New Delhi, June 9 -- Even a small reduction in your home loan interest rate can translate into substantial savings over the loan tenure. Here are several ways to bring down your borrowing costs-from maintaining a strong credit score and choosing the right lender to opting for a suitable loan structure. Here's a look at some effective strategies to secure a lower home loan interest rate.

On Friday, The Reserve Bank of India (RBI) kept its benchmark repo rate unchanged at 5.25 per cent, and announced a raft of measures to attract foreign capital and support the rupee.

Real estate industry bodies CREDAI and NAREDCO hailed the decision saying a stable interest rate regime would help sustain housing demand.

CREDAI President Shekhar G Patel ...