Home » commercial loan » How To Save Money On Home Loan- Points To Remember

Home loans are long-term commitments and can cause much stress. Before applying for a loan in Delhi, you have to be absolutely sure that you can meet the regular monthly payments. Still, there isn’t any reason to fear the time frame. I have listed 5 methods to save money when repaying a home loan:

Proper CIBIL score and CIBIL report

Your CIBIL score is quite significant and you have to ensure that you haven’t availed of any credit at least 6 months in advance of applying for the loan. Your CIBIL report must have accurate details; if not your home loan can get stuck. If you have CIBIL score of 750 or more, you can apply for a home loan easily.

Read the fine print

Please ensure that when you look for home loans, you study each and every facet of it before committing. With the holiday and festive seasons, it is rather regular for banks and lenders to persuade the customers with cheap rates and striking deals. Ensure that you understand these terms well although, as many times, the cheap rates exist only for a short period. This shouldn’t put discourage you though, particularly if you are positive about getting a home loan. Also be sure that you are aware of all its features and the numerous fees and charges like pre-payment costs processing fee, and switching.


When your loan application is accepted, a loan officer is assigned to you who become your point of contact until you obtain your first cheque or the money is transferred into your bank account. Whilst heeding your loan officer’s advice is a wise, don’t take their say as the last word. Conduct your own research and find out whether you have claimed every professional benefit and relinquished as many charges as possible. Your high CIBIL score can vastly boost your chances at negotiation.

Make a higher down payment

The fact that you are interested in a mortgage would necessitate that you have kept a substantial amount of savings aside for quite a time. When you pay your down payment, try to make it as big as possible albeit it means that you are stretching yourself more than your means at the time. However, bear in mind, in the long run, this leads to lesser EMI payments.

Pay the same EMI even with falling interest rate

The central bank’s untimely announcement of rate cut made quite a few heads turn. It actually signifies that anyone on a floating rate of interest will have to pay a lesser EMI amount. This opportunity to pay lesser each month is quite tempting; by paying the same EMI amount as earlier you can save money in the long term. This will also lessen the term of your loan by almost 1 to 2 years.

By following the above mentioned hacks, the burden and stress placed on you will be significantly reduced. So, when you apply for a home loan in Delhi NCR remember them.

One thought on “How To Save Money On Home Loan- Points To Remember

  1. Terra Bresko says:

    Well I sincerely enjoyed reading it. This post procured by you is very useful for correct planning.

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