How to Reduce Home Loan Emi: If you have been upset by filling heavy EMI every month, then now there is a chance to get relief. Especially at a time when the RBI has cut the repo rate thrice in the year 2025, which has reduced by 1% in total, many banks have reduced their loan interest rates. But if your bank is still running a loan at the old rate, then it is the right time to consider the loan transfer.
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How to Reduce Home Loan Emi
What is home loan balance transfer? (How to Reduce Home Loan Emi)
Home loan balance transfer means transferring your existing loan to a bank that provides loans at a low interest rate. This reduces your monthly EMI and also saves a lot in total interest cost. However, this is beneficial only when the remaining duration of your loan is sufficient.
What should be kept in mind? (How to Reduce Home Loan Emi)
- Interest Rate: How low interest is the new bank offering you.
- Processing fees and other fees: Banks can charge some fee for transfer.
- Conditions and Duration: Read the terms of the bank carefully, some banks are conditioned for minimum periods.
- Savings Calculation: How much EMI and interest will be saved, must assess it.
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Cheap home loans are getting in these banks (How to Reduce Home Loan Emi)
| Bank name | Interest rate (in percentage) |
|---|---|
| Canra bank | 7.35% |
| Union bank of india | 7.35% |
| State Bank of India (SBI) | 7.50% |
| Bank of Baroda | 7.50% |
| Punjab National Bank (PNB) | 7.50% |
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How to get loan transfer? (How to Reduce Home Loan Emi)
- Apply in the bank where you want to transfer.
- Get NOC and loan statement from the old bank.
- The new bank will check your credit profiles and documents.
- After getting approval, the old loan will stop and the new loan will start.
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When to transfer? (How to Reduce Home Loan Emi)
- When the difference in interest rate is 1% or more.
- When the remaining loan period is 5 years or more.
- Despite adjusting processing fees and other charges, saving is being done.
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If you take this decision carefully, then you can get relief every month in your EMI and it is possible to save lakhs of rupees.
Then what are you waiting for? (How to Reduce Home Loan Emi)
If your bank is still charging more interest, then start the loan transfer process today and reduce the burden of your EMI.
