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
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    9.0% - 9.50% Floating
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    8.90% - 9.10% Floating
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    3-30 Years
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    8.80 - 9.20% Floating
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    1-30 Years
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    8.80% - 9.05% Floating
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    1-30 Years
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    8.75% - 11.0% Floating
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    8.90% - 9.50% Floating
    0.50% PF (For Salaried) to 1%(min.3000)+Tax (for Self employed)
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
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    8.80% - 11.75% Fixed/Floating
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    1-30 Years
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    9% Floating
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    50L - 5Crs
    1 - 25 Years
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    8.55% - 8.99% Floating
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    8.85% - 9.05% Floating
    0.25% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
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    Rs.5,000 Amazon Voucher 100% PAPERLESS APPROVAL
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    9.25% Floating
    0.50% (min. ₹10,000)
    1Cr - 5Crs
    1-20 Years
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    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

    • DHFL Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have a home loan with DHFL INSTITUTION . I got option of preclosere and it is very nominal . The process to get the loan is fine. The rate of interest is fine even processing fee nominal . The loan was provide on time and the documentation was collected on time too. I received the loan amount as expected.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 18, 2019
    • ICICI Bank Home Loan
      "Useful for private employee people"
      0.5 4.0/5 "Great!"
      In 2006, I have taken my housing loan with ICICI Bank. During that time, they have assured me a lower interest rate hence i have chosen them. After 1 year, they have increase the interest rate which is higher than other bank hence i have done the pre-closure. Processing fee and interest rates were very high.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • Bank of Baroda Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this loan has been quite good where the process was very simple and smooth. The loan amount which they had provided has been sufficient and the interest rate which they offered me was very less when compared with the market rate. The charges which they had made has been nominal as well.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jan 18, 2019
    • Indiabulls Home Loan
      "Good loan services"
      0.5 4.0/5 "Great!"
      In March 2018, I have applied the home loan with India bulls. My friend has recommended about the indiabulls loan. They have given me a interest rate of 8.35% and I'm happy with it. I have received the loan in 20 days. I have no idea about the processing fee. Total tenure period the loan is 20 years. I am making the EMI through ECS.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 18, 2019
    • Canara Bank Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It was quite a good experience with this home loan, the interest rate with them was a little high initially but it has been reduced afterwards. There has not been any hidden charges which they had made and the processing fee has been very nominal. Their customer support has been excellent in guiding in everything.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Good in Service"
      0.5 3.0/5 "Satisfactory"
      When i was looking for a home loan, I had applied with with SBI . When i had submitted the documents , my application was taken care and it was processed. There was no delay and processing was on time. Interest rates are reasonable compare to the market value.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 18, 2019
    • LIC Housing Home Loan
      "Interest rate should be flexible"
      0.5 4.0/5 "Great!"
      LIC housing is providing good interest for home loan, but when govt reversed the rate of interest, I got higher percentage and they have taken some processing fee from the disbursement. But they didn't give any insurance. Anyway LIC housing has balance transfer, part payment and foreclosure option.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Best financial service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from State bank of India where i have transfered the loan from other bank . Where they are giving satisfying rate of interest . There is nominal charges for the processing fees for the documentation . Am pretty much satisfied with the rate of interest which they have provided.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • Kotak Home Loan
      "Best financial service "
      0.5 5.0/5 "Blown Away!"
      I have taken Housing loan from the Kotak mahindra bank , They have given Fair rate of interest based on the market price . They did instant approval process as fast as they can do . . There is no nominal processing fees as every bank i used to charge which is minimal .Overall am satisfied with the financial service .
      Was this review helpful? 0
      , pune
      Reviewed on Jan 18, 2019
    • Axis Bank Home Loan
      "Right bank to fulfill your dream home"
      0.5 3.0/5 "Satisfactory"
      Last August i have purchased my home loan from Axis Bank. Since the rate of interest is less and I'm existing customer of Axis bank for last 11 years hence i have chosen them. Processing fee was nominal. I have applied the loan amount of Rs. 22 lakhs which is sanctioned bit delayed.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was quite a good experience with them, where the loan amount which they had provided has been sufficient, the service charges where nominal. The interest rate with them has been less when compared to other banks. There has not been any charges additionally and the customer support of them has been helpful as well.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • SBI Home Loan
      "Good Financial service"
      0.5 4.5/5 "Excellent!"
      Rate of interest is bit low compared to other bank they have given best rate of interest am fully satisfied with it , They took time like 1 month for the processing and approval for the documentation as they do property evaluation . . They have charges some nominal fees for the housing loan approval Am pretty much satisfied with the customer service .
      Was this review helpful? 1
      , kochi
      Reviewed on Jan 18, 2019
    • Citibank Home Loan
      "Can do better"
      0.5 3.0/5 "Satisfactory"
      Ten years back I took home loan from Citi Bank at that time, the interest is higher and I done lots of documentation. CITI bank deal is not good, I done the foreclosure but I didn't pay any extra fee. They do have balance transfer, part and foreclosure options.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Bajaj Finserv Home Loan
      "Bajaj Finance / Fineserv are CHEATERS"
      0.5 0.5/5 "Unacceptable"
      Bajaj Finserv and finance makes false promises and then cheat the customer. They should be punished for doing it. They are terribly horrible. Don't go for any products or loans from Bajaj, they will certainly cheat you in some way and won't care about you once they have collected their fees and start increasing interest. Customer feels helpless and frustrated.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 18, 2019
    • ICICI Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my home loan with ICICI bank,they have given me sufficient loan amount,and the rate of interest they have charged me up to 8.9% it is not fixed,it varies according to market rate, and they have not charged me processing fee as it is zero processing fee, and the loan is still running,overall service is good.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jan 17, 2019
    • IDBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my housing loan with IDBI bank, they have given me sufficient loan amount, and the rate of interest they have charged me up to 8.45% which was nominal for me, and the processing fee they have charged me was nominal, and still my loan is running,till now i had good experience.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jan 17, 2019
    • SBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had taken my housing loan with State bank of India, the loan amount they have given me was sufficient but was below to my expectation ,was okay for me , and the rate of interest they have charged me was nominal,and the processing fee they have charged me was very nominal,there overall service was good, now my loan got closed.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 17, 2019
    • Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my housing loan with Bank of India, there service was good ,they have given me sufficient loan amount, and the rate of interest they have given me was up to 8.5% now,the rate of interest is not fixed it use to fluctuate according to market price, and the processing fee they have charged me was nominal,there mobile application and net bank is good, there application is user-friendly,but if i took loan from Hyderabad bank but i am in Bangalore branch then they will not help me out in this only on that bank they will be helping out if i had any issue or query.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2019
    • Bank Bazaar Home Loan
      "It was a good experince and very easy to reach them and talk"
      0.5 3.5/5 "Pretty good"
      I feel very good. Bank Bazaar approve my loan. I got a call from Bank Bazaar customer service. They will help me provide me loan. Customer service agent also very polite and well behaved. I think this Company provide very good service and they help people a lot. It was a good experience and very easy to reach them and talk them and also you can easily apply their staff is also very good.
      Was this review helpful? 2
      , delhi
      Reviewed on Jan 16, 2019
    • SBI Home Loan
      "Good Experience for Housing loan"
      0.5 4.0/5 "Great!"
      SBI is best for the home loan, they come down to 9% of interest its good compared to private sectors. The documentation verification is very easy and very secured as well. Even the bank gave me balance transfer, pre closure, part closure options.
      Was this review helpful? 4
      , mumbai
      Reviewed on Jan 14, 2019
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