Minimising payout on home loan: Boost credit score, prepay, cut tenure

A home loan balance transfer can help move to a lower interest rate

Housing prices have risen 18 per cent on average over the past two years across major Indian cities. Average rates now range from ₹7,989 to ₹34,026 per square foot, according to a recent report by PropEquity. Alongside efforts to lower purchase costs, buyers must focus on reducing the cost of financing the home. 

Check credit score  

Before applying, review your credit score. “Home loan rates are linked to credit scores. A higher credit score means you end up getting the best possible rates,” says Adhil Shetty, chief executive officer, Bankb­azaar.com. A score above 750 is considered good. If your score