Paying higher EMIs on Home Loan? Know How to Pay Less!

Having your own home is the dream of everyone. But only a few are able to complete their dream. 

But with the facility of the home loan, it has now become possible to fund buying or constructing a home of your dreams. But it is the home loan interest that you also need to repay along with the EMI amount. 

As a result, the loan EMIs keep affecting your outlays and income for a long time. 

But what if you get a chance to pay reduced home loan EMI on your active account? 

Yes, that’s possible! All that you need to do is go through this post! Read on!

  • Compare housing loan rates online 

If you are a new home loan borrower, then you need to check out the best home loan interest rates available. To do that, you will need to land on the website of a third-party and compare all available loan offers. This way, you will be able to choose a deal offering you the best home loan interest rates. 

  • Go for a longer repayment tenure 

If you have a housing loan to apply, then you should choose a longer tenure. Doing that should help you to repay the reduced EMI. But you should do that only when you think that you won’t be able to afford higher EMIs. It is because when you select longer repayment tenure, then it would mean that you will pay more as interest. But selecting a shorter tenure may mean paying more as the EMIs. But, in this case, you will save on the higher home loan interest compared to the shorter tenure.

  • Try to make a bigger down payment

If you have a housing loan to apply, then you need to put down a bigger down payment. None of the lenders will allow the loan amount more than 80-90% of the value of the property that you want to buy. But the remaining 10-20% will need to be put down as the home loan down payment. Once you pay 20% down payment, then you will need to manage to pay the home loan interest only on the remaining 80% value. The higher you put, the lower will be your EMIs. 

  • Go for the home loan balance transfer facility 

If you are an existing housing loan customer, then you can enjoy availing a lower rate of interest + EMI by going for the home loan balance transfer. The home loan transfer lets you switch your existing loan account from one lender to one offering lower rates. The facility of the home loan refinance lets you save on the cost of the debt and repay lower EMIs. You should use the housing loan refinance calculator to know about the costs associated with the same. Some lenders also offer the top up loan facility with the balance transfer feature. It lets you use an extra amount to pay for anything as per your needs with interest rate + tenure just like that of the ongoing home loan.          

  • Make prepayments from time to time 

If you get some extra amount yearly via increment, bonuses, incentives and more, then you can choose to prepay some amount. And doing that will help you reduce the loan EMI and the tenure by some months and years. But before you do that, you should also check the charges if any is being levied by your lender for making prepayments. 

  • Negotiate the loan terms with your current lender

If your relationship is good with your existing lender and if you have repaid your loan EMIs on time, then you may negotiate adjusted rates. This way, your existing lender may lower the home loan interest, and you may start paying affordable EMIs. 

Based on your loan profile such as the current or future loan customers, you can choose one of the modes and enjoy paying reduced EMIs and manage outlays better. 


Web Surfing. Writer. Blogger. Self-Believer.| I love to grab the Knowledge and share the fresh dose of technology, lifestyle, travel, how-to’s, life lessons through the social platform and my blog. At my free time I love to read new things and write the post of my blog and share with my social locality.

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