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    We found 36 How to Reduce Your Home Loan Interest Burden
    Bank Name
    Interest Rate Range
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    Loan Amount
    Tenure Range
    8.40% - 10.20% Fixed/Floating
    Up to 0.50% (min. ₹10,000 + GST) One time fee
    8L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon Voucher
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    8.50% - 8.85% 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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    8.45% - 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
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    8.45% - 8.70% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
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    8.40% - 10.20% Floating
    0.50% PF (For Salaried) to 1%(min.3000)+Tax (for Self employed)
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time : Within 30 minutes
    Rs.5,000 Amazon Voucher
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    8.35% - 11.75% 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
    What you'll love
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    8.5% - 8.5% Floating
    ₹ 10000+ taxes One time fee
    50L - 5Crs
    1 - 25 Years
    Response Time : Within 30 minutes
    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
    Rs.5,000 Amazon Voucher
    What you'll love
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    Perks
    Think about
    Good to Know
    Eligibility Criteria
    8.45% - 8.80% 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
    What you'll love
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    Perks
    Fees & Charges
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    Eligibility Criteria
    9.25% Floating
    0.50% (min. ₹10,000)
    1Cr - 5Crs
    1-20 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon Voucher
    What you'll love
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    9.95% - 10.40% FIXED
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
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    Eligibility Criteria
    8.40% - 8.65% Floating
    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 26688 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

    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of bankbazaar from last 1 year, my experience was good so far with bankbazaar. Customer service was good with bankbazaar and their response was prompt. I am using the website of bankbazaar, it is easy to navigate and is user friendly.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan application was approved with PNB Housing and the experience was good, the process took 1 month to complete. Customer service was good and they responded on time. The rate of interest was nominal when compared to all other sources in the market.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2 years, the services provided by bankbazaar is good when compared to all other sources in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have my home loan application approved with PNB Housing and the loan experience was good, the process took 10 days to complete and the documents were collected on time. Customer service was very good and they responded on time. The rate of interest was nominal when compared to all other sources.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2018
    • Bank Bazaar Home Loan
      "Average service"
      0.5 2.5/5 "Just OK"
      It was an average experience with bankbazaar so far, they provide average services when compared to all other sources. I am using the services of bankbazaar from last 1-2 years. Customer service was not up to the mark and their response was delayed. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , noida
      Reviewed on May 21, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan application was approved with PNB Housing finance and the loan experience was good, the process was quick and i received my loan amount within 1 week. Customer service was good and they followed up on time. The rate of interest 8.35% is nominal when compared to other sources.
      Was this review helpful? 0
      , noida
      Reviewed on May 21, 2018
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a home loan for 7 Lakhs from the Aspire Home Finance. The whole application process and documentation was carried out at their branch. I got the loan with in 30 days. Documentations was also at the branch. Interest rate is very high which is the only drawback with the loan experience.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of bankbazaar from last 4-5 years, the services provided by paytm is good when compared to all other sources in the market. Customer service was fine with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 20, 2018
    • HDFC Limited Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The application process of HDFC LTD for home loan was delayed initially and later on the response from the customer service was very good. The loan amount was based on my requirement and the rate of interest of 8.35% was nominal when compared to other banks.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar services from last 2 years, my experience was good so far with bankbazaar. The services provided by bankbazaar is good when compared to all other sources. Customer service was good and their response was on time. The mobile application of bankbazaar is easy to use and is user friendly. The only issue i am facing is, i am getting frequent calls from bankbazaar.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • HDFC Limited Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The home loan application was approved with HDFC LTD and the experience was good. The rate of interest was bit high when compared to other sources. Documents were collected on time and the customer service was good. The process was long and it took 1 month to disburse the loan amount.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 2 years, the services provided by bankbazaar is good when compared to all other sources. Customer service was good with bankbazaar and their response was on time. Both mobile application and website of bankbazaar is easy to use.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2018
    • HDFC Limited Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My experience with HDFC LTD for home loan was good, the process was smooth and i received my loan amount within 2-3 weeks. Customer service was good and they collected documents on time. The rate of interest was nominal and the loan amount was based on my requirement.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I would definitely say that the website of bankbazaar is a good website when compared to all other banking websites. Customer service was fine and the response was prompt. Coming to the site it is very easy to navigate and user friendly....
      Was this review helpful? 0
      , nagpur
      Reviewed on May 20, 2018
    • HDFC Limited Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan application was approved with HDFC LTD and the experience was good, the rate of interest of 8.35% is nominal rate when compared to other sources. The process took 2 months to complete and the loan amount to get disbursed. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the mobile application of bankbazaar from last 1 year, it is easy to access and is user friendly. The services provided by bankbazaar is good when compared to all other sources in the market. Customer service was good with bankbazaar and their response was prompt.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan application was approved with PNB Housing and the loan experience was good. The process was smooth and i received my loan amount on time. Documents were collected on time and the customer service was good. The rate of interest was nominal when compared to other sources.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to all other sources in the market. I am using the services of bankbazaar from last 1 year and it was a good experience so far. Customer service was good and their response was prompt. The website of bankbazaar is user friendly and easy to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2018
    • Punjab National Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with PNB Housing for home loan was good, documents were collected on time by the customer service but the verification took long time. I received my loan amount after 2 months from the date the application was submitted. The rate of interest was bit high when compared to other sources.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2018
    • Bank Bazaar Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from quite long time, the services provided by bankbazaar is good when compared to all other sources in the market. Customer service was good and their response was prompt. The website of bankbazaar is user friendly and easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 20, 2018
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