A "low interest" loan shouldn't mean you have very little interest in paying it back!
A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 38 How to Reduce Your Home Loan Interest Burden
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.35% - 10.25% Fixed/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
    Documents
    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% - 8.85% 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. ₹2,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time : Within 30 minutes
    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% - 8.25% Floating
    0 One time fee
    50L - 5Crs
    1 - 25 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    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
    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
    8.35% - 8.80% 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
    9.25% Floating
    0.50% (min. ₹10,000)
    1Cr - 5Crs
    1-20 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.95% - 10.40% FIXED
    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
    How to Reduce Your Home Loan Interest Burden is Rated as "Great!" by 25889 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

    • LIC Housing Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      I do have the home loan with the Life Insurance Corporation housing finance limited. The rate of interest is around 8% and the REPO rate immigration will not be getting immediately affected on equated monthly installment.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2017
    • SBI Home Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have my home loan with SBI 13 Years . The loan amount was 8 lakhs and the tenure period was 20 years. The loan process was very easy and they have provided door step service for collecting documents o My overall experience was good so I would like to recommend to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 15, 2017
    • Bank Bazaar Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      With bank bazaar the customer service was good from your end . As after i registered for the loan process i received the Call from the bank bazaar executive the next day . The Website of bank bazaar was good and was User friendly for me to use . It was a good experience i would say with bank bazaar .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2017
    • ICICI Bank Home Loan
      "Pretty good"
      0.5 3.5/5 "Pretty good"
      The customer service was good from the ICICI BANK side for the home loan i took . The bank gave me a full approval on the amount i asked for . From the bank side Process was on time . We delayed from our side . The money got disbursed in 10 working days . The Rate of interest when the bank told me was 8.6% and then it went a bit high like 8.76% and then they came down at 8.7% . The Processing fee was there of 5K in month of april . The bank gave me a Pre closure option told with no charges and also part payment option is also there .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 15, 2017
    • Bank Bazaar Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      The customer service was good form the bank bazaar side . The bank bazaar executive called me in a day as after i registered for the loan process . The Website of bank bazaar was good to use and really very easy to you .everything was explained to in a detailed way . It was a good experience i would say in all .
      Was this review helpful? 0
      , kochi
      Reviewed on Dec 14, 2017
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "OK OK EXPERIENCE"
      0.5 3.0/5 "Satisfactory"
      It was a OK OK experience with SUNDARAM Housing Finance i would say .actually i canceled the application from my side . I Postponed the plan so i did not opt fore the loan process. The Customer service was good from the sundaram side . I received a Call in short time period only and on call all the required Information was delivered to me .
      Was this review helpful? 0
      , kochi
      Reviewed on Dec 14, 2017
    • Bank Bazaar Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      The customer service was good from the bank bazaar side , i received call in a days time from the bank bazaar executive and on call everything was explained to me in detailed way . The Website of bank bazaar was user friendly and easy to use for me .it was a good experience over all with bank bazaar side .
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 14, 2017
    • DBS Bank Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      it was a good experience with DBS Bank as i took a home loan from there . No full approval was given . Was asking fr 95% approval but thy were only provide 80% approval . the Customer service was good from the bank side . all the Information was given to me in a proper way . Bank canceled the application from their end .
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 14, 2017
    • Bank Bazaar Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      With bank bazaar the customer service was good from the bank side . I received Call within 2 days form the bank bazaar executive and everything was explained to me in detailed way . The Website of bank bazaar is good and very user friendly . Over all it was a good experience with bank bazaar i had .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2017
    • HDFC Limited Home Loan
      "EXPECTED MORE"
      0.5 2.0/5 "Expected more"
      It was a good experience with HDFC LTD for the home loan i applied for . Actually the bank was not giving me a full approval on the amount i asked for . It was a good customer service from the HDFC side . They provided me every information required for the loan process . After not getting the a full approval i did not opt for the loan process .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2017
    • Punjab National Bank Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      it was a good experience with PNB Housing finance for the home loan application i applied for . Actually i canceled the application from my side as the Plan was postponed the plan of getting a house from my end . The Customer service was good from their end .
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 14, 2017
    • Bank Bazaar Home Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      It was a good experience i had with bank bazaar . As i have applied for the loan application i received call in a day time from the executive and he explained me everything in detailed way . The Website of bank bazaar was user friendly and it is really helpful for me .
      Was this review helpful? 0
      , pondicherry
      Reviewed on Dec 14, 2017
    • Punjab National Bank Home Loan
      "WONDERFUL SERVICE"
      0.5 5.0/5 "Blown Away!"
      As i applied for a home loan in PNB Housing finance it was a good experience with them . The Customer service was good from the bank side . The bank contacted me on time and was in touch till when i was replied back , and delivered all the Information which was required for the loan process . It was a good service i believe .
      Was this review helpful? 0
      , pondicherry
      Reviewed on Dec 14, 2017
    • Bank Bazaar Home Loan
      "Good One"
      0.5 4.0/5 "Great!"
      It was a good customer service from the Bank Bazaar side . Within 5 days i received call form the Bank Bazaar executive and he explained me everything in detailed way . The Website of bank bazaar was user friendly and easy to use and i checked my credit score on the website that to with few following steps .over all it was good experience with bank bazaar i would say .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2017
    • HDFC Limited Home Loan
      "EXPECTED MORE"
      0.5 2.0/5 "Expected more"
      Over all it was not a good experience with HDFC LTD . They did not provide me good service from their end , the customer service is not that good as i thought it would be . Information was not delivered to me properly from the institution side . It could have been a better service from their end .
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2017
    • Bank Bazaar Home Loan
      "GREAT"
      0.5 4.0/5 "Great!"
      The customer service was good from the Bank bazaar side . Within a day i received call form the executive of bank bazaar and he explained me everything in detailed way . The Website of Bank Bazaar was good and user friendly . The only thing the process is kind of long process on the website rest everything was fine .
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 14, 2017
    • HDFC Limited Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      it was a good experience with HDFC LTD for the home loan i applied for . The actually i postponded the construction so i did not opt for the loan process . The Customer service was good from HDFC end . The Follow ups were good and on proper time . They sanded me a mail regarding the information for the loan process .
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 14, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It has been almost eight years now since I have taken a home loan service from HDFC LTD . The documents were submitted directly to their showroom as I already have a salary account with HDFC LTD. The interest rate was low the customer support was prompt it was a good experience with HDFC LTD home loan service.
      Was this review helpful? 2
      , secunderabad
      Reviewed on Dec 14, 2017
    • ICICI Bank Home Loan
      "Very good"
      0.5 4.5/5 "Excellent!"
      I have my home loan with ICICI bank 1 year back . The loan amount was 15,50,000. The rate of interest was 8.35% which was very less so I am satisfied with it . They have provided door step service for collecting documents. The processing fee was 0.25% which was satisfactory .
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Dec 14, 2017
    • Syndicate Bank Home Loan
      "Its Best"
      0.5 4.0/5 "Great!"
      I have taken Home loan on my spouse name, they offered me 90% of loan. Because we have joint account with them, they gave me normal interest with floating rate. I have taken 18 lakhs it has the tenure of 25 years. EMI amount and due date is convenient. But for 20 months, they taken Rs. 2 lakhs of interest, from next month onward EMI gets started.
      Was this review helpful? 1
      , chennai
      Reviewed on Dec 13, 2017
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