How to Reduce Your Home Loan Interest Burden

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How to Reduce Your Home Loan Interest Burden?
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What is Home Loan Interest Rate?

• The proportion of the principal amount that the
  lender for a house loan charges is known as the
  interest rate. The home loan interest rate
  charged by banks and other non-financial
  institutions determines the size of the mortgage.
  The monthly payment you must make to your lender
  for your loan is determined by the interest rate
  charged.

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Smart Steps Taken to Reduce Interest Rate Burden

• Consider Applying with a Female
• Male property buyers frequently co-borrow with
  their wives in order to take advantage of a low
  interest rate. Such benefits encourage
  prospective female homebuyers to apply for home
  loans in order to fulfil their ambition of owning
  a property.

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• 2) Share the EMI Burden
• A borrower may think about applying for a
  combined housing loan to help lift the loan load
  if they feel that paying an EMI on a monthly
  basis may put a strain on their budget. One can
  apply with a parent or other blood family in
  addition to a female spouse. Some co-borrowers
  even benefit from stamp duty discounts for tax
  deductions in accordance with the IT Act, which
  further lowers the payables.

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• 3) Switch Lenders
• Borrowers may think about a home loan balance
  transfer if they ever feel that their present
  home loan interest rate is too expensive. A
  borrower can save a sizeable quantity of money
  during the loan term by moving the outstanding
  loan balance to another lending institution with
  a more reasonable interest rate.

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• 4) Larger Down Payment
• A larger down payment results in a less amount of
  principal that must be borrowed, lowering your
  monthly EMI costs. Additionally, if a borrower
  applies for a home loan after making a sizeable
  down payment, their eligibility for a home loan
  is improved. As a result, your perceived risk of
  default is reduced and your lender is assured of
  your financial stability.

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• 5) Plan for Flexible Repayment
• It is advised that borrowers list their
  obligations and create a loan repayment strategy
  before obtaining long-term credit of any kind.

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For More Info-
BAJAJ HOUSING FINANCE LIMITED Cerebrum IT Park,
5th Floor B2 Building, Holy Cross Rd, Kalyani
Nagar, Pune, Maharashtra 411014 Phone number
91 8698010101 Email id bhflwecare_at_bajajfinserv.i
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