Hi.
I took a home loan from Bajaj Finserv but wasn’t happy with the interest I was paying. So, I asked one of my friends who works in the loan sector about how to reduce home loan interest rate in Bajaj Finserv. He told me about a couple of ways, one of which really helped. One was to prepay the home loan amount, which I did. Let me tell you about both ways below.
How to Reduce Interest Rate on Home Loan Bajaj Finance?
Here are some ways through which you can reduce the interest rate on your home loan:
Partial Prepayment: You can make extra payments above your EMI to lower down the interest rate. The interest rate is inversely proportional to the tenure. If you can prepay the loan amount, the interest rate will come down. This is a suitable option if you have enough funds.
Floating Interest Rate: This is a thing which you can do before you take the home loan. Floating interest rates keep on changing through the course of the home loan period. As compared to fixed interest rates, you can expect the floating rate to be more affordable. However, this is an option with larger risks. So, choose accordingly.
This is all I know about the methods to reduce interest rate on home loan from Bajaj Finance. I hope this helps.
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Authors Of The Question
How to Reduce Home Loan Interest Rate in Bajaj Finserv?
tarikj
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1 Answers
53 days
2024-10-31T19:49:48+00:00 2024-10-31T19:49:49+00:00Comment
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