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Home / Finance / Home Loan / How to reduce home loan interest in LIC HFL?
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How to reduce home loan interest in LIC HFL?

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0 2024-10-22T10:11:00+00:00

The most simple way to reduce your interest rate is to make a higher down payment. My cousin and his wife are planning to take a home loan from LIC HFL and he had the same concern of higher interest rates. I gave him some tips on how to reduce home loan interest in LICHFL, as I followed the same almost 5  months ago. I have shared the tips below.

How to Reduce Interest Rate on Home Loan LIC HFL?

Apart from increasing the down payment, you can follow the below tips on how to reduce home loan interest rate in LICHFL. 

Increase Your Home Loan EMI

One way you can finish your outstanding loan faster is by increasing your monthly EMI. In this way, you can swiftly clear your loans and free yourself from a long-term commitment.

Reduce Your Home Loan Tenure

When you shorten the tenure of your loan, you’ll quickly pay off the amount with a lower interest rate. I usually use an EMI calculator to get an idea of the interest rates and loan tenures. 

Opt for Home Loan Prepayment

In this option, you will pay an immense sum of money to reduce the outstanding loan amount. This will lead to a reduction in the principal amount and, thus, the interest rate will also decrease. 

So, these are a few tips that I have followed and so, I suggested the same to my brother. I hope you get an idea now on how to reduce interest rate in LICHFL. 

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0 2021-08-19T18:26:58+00:00
Buying your own house is not easy these days. To make your house, you can take a home loan from any bank or private lender. This is a well known fact that a major part of your salary goes towards paying EMIs. Here, we will discuss how to reduce home loan interest in LIC HFL. There are various ways to reduce interest on home loan. Let’s have a look: Pay higher down payment If you are making a higher down payment, most of the lenders extend the home loan with the lowest interest rate to the borrowers. So, it is recommended that if you could arrange the down payment of 20% to 25%, you will be able to avail the lowest rate of interest offered by your lender. Which means the higher down payment helps to lower your EMI significantly. Prepay your home loan If you prepay your loan amount you can lower the interest to be paid by you. This is up to you how you decide to pay it. You can either prepay partially every six months or annually. This brings down the overall interest rate remarkably. These days neither prepayment fees are charged nor penalties are imposed. This is a good way to reduce the loan amount if you can afford it. Longer Tenure Your interest rate depends upon the period also for which you have taken the loan. If you take the loan for a shorter period, your interest rate will be higher but if you take a home loan for longer tenure, the interest rate will be lower comparatively. These are a few ways suggesting  how to reduce home loan interest in LIC HFL. You can opt for the one which suits you the most. I also want you to NoBroker's partner banks provide home loans starting from 6.5%, so if you consider transferring your home loan to one of their partnered banks, then, first, check your home loan eligibility first using this simple calculator:

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