Hi there. I previously worked at DHFL as a loan officer. A lot of the applicants used to ask me about how to reduce home loan interest rate in DHFL. So, like I answered them, here is the solution you can use. You can prepay your home loan to save on the interest rate. Apart from this, there are a few more methods that you can opt to lower the home loan interest you’re paying. I am sharing those below.
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How to Reduce Interest Rate on Home Loan DHFL?
Here are a few methods you can consider:
Foreclosing the Loan: You can foreclose or prepay your home loan by making extra payments towards your loan amount. What happens is that with extra payments above your EMI, the remaining amount reduces compared to the tenure, thus lowering the interest rate. I recommend you consider this only if you have sufficient funds to make the extra payments.
Balance Transfer: If you find another financial institution with a better interest rate, opting for a home loan balance transfer can be an option. In this, you transfer the home loan balance amount to the lender of your preference and enjoy a lower interest rate. There are processes involved in this, which you’ll have to contact DHFL for.
Floating Interest: You can also go for a floating interest rate. This choice can be made before you avail of the home loan. So, if you are yet to take the loan, this can be an option. Floating interest involves higher risk, so keep that in mind.
This is all from my side. I hope this helps.
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How to Reduce Home Loan Interest Rate in DHFL?
vrisha
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7 months
2024-10-31T19:46:18+00:00 2024-10-31T19:46:19+00:00Comment
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