How To Reduce Home Loan EMIs?

​Home loan is ideally a long-term commitment. Applicants thus stay highly dedicated towards the process to make the most of it. Managing the loan it is good to know of ways to obtain lower/ manageable EMIs. Also you must follow RBI home loan guidelines for easy & quick loan approval.

​Ways to manage home loan better -

• Create a payment plan. Divide it on weekly or monthly basis. You may further segregate it into leisure and mandatory expenses. This will help you gauge your financial situation better.
  
• Talk to your Relationship Manager about how you can lower the EMIs on your home loan.
  
• While, taking the home loan you as lenders only offer up to 70-80% of the value of the coveted property as loan amount you may choose to settle more amount in the down payment. This will not only reduce your EMIs but help you manage the loan easily.
  
• When you opt for loan from leading lenders such as NBFCs you can opt for Balance Transfer facility. This helps to lower the EMIs on your loan with minimum paperwork, faster processing and even high value top up on the existing loan.
  
• Before applying for the loan make sure to use the home loan EMI calculator. This will help to evaluate the repayments in advance and you will be able to opt for plan your loan better.
  
• Besides, as home loan is a secured financing option you may avail the loan on affordable interest rate. For this, make sure to choose a lender who can offer lower rates on the loan.
  

Additional Read: 5 Tips to Help you Reduce Home Loan Interest Rate Hike Burden