The current home loan interest rate has reduced to a new low during the Pandemic. It is one of the best times to invest in a home loan. 

It is because most lenders’ current home loan interest rate has been reduced. 

But, if you want to avail yourself of even the lower home loan interest rate, here are a few tips to keep in mind! Read on!

1. Go for a Smaller Tenor

One of the best tips to help you enjoy a lower home loan interest rate is going for a smaller tenor. It may increase your home loan EMI amount but considerable savings on the interest part.

2. Make Prepayments

You should also make prepayments during the loan tenor to reduce your principal amount. And once that reduces, you can also make lower home loan interest rate charges and EMIs. 

3. Compare Home Loan Interest Rate Offers Online

The next thing that can help you enjoy a lower home loan interest rate is by comparing all available offers. It is possible to do that online on a third party site. This way, you can pick a deal matching your needs and the repayment capacity the most. 

4. Switch your Home Loan to a New Lender

You should also opt for a home loan balance transfer and pay reduced home loan interest rate charges. It is possible when you switch your active home loan account to a new lender offering a lower home loan interest rate. This way, you can pay reduced EMIs. 

Considering these tips can surely help you enjoy the lowest possible current home loan interest rates.  

Additional Read: Home Loan Interest Rate Influenced by Five Major Factors