How to reduce interest rate on your Home loans

1. Shorter Home Loan Duration

Opting for a shorter duration will increase your EMI amount, this will ensure that principal amount is paid off much earlier. As interest rate is calculated on principal amount, payment of principal amount earlier will help in reduction of interest as well.

2. Pay Extra EMIs:

Paying EMIS with extra amount will also reduce principal amount reducing the interest amount. 

3. Pay off Extra Annually: 

Try increasing the amount  you pay EMIs for your home loan annually. 

4. Get your Home loan Refinanced: 

Keep an eye on interest rates prevailing in the market. When you come across with loans with lower interest rates, switch to another bank for home loan. 

Note: Before switching to another lender, you must check all the terms and conditions attached to it.