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How Do You Reduce Home Loan Interest?

A simple way of reducing your total home loan interest is by keeping the loan tenure short.
• You pay interest on the outstanding balance of your loan. The faster you repay your loan, the lesser you pay towards interest. However, faster repayment of the loan means higher EMIs.
• Also, lenders may charge a penalty for prepayment of the loan.
• Is your interest burden becoming too much to handle? You can also consider transferring your home loan to Bajaj Finserv for a lower rate of interest. We offer low-interest home loans.
• Interest component of the payments for loan on self-occupied residential property are eligible for deduction up to Rs 2 lakh. Avail this under Section 24 of the Income Tax Act 1961.
• The principal amount paid as repayment of the home loan is eligible for a maximum deduction of Rs 1.5 lakh. This is available under Section 80C of the Income Tax Act 1961.
• An additional deduction of Rs. 50,000 is allowed to first-time buyers under Section 80EE of the Act on registration and stamp duty. You can claim this deduction until you have fully repaid the loan. For details please refer section 80EE of the Income Tax Act 1961.
• Weigh all these aspects before you decide to make prepayments.

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