How to reduce home loan interest?

Home loans and interest rates are long term commitments and sometimes you feel like breaking out of the pattern and finishing them off early or simply reducing the burden. I have been thinking about the same lately. I am earning better and thankfully in a much better place financially so I was wondering how to reduce interest on home loan. So I asked my CA about the same. He told me about a few tricks. I can share them with you.

Here are a few things he suggested:

: If you have taken a home loan on floating interest rates then you will not be charged for prepayment or even home loan foreclosure so you can do that. However if you have a fixed interest rate then you will have to pay some charges but that is bearable coz you are looking to reduce the overall home loan interest rate anyway. 

Once you have started making prepayments you can transfer your home loan to another bank that gives attractive interest rates, i.e, lower interest rate than what your current lender is charging. It will be a lengthy process but you can end up saving lakhs on interest rates.

So there are a few lenders who allow you to revise your EMI structure annually. You can go for them and switch to a higher EMI amount to reduce your loan tenure and home loan interest at the same time.

So these are a few tricks on how to reduce home loan interest rates. 

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