Is Your Home Loan Costing You More? Why You Need to Review Your Interest Rate Now

• Many homeowners focus on property price but rush the home loan interest rate decision, leading to higher costs later.
• A 1% difference in interest rate on a Rs 50 lakh, 20-year loan can mean several lakhs in extra interest over the tenure.
• Fixed-rate borrowers might be stuck with high rates, while floating-rate borrowers could see extended tenures due to rate changes.
• Regularly check your current interest rate against new customer offers and review your remaining loan tenure.
• Consider negotiating with your bank for a lower rate, transferring the loan to another lender, or making prepayments to save money.