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How to save yourself from the burden of Home Loan EMIs?

The best way to lower down the monthly EMIs (Equated Monthly Installment) is that the down payment should be high. <br>Visit: https://financebuddha.com/home-loan

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How to save yourself from the burden of Home Loan EMIs?

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  1. How to save yourself from the burden of Home Loan EMIs?

  2. It is every person’s dream to buy his or her own house. The home loans are being provided by the various banks, non-banking financial services and various financial institutions to support the customers in order to purchase their “Dream Home”. There are variety of banks such as HDFC Bank, AXIS Bank, ICICI Bank, Ratnakar Bank, Kotak Mahindra Bank and various financial institutions such as Bajaj Finance, Edelweiss Home Loan, TATA capital, Cholamandalam Home Loan, Sundaram BNP Paribas Home Finance etc, who are providing the home loan assistance to the customers. The customers are getting the appropriate information from the website, or from the nearest branch of the loan provider or from the phone banking services about the interest rates, repayment schedule, loan amount, tenure of the loan, charges, terms and conditions, processing fees etc.

  3. The customer can provide the documents such as residence proof, identity proof, legal documents, last 3 months salary slips of the current employer, income tax proof, last 6 months bank statement etc to avail the loan. The customer can conduct the online check to see whether he or she falls under the eligibility criteria or not.  If the customer meets the eligibility criteria then there are high chances for the loan amount to get sanctioned. • The loan amount is divided in to the monthly instalments so that the customer can pay off the dues without hampering the financial budget or monthly budget. The EMI is inclusive of the principal amount that is the amount which has been borrowed and interest on the amount for the entire loan duration. Here, we are providing you certain guidelines with the help of which the customer can reduce the burden of Home Loan EMIs.

  4. The best way to lower down the monthly EMIs (Equated Monthly Installment) is that the down payment should be high. When the customer pays off the larger amount with respect to principal amount then the monthly instalment amount automatically gets reduced because the interest rates are always been calculates on the principal amount. Hence, when the principal amount is being reduced the instalment amount automatically gets reduced. So, it is always advisable to pay off the larger amount of down payment, when the client opts for the longer duration loan such as home loan. • Another ideal way to reduce the burden of the home loan is that the customer should opt for the longer duration loan when the loan, such as home loan consisting of the larger amount is being availed. The long tenured loan helps to divide the amount in different months.

  5. The another significant way to reduce the home loan burden is that the customer should always try to go for the pre-payment of the loan. The prepayment of the loan can be found little difficult for the client, however the consistent repayment can help to reduce the monthly instalments as once the prepayment of the loan starts, the interest rates can be reduced. • If the customer is holding a good credit history and good CIBIL score, it is always proven as a beneficial fact for the customer in terms of variety of loans. Also, the banks and financial institutions prefer to provide the loans to the people, who are already client of the bank since a longer tenure and having a good credit history. Hence, if the customer is in good terms with the lender company, the customer can negotiate the interest rates according to the requirement. Also, if customer pays off certain instalments as a prepayment, then the customer, based on the repayment behavior, he or she can request the bank to reduce the loan interest rate, which slowly and steadily reduced the monthly & overall loan amount. However, if the customer does not hold a good credit history, then there are high chances for the loan to get rejected by the lender.

  6. The other important and advantageous option is to transfer the loan to a different lender. If the other lender who is offering you the loan on better and more affordable rates and with the good terms and conditions, the customer can change the lender. But, at the same time, the customer should carefully assess all the criteria offered by the new lender. Also, the customer can compare the new and old lender terms and conditions, loan amount, cost and benefit analysis to ensure that opting for the new lender will bring more gain and savings to the kitty of the client. We, at Finance Buddha, believe in providing the profound information and best deal to the customers. check the eligibility criteriafor the home loan and apply NOW.

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