A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 37 How to Reduce Your Home Loan Interest Burden
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    9.0% - 9.50% Floating
    Up to 0.50% (min. ₹10,000 + GST) One time fee
    8L Min
    1-30 Years
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    8.90% - 9.10% 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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    8.90% Floating
    10000+GST One time fee
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    1-20 Years
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    8.80% - 9.05% 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
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    8.75% - 11.0% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
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    8.90% - 9.55% 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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    Rs.5,000 Amazon Voucher
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    8.75% - 10% Fixed/Floating
    0.50% (min. ₹10,000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon Voucher
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    9% Floating
    ₹ 10000+ taxes One time fee
    50L - 5Crs
    1 - 25 Years
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    Rs.5,000 Amazon Voucher
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    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
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    8.85% - 9.05% Floating
    0.25% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time : Within 30 minutes
    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
    Response Time : Within 30 minutes
    Rs.5,000 Amazon Voucher
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    9.25% - 11.20% FIXED
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
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    How to Reduce Your Home Loan Interest Burden is Rated as "Great!" by 27480 Users

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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

    • HDFC Limited Home Loan
      "Fantastic Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with them has been good and the loan amount which they had provided has been satisfactory. The interest rate with them has been nominal and there has been some nominal charges which they had been making. Their customer support has been helpful at times as well.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Nov 11, 2018
    • SBI Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      The interest rate is very less when I compared to other banks. I have purchased a residential home. SBI has provided they required amount. The customer service and response is good. I have taken of 20 years and need to pay 27K for a month. There is an option for pre closure but I didn't apply for it.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 10, 2018
    • Axis Bank Home Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I took housing loan from Axis bank, they gave me 9.25% of interest for the tenure for three years. My principal amount of Rs.2.5 lakhs, they do have foreclosure option. They disbursed the loan amount on time, the interest rate and processing amount its good. For three years they are charging Rs. 30,000 of interest its fine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2018
    • Shriram Housing Home Loan
      "BELOW AVERAGE"
      0.5 2.0/5 "Expected more"
      The rate of interest is very higher from the SHRIRAM HOUSING FINANCE where i am using it from past two years. I have got 10lkahs where the process is very quick and good. There is processing fee also the addition charges applicable. I don't have hard copy, the duration is for 4 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2018
    • review Home Loan
      "Best in Need"
      0.5 4.5/5 "Excellent!"
      I would recoommend everyone to go for GIC housing finance as they listen to you and give you what you eligible for, I still remember when i had gone to apply home loan they sanctioned the amount in just two days and after that for verification and all it took time but i was glad the way they handled my application. This is one of the best 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 somewhere around 8.5%.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 10, 2018
    • Indiabulls Home Loan
      "Response is quick"
      0.5 3.0/5 "Satisfactory"
      Well i was in a need of home loan and i applied with India-bulls . The process of applying and getting processed was fast. i would appreciate India-bulls for that but when i had paid almost half of my loan amount and when i requested for , another loan , they just denied. I mean they could have seen my credit score and i am a person who pays payment on time. So only this concern i had with this bank but apart from that i fine with its services.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 10, 2018
    • Bank Bazaar Home Loan
      "GOOD"
      0.5 4.5/5 "Excellent!"
