The monthly installments for home loan can be daunting for some of us. While some don’t have enough funds to pay the EMIs, while others may just be in a rush to clear off their home loans. Either way, you should have an idea about how to reduce EMI of existing home loan. If you are clueless about this concept, fret not I can guide you through.How to reduce home loan EMI?There are many ways to reduce the EMI of home loan. Here are a few for your convenience.
Transfer your home loan to a new lender who offers lower interest rates. You can simply submit an application with the existing lender and ask them for clearance. Meanwhile apply for the home loan transfer at another bank which offers a comparatively lower interest rate. You can end up having lower EMI and save lakhs of rupees.
You can also make a partial prepayment of your home loan if you have enough funds in hand. You will be asked to produce the income source if the amount is quite high, however, after prepayment, the interest rates can be reduced. You can ask the bank to consider your request and reduce home loan EMI.
If you have low funds and want to seek a solution for reducing EMI burden then I would suggest you to go to the bank and ask them to extend your loan tenure. A longer loan tenure can bring a reduced EMI structure. If you are close to retirement age, there can be a difficulty in availing this option but don’t stop trying.
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How to reduce EMI of existing home loan?
Ganesh
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September 15, 2021
2021-09-15T11:57:19+00:00 2021-09-15T16:20:36+00:00Comment
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Home Loan
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