Lets Reduce the fat in your Home Loan
1. Always keep track on rate that you are charged: Compare rates between Banks. Whenever your rate and other Bank rate difference is more than .5% just balance transfer.
| Loan Amount | 50 Lac | 50 Lac | You Can Save |
| Interest Rate | 10.25% | 10.75% | .50% |
| Total Interest Paid in 20 Years | Rs. 6,779,721 | Rs. 7,182,747 | Rs.4,03,026 |
Get Quotes on BALANCE TRANSFER from Top 10 Banks
2. Negotiate with existing Bank if rate is high.There are no pre payment charges in Home loan.
3. Pre-Pay your Home loan: If you have cash and if your investments are getting lower returns than your Home loan rate of interest, just pre pay.
4. Reduce your Tenure: If you have more income with you and you can increase your EMI, talk to the Bank and reduce your tenure. This will help in reducing total interest that you will pay.
| Loan Amount | Interest Rate | Per Month EMI | Loan Term | Total Net Interest Paid |
| 50 Lac | 10.25% | Rs. 54,498 | 15 Years | Rs. 4,809,558 |
| 50 Lac | 10.25% | Rs. 49,082 | 20 Years | Rs. 6,779,721 |