      OK NICE, SAME INFO SHOULD GO TO OTHER FINANCIERS ALSO. I IMPRESSED WITH THE SERVICE NEED LIKE THIS ALWAYS. WEBSITE DESIGN IS SIMPLE AND BEAUTIFUL, LOOK LIKE AMAZING. DIFFICULTIES ARE LESS, USER FRIENDLY. ANY ONE CAN DO THIS EASILY. FLEXIBLE AND MORE SIMPLE.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 10, 2018
    • IIFL Home Loan
      "Shoul Improve"
      0.5 2.0/5 "Expected more"
      I applied for a Home loan here and it was processed on time as it took just a week time where as other banks takes plenty of time to process. Approval was quick and after that the service which i am experiencing from them is not satisfactory. I have given a request to deduct the Emi from my salary account automatically, but they ask me to pay through on-line every month. This is a big head ache and i would suggest bank to work on this. Sometimes it get delays and even my credit score gets affected because of this.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 10, 2018
    • Axis Bank Home Loan
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      They will changes the rate of interest which is higher when compare to the others and it is floating. I am using from last 2007. The loan amount is sufficient and also the process is also good. The duration is for 20 years to repay the loan added on that the customer service is not good because they are not informed regarding the charges.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2018
    • LIC Housing Home Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I got my housing loan from LIC housing . Am satisfied with rate of interest which is nominal one of 8.34% The customer service and response is good. It instant approval process. They gave good tenure period which i make the payment through ecs .There is no processing fees.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2018
    • Corporation Bank Home Loan
      "Its Good"
      0.5 3.0/5 "Satisfactory"
      I took housing loan from corporation bank, I took the loan in 2006 at the time interest was good 8.25%. Now it got increased around 10.25% of interest. My company got tie up with the bank. Hence my personal experience, I don't have any issues with them.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 10, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good so far with bankbazaar, they provide good services when compared to others. Customer service was very good and their response was on time. I am using the mobile app of bankbazaar from last 3-4 years, it user friendly and easy to use.
      Was this review helpful? 2
      , delhi
      Reviewed on Nov 09, 2018
    • HDFC Limited Home Loan
      "Need to reduce ROI"
      0.5 3.0/5 "Satisfactory"
      My home loan application was approved with HDFC LTD and the experience was good, the process took 1 month to complete. The loan amount was for Rs 60 lacs with high interest rate when compared to others. I requested tenure period for 6 years but they gave for 27 years.
      Was this review helpful? 1
      , delhi
      Reviewed on Nov 09, 2018
    • Axis Bank Home Loan
      "Can Be Better"
      0.5 3.0/5 "Satisfactory"
      I Applied for a home loan with Axis bank. I am not happy with the Rate of Interest. Beginning it was somewhere between 10.25 and now it has come down to 9.2%., The interest rates are not competitive compared to other banks.Other Banks provide a reasonable interest rates. While applying for this , my application was processed in a month.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 09, 2018
    • Kotak Home Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      The experience i had with this Home loan has not been good since the process has taken more time than usual. There has been some issues on the documentation and their customer support team response has been slow. The interest rate with the has been much higher compared with the market rate and the issues had been sorted out at last by the Managing Director after i writing a letter.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 09, 2018
    • SBI Home Loan
      "Can be Quick"
      0.5 2.5/5 "Just OK"
      I was looking for a Home loan and as i hold an account with SBI , i applied through SBI. It took almost 4 months to get processed. But apart from that i am satisfied with its services. The interest rates here are much reasonable compare to Other banks.
      Was this review helpful? 2
      , pune
      Reviewed on Nov 08, 2018
    • Indiabulls Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have applied for the hosing loan recently from the INDIA BULLS and my loan got approved within 2days and i got loan of 78% with in 8-9 days which is 17lakh. I am using from last 10 months also the duration is for 30 years to repay the loan and the rate of interest is nominal 8.5.% which is fixed.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 07, 2018
    • Bank Bazaar Home Loan
      "THAT IS A FAST OPTION FOR APPLYING FOR BANK LOAN"
      0.5 5.0/5 "Blown Away!"
      GREAT EXPERIENCE, I AM IMPRESSED WITH THIS BANK BAZAAR WEBSITE, THIS IS USEFUL FOR ANY APPLIERS, I have applied for the home loan and am very much satisfied with the process. I am using both website and mobile app but I feel mobile app is more comfortable which is more flexible and the options are very simple.
      Was this review helpful? 1
      , nagpur
      Reviewed on Nov 06, 2018
    • HDFC Limited Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I being a premium customer of HDFC, it has offered a housing loan, hence I availed home loan of around Rs.3.45 lakhs but they have foreclosure charges of 4% it should be reduced. But they are providing prompt interest for loan as per the RBI guidelines.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 05, 2018
    • SBI Home Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I got my housing loan from State bank of India . Am satisfied with rate of interest which is promising one The customer service and response is good. It took 10 days for the documentation and approval process.I am making the payments through Ecs process.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 04, 2018
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