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Reduce EMI burden on home loan like this, it can be reduced up to Rs 5000, understand the complete calculation

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new Delhi. If you are also paying more interest on home loan, then we have brought good news and information for you. Knowing which you can reduce your EMI by Rs 5,000. Most of the banks were giving loan of 8 to 9 percent but now most of the banks are offering loan at 7 percent. Along with this, many offers are also being given to home loan customers.

In this situation, you can get your home loan transferred. Experts say that by choosing this option, you can not only reduce the EMI burden but also increase the repayment period.

Also read: Shock: Federal Reserve will increase interest after four years, what will be the effect on your loan EMI

EMI will be reduced up to Rs 5000
If you also want to reduce your home loan EMI by Rs 5000, then you will have to do some planning for that. Transferring bank loans at cheaper interest rates will make a big difference on your EMIs. For example, suppose you took a home loan 5 years ago i.e. in 2016, then the interest rate on that bank’s home loan was 9.25 percent. Now if you shift the home loan to a new bank, then you can take it at the rate of 7 percent, then your monthly EMI will automatically reduce.

Understand complete maths:-

year 2016
Loan Amount 30 Lakh
Interest Rate 9.25%
Loan tenure 20 years
EMI 27,476

Now suppose in 2022 you shifted your home loan to a new bank. So your outstanding loan will save Rs 24 lakh. That is, if you shift your home loan in this way, then your EMI can be reduced by about Rs 5000 every month.

Also read: Photo Gallery: Which Banks Offer The Lowest Interest Rate Home Loan? Learn

new bank emi calculation
year 2022
Loan Amount 25 Lakh
Interest Rate 6.90%
Loan tenure 14 years
EMI 22,000 (approx)

Documents required for the facility
If you want to transfer home loan balance, then for this KYC documents like identity proof and address proof will be required. Apart from this, those doing their own business will have to provide financial statements for the last two years of their business and business continuity documents for five years. It is necessary for salaried applicants to provide current salary slip and six months bank account statement.

Tags: Home loan EMI, How to take a cheap home loan, How to take home loan at low interest rate, Taking a home loan

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