Question: How Can I Reduce My Home Loan Interest Rate?

How can I lower my home loan interest rate?

Tips to Reduce Home Loan Interest RateGo for a Shorter Tenure.

Prepayments are a Good Option Too.

Compare Interest Rates Online.

Home loan balance transfer can be an alternative.

Pay more as down payment.

Look for Better Deals.

Increase your EMI..

Can I lower my mortgage interest rate without refinancing?

There is one way you can get a lower mortgage interest rate without refinancing, however. … A mortgage modification allows you to change the original terms of your home loan due to a financial hardship. Your lender may adjust your loan by: Extending your loan term.

How can I reduce my interest rate?

But there are also ways to reduce your interest costs significantly as you pay down debt.Pay off your cards in order of their interest rates. … Make multiple payments each month. … Avoid putting medical expenses on a credit card. … Consolidate your debt with a 0% balance transfer card.More items…•

Which interest rate is better for home loan?

Compare Home Loan Interest Rates of All Major Banks of India 2020Bank NameFloating Interest rateMCLR RatesSBI – State Bank Of India6.95% – 7.10%8.15%ICICI Bank6.95% – 7.60%8.75%HDFC Ltd6.95% – 7.10%16.20%LIC Housing6.90% – 7.00%14.60%33 more rows

How do I ask my bank to lower my interest rate?

Here’s how to do it:Start With the Card You’ve Had the Longest. It’s a good idea to ask for lower rates on all your credit cards if you have more than one. … Ask for a Temporary Break if Necessary. … Try Again. … Call the Rest of Your Issuers—and Put Your Savings to Use.