The higher your interest rate, the higher your EMI. Your lender might be charging you a much higher interest rate than other lenders in the market. You might be stuck with a 11.5% interest rate while your next-door neighbour is only paying 9.45%. So not only are you paying a high EMI, you are also paying a tremendous interest amount over the loan tenure.
Aah. You are not the only one who is facing this problem. You are paying a high EMI and a higher Interest Amount because the lender decided to increase your interest rate. And well, why should you pay more? Here's how you can cut down your EMI and interest repayment:
Switching to a lender who has a lower interest immediately plugs the unnecessary outflow of funds from your bank account. On average, switching your home loan cuts down your total interest payment by a colossal 20% of the outstanding principal amount. Switching not only helps you save Lakhs of rupees, it can also be used to slash the EMI payments you make every month.
Use the SwitchMe Savings Calculator, of course! Use our easy-to-use savings calculator and get a complete list of savings with different lenders. Don't save a little, save a lot!