How to Pay Off Your House in 7 Years?

Reducing your home loan interest rate in India can lead to significant savings over the loan tenure. So, how to reduce interest on home loan? Several strategies can help borrowers achieve this goal. A higher credit score indicates to lenders that you are a low-risk borrower, making you eligible for better interest rates.

How to Reduce House Loan Interest?

1. Ensure timely payment of EMIs and credit card bills, maintain a low credit utilisation ratio, and avoid applying for multiple loans simultaneously. Regularly check your credit report for errors and dispute any discrepancies.

2. Floating rates are generally lower than fixed rates and can decrease further if market rates fall. However, they are subject to market fluctuations, so assess your risk tolerance before choosing this option.

3. If you have a good repayment history and a strong credit profile, approach your lender to negotiate a lower interest rate. Some lenders may offer a reduction in the rate upon request, especially if you have been a loyal customer.

4. A substantial down payment reduces the loan amount, thereby decreasing the interest burden. It also demonstrates your financial discipline to lenders, potentially making you eligible for better rates.

5. If your current lender offers a higher interest rate compared to others in the market, consider transferring your home loan to a lender offering a lower rate. This move can result in reduced EMIs and overall interest costs.

6. Stay informed about changes in the Reserve Bank of India's (RBI) repo rates, as they influence lending rates. When the RBI reduces the repo rate, lenders may lower their interest rates, providing an opportunity to refinance at a lower rate.

Following these tips can help to reduce interest on home loans.

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If you\'ve taken an HDFC Jumbo Loan and want to know how to close jumbo loan in HDFC. Let me tell you that HDFC Jumbo Loan can be closed by visiting the HDFC Net Banking portal. This is an overdraft-based loan offered to HDFC credit cardholders.

How to Close HDFC Jumbo Loan?

Log in to

. Go to the Credit Card section. Click on \"Jumbo Loan\" to check the outstanding balance. Alternatively, check the HDFC Mobile App or your monthly credit card statement for loan details.

HDFC allows you to prepay the full outstanding amount before the loan tenure ends. There may be a foreclosure charge (typically 3-5%) on the outstanding principal. Contact HDFC customer support at 1860 267 6161 to request foreclosure details.

1. Net Banking: Transfer the remaining loan amount using your linked HDFC account.

2. Credit Card Payment: Pay through BillDesk, UPI, or NEFT to settle the loan.

3. Mobile App: Use the HDFC app to clear the pending amount.

Once the payment is made, call HDFC Customer Care and request a loan closure confirmation. You can also visit an HDFC branch and get a closure receipt. After loan closure, your credit card limit should be restored. If not, verify with HDFC support.

Prepayment is allowed but may attract foreclosure charges. Use net banking, UPI, or credit card payment to close the loan. Always request a closure confirmation to avoid future disputes.

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Hello. I took a home loan in 2018 and was able to pay it this year. I made a lot of adjustments and followed a systematic plan to repay the loan quickly. So, I’ll be happy to share how to pay off your house in 7 years. There are several things you can do. One such thing is to increase your EMI, another is to make extra payments towards your loan and more. You can also opt for a balance transfer to help. Let me explain all the methods below.

How to Pay Your House Off in 7 Years?

Here are some ways that will help you repay your home loan quicker:

• Increasing EMIs: You can repay the loan in 7 years by requesting the lender to increase your EMIs. Systematic increased payments will help you prepay the loan. Before you decide to do so, assess your financial situation and keep separate funds for everyday expenses.

• Balance Transfer: Another thing which can help you repay your loan quickly is to look for a lender offering a lower interest rate. You can transfer your remaining balance to the current lender. With reduced interest, you’ll be in a better position to pay off your housing loan in the desired time.

• Higher Down Payment: You can make a higher down payment around more than 20 percent of the house value. Do so only if you can manage the finances ahead.  

This is all. I hope my answer helps you understand how to pay off a house in 7 years.