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Tips to Reduce the Interest Rate of Your Home Loans

Buying a home using a Home Loan entitles you with financial obligations that continue for a very long time. In such circumstances, the best you can do to minimize the obligation to a minimum is to ensure a lower interest payable. How can you ensure that? This feat can be achieved easily by applying for a Home Loan with the lowest interest rate. Talking about availing the lowest Home Loan rates, it won’t be an easy task. However, you can follow the below-mentioned tips and ensure the lowest interest rate possible on housing loans.

 

  • Go for PMAY Home Loan

 

If you haven’t taken the loan already, apply for the housing loan under the PMAY scheme. The loan, under this scheme, is offered at a subsidized interest rate which is lower than any other housing finance scheme available in the market. Having said that, you should be eligible for the scheme. On that note, check the eligibility criteria for PMAY Home Loan and apply for it if you believe you are eligible.

 

  • Apply for PMAY CLSS

 

In other circumstances wherein you already have a Home Loan on your name, you can apply for the PMAY CLSS. PMAY CLSS stands for the credit-linked subsidy scheme offered to the existing Home Loan subscribers under the PMAY scheme.

 

  • Apply for Home Loan Balance Transfer

 

Last but not the least, you can apply for a Home Loan balance transfer and switch to a lender offering the loan at a lower interest rate. The procedure is very simple, but you must be eligible for the same.

Watch the video to know how to reduce home loan interest burden:

Reference Read:

Tips to Avoid High Interest Rate on Home Loan


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