Home Loan Rates Fall Below 7%. Tips On How To Reduce Your Loan Burden

Home LoanHome loan Interest Rates have fallen to a low of 6.7% as most of the Public Sector banks have passed repo rate cut to the customers. Four months ago, the Reserve Bank of India had announced a reduction in the repo rate due to the current Covid-19 Pandemic.

Almost all Public Sector Banks have started giving loans on the 6.7% rate of interest. Home loans that are linked to repo rates have started getting lower interest rates now. But, Home loans that are linked to MCLR are paying higher interest rates. Tips on how to reduce your loan burden are:

Switching banks

The first and foremost thing is to switch to the banks that are offering homes loans on a lower rate of interest. Switching to the PSUs or the banks linked to the Repo rate will help you pay less interest on your loans and would be lighter on your pocket also check the documents required for home loan.

Doing Part Payments

Doing part payments help you reduce your loan burden faster. If you have any extra money or any bonus then pay in part payments. It might also help you in saving money as your interest amount burden gets low by making part payments.

Also visit eligibility criteria for home loan at dialabank.

Use Home loan Top Ups 

You can take top-ups on your home loan to get any additional amount you require at a low rate of interest and it will help you in reducing your interest burden rather than taking a personal loan or any other loan. Interest rates on personal loans are always higher than home loans as they are unsecured loans and taking a top-up on home loan will only help you pay back less than what you took on the personal loan. You can also take a top-up to pay back your other loans.

Also check emi loan calculator for home loan.

Read Other Related News

HDFC Bank rallies 8% as deposits grow 24% Govt takes steps to keep banks running
HDFC Bank Cuts MCLR by 20 bps Across All Tenors
GST Credit May Go Unclaimed By Large Companies Amidst Covid-19 Govt Hikes Import Duty On Gold To 12.5% From 10%
HDFC Bank nets 2.5 lakh, new customers, through the instant account opening in lockdown



I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Latest News