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Finway Capital is an organisation that motivates people to fulfill their dreams that would be difficult to achieve earlier due to the inaccessibility to right financial consulting and solutions. Finway is expanding its boundaries from Delhi/NCR to top ten cities of the countries, including the four metros and this expansion is due within 2 years. Also, Finway is planning to launch the concept of instant cash loan in Delhi for people who are not that tech-savvy and need offline support.
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Repayinglowinteresthomeloans?Herearesomequicktipstomake things a biteasier Everyone has a lot of dreams when he is five years old or so such as becoming a superman or batman. But as one grows up, the dreams and aspiration change or we can say, become more practicaland realistic.Though dreamsvaryfrompersontoperson,thereis onedreamthat remains constant in everyone’s life—a home of one’s own. Home is where one can turn up to when tired, where he can start his family, and where one can enjoy the bliss of old age after retirement. But, it is a huge task for almost everyone to own his dream house. With thin salary packages and big expenses, it appears almost an impossible job to make one’s dream ofowning a house cometrue. Low interest home loans offered by government or private banks and the non-banking financial companies come totherescueofthefinanciallyweakpeople.Besidesprovidingonewithsome personal comfort zone, purchasing a home is probably the biggest financial investment that someone can make in his lifetime. And, this is the reason why one should really be extra cautious while opting for low interest home loans or repaying them. Repaying home loan through Equated Monthly Installments (EMIs) can be highly taxing for the borrower, no matter how low interest loans one goes for. So, here are a few things and tips that one should focus in ordertominimizetherisks orlosseswhilerepayingthehomeloans. Short loan tenure can be the right choice: The financial advisors often recommend choosing thehomeloansforshorttenureinordertocompletetherepaymentof loans quicker,reducing the total interest costs. It becomes important to note that high interest payout does not mean highly effective interest rate. On the flip side, it’s the absolute interest payout that increases with thetenure. Alwaystrytopaymorethan fixedEMIs:There’snoobligationthatone needsto payonlythe fixed EMIs. If it’s possible, one can also pay more often than the fixed EMIs to reduce the surplusamountbutalsotheburdenofinterest.However,onehastoensurethatwhetherthe banks or NBFCs from which the low interest home loans are availed charge some amount for such payments or not. If those charges are higher, then avoid repaying other than the fixed EMIs. But, if those are lower, there is no harm to repay low interest home loans as per one’s financialstrength. Decide on the EMI amount that is affordable to you: Before one even borrows low interest homeloansorhestartslookingforone,heshould decideontheEMIamount he canaffordto repay.Heshouldnotexpect thelenderstorecommendthemtheEMIssuitableforthem, becauseintheend,it’sonlyhimwhohastomanageEMIs.
