this review helpful? 0
      , nasik
      Reviewed on Oct 17, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The communication is good with HDFC Ltd. The services and response was good and on time. They completed the process on time as well. The rate of interest was of 9.45% which is on a floating basis. The processing charges was waived off for the home loan.
      Was this review helpful? 0
      , nasik
      Reviewed on Oct 17, 2017
    • HDFC Limited Home Loan
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I am yet to shortlist the property, therefore I thought not to go head for the home loan right now. But once I have finalized the property I may go with HDFC ltd because they gave me good response and also they ready to sanction good principal amount.
      Was this review helpful? 0
      , nasik
      Reviewed on Oct 17, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I am happy with the process of HDFC Ltd for the home loan. There was no delay from them and the customer service executive was also good in interacting. The rate of interest was normal. The processing charges was taken, there are some banks who do not charge a fee. It could have been waived off.
      Was this review helpful? 0
      , nasik
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with Bankbazaar as there was a lot of calls from them. There was no delay and they followed up pretty well. The portal was also very useful to me, I got to know that I did not know of earlier. Overall very supportive services.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was a very good experience with Bankbazaar. I liked the way they approached me as it was instant response and the services continued with the follow up calls as well till the end. The website is too good for every customer applying for a loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • SBI Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I wish to give State Bank of India five stars for the whole package. It is from the services which was very prompt and also for the good deal they offered on the rate of interest and charges. I had applied for the home loan, just that I did not take loan now and have postponed my plan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "User friendly"
      0.5 4.0/5 "Great!"
      There is a quick response for the financial banking products, website is userfriendly and easy to navigate. It simple to apply or to check any offers without going to the banks. I am satisfied Bank Bazaar service and information part is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Bank Bazaar Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The best I like about Bankbazaar is their prompt response. As soon as I check on any detail on the website, maximum within half hour I would receive a call. They would call and provide me with so many options. They also have an excellent website which is designed in a simple way so every one can understand it.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • Punjab National Bank Home Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      Right now, I have postponed the plan of purchasing the property, due to the personal loan. But I personally felt, PNB housing is good because they reached me and gave the proper coordination and response. The rate which offered by PNB Housing its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
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