RBI Repo Rate: 5 ways to reduce Home Loan EMI burden

RBI Repo Rate: 5 ways to reduce Home Loan EMI burden

The RBI decision to keep Repo Rate unchanged will provide some relief to home loan borrowers. They can also explore some other ways to reduce EMI burden. Read on to find.

The RBI decision to keep Repo Rate unchanged will provide some relief to home loan borrowers. They can also explore some other ways to reduce EMI burden. Read on to find.

Choose a fixed-rate loan: With a fixed-rate mortgage, your interest rate will remain the same throughout the life of the loan.

Choose a fixed-rate loan: With a fixed-rate mortgage, your interest rate will remain the same throughout the life of the loan.

Consider a shorter loan term: A shorter loan term, such as 15 or 20 years, will allow you to pay off your mortgage faster and reduce the overall amount of interest.

Consider a shorter loan term: A shorter loan term, such as 15 or 20 years, will allow you to pay off your mortgage faster and reduce the overall amount of interest. 

Increase your down payment: increasing your down payment can also help you structure your home loan in the face of rising interest rates.

Increase your down payment: increasing your down payment can also help you structure your home loan in the face of rising interest rates.

Refinance your existing home loan: Refinancing to a lower interest rate can help you reduce your monthly payments

Refinance your existing home loan: Refinancing to a lower interest rate can help you reduce your monthly payments

Keep an eye on interest rates: It’s important to keep an eye on interest rates and be prepared to take action if they start to rise.

Keep an eye on interest rates: It’s important to keep an eye on interest rates and be prepared to take action if they start to rise.