The COVID-19 outbreak has enormously affected the nation's economy, and it has brought the common man's life to a halt. Of course, conditions are now moving to normal, but a complete recovery is surely going to take some time. Nationwide lockdown, salary cuts, and businesses shutting down across most of the industries, all these things have made managing expenses for a common man a daunting task. Especially for those who are paying a home loan and other EMIs, these conditions have brought the financial crisis.

Fortunately, there are some ways people can reduce home loan EMIs.

How to reduce home loan EMIs?

Check out these tips and this will surely help you manage your finances.

Do some research for lower interest rates

Years back, home loan interest rates were on the higher side and now it's lower. Doing some research, you can find lenders who are offering home loans at lower interest rates. It is possible that you would have taken home loan years back and interest rates were high, now you can consider changing your lender so that you can reduce your EMIs. Transferring your loan is not a complicated process, it can be done in a hassle-free way.

Pre-payment facility

Various banks and financial institutions have waived off loan pre-payment charges during the pandemic, this allows borrowers to repay the loan in advance. Some savings and having a bulk amount can prove to be helpful in paying your loan in less time. Even if you make payments in small amounts, the bank will adjust the EMI amounts accordingly.

Make bigger down payments

When you pay a higher down payment, it will help to reduce home loan EMIs as well as interest rates. Before you opt for a home loan, you can make use of your savings and make a bigger down payment so that you need a small amount of loan. Make the most out of these facilities so that you need to pay a lesser amount of EMIs.

Apply for extension of repayment tenure