Home Loan Saver Account
Money Saver Home loan allows you to save on the interest paid towards your Home Loan premium, thus effectively reducing your Home Loan rate of interest. Under this plan, your Home Loan Account is a Money Saver Account, where you deposit funds; your savings, bonus, increment, etc.
What is the fastest way to save for a house deposit?
What to do next
- Open a savings account if you don’t already have one – go online or book an appointment at your bank or building society.
- Check whether you can reduce the deposit you need, for example, through a Help to Buy scheme or family support.
- Set up a regular payment into your savings account every month.
What is the EMI for 20 lakhs home loan?
EMI Calculation for a 20 Lakh Home Loan with varying Tenors
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs. 20 lakh | 7.20%* | Rs. 19,300 |
Can I close SBI home loan early?
A borrower can also preclose a housing loan to save up on interest. Closing off a loan before the term is due allows the borrower to evade a part of the interest.
Home loan preclosure fees of banks – .
| Bank | Preclosure charges | Prepayment charges |
|---|---|---|
| State Bank of India | Nil | Nil |
| Andhra Bank | Nil | Nil |
How can I reduce my home loan quickly?
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- Consider a down payment amount which is more than 20% …
- Initiate a few part-prepayments. …
- Opt for a shorter home loan tenure. …
- Choose a lender who levies low-interest rates. …
- Do not default on your monthly EMIs. …
- You can link your home loan to a bank account. …
- Home loan options with EMI waiver schemes.
How can I clear my home loan faster?
Here’s how you can repay your home loan faster:
- Make Maximum Down Payment: …
- Choose the Lender that Offers Lower Interest Rate: …
- Consider Other Fees and Charges: …
- Increase Your EMI: …
- Make Part-Payments: …
- Choose Your Loan Tenure Wisely: …
- Tax Benefit: …
- Take Advantage of the Falling Interest Rate: