Reducing your home loan interest rate can be an excellent way to save money over time.

Here are some ways to reduce your home loan interest:

• Improve your credit score: A higher credit score can make you eligible for lower interest rates. Paying off other debts and maintaining a good repayment history can help boost your score.
• Pay bills on time: Make sure to pay your bills on time.
• Check for Offers: Banks and financial institutions often have special offers or schemes that provide lower interest rates. Keep an eye out for these promotions. Currently, The Pradhan Mantri Awas Yojna (PMAY) Urban 2.0 scheme approved by cabinet, aims to help 1 crore urban poor and middle-class families over 5 years.
• Avoid too many loans: Don’t apply for too many loans at once, and don’t open too many credit accounts.
• Negotiate with Your Lender: You can negotiate with your home loan lender to get a lower interest rate on your home loan, Sometimes, simply discussing your situation with your lender can lead to a better rate, especially if you have a good credit history.
• Increase Your EMI: Increasing your Equated Monthly Installment (EMI) can help you pay off the loan faster, thereby reducing the total interest.
• Choose a shorter loan tenure: A shorter loan tenure can result in significant interest savings over time, even if the EMIs are higher.
• Ask your lender to increase your EMI: You can ask your lender to increase your EMI to reflect your income growth.

The best decision between reducing your EMI or tenure depends on your financial goals. If you want immediate relief, reducing your EMI is better. If you want to save money in the long run, shortening the tenure is a better choice.

Trying to improve your financial profile with better credit and lower debt can also help you qualify for better mortgage options. For more information you can visit Shubham Housing Finance, the best home loan provider and adviser. Use home loan EMI calculator for your better financial planning.