1 / 16

8 Tips to Reduce Interest on Your Home Loan and Save Money

If you are planning to buy your own dream home but you are running short of funds, au00a0home loanu00a0is an ideal solution for you as it not only down the pressure of paying a huge amount in one go but also helps you to manage other expenses. Here, are some tips to get lower interest rates on your home loan.<br>https://www.clix.capital/clixblog/8-tips-to-reduce-interest-on-your-home-loan-and-save-money/

digireenagupta
Download Presentation

8 Tips to Reduce Interest on Your Home Loan and Save Money

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 8Tips rHom

  2. Overview Ifyouareplanningtobuyyourdreamhousebutyouarerunning shortoffunds,ahomeloanisanidealsolutionforyouasitnot onlydecreasesthepressureofpayingahugeamountinonego butalsohelpsyoutomanageotherexpenses.Ahomeloanisa sumtakenfromanyfinancialorganizationlikebanksandNBFCs tobuyahouse.Itisapreferredmodeforbuyingahouseorland forconstructingahouse.Besides,peoplealsoprefertakinghome loansforrenovatingandrepairingtheirexistinghomes. Financialinstitutionsandhomeloanprovidersthatprovidethese loanshavehousingloaneligibilityandneedsecurityfromthe personapplyingforit.Thissecuritycomesinformofthetitledeed ofthepropertytoensureitsauthenticityanddownpaymentto securethecontributionoftheborrower.Thehomeloanprocess canprovetobealittleoverwhelmingifyou’renotawareofthe stages,fromfulfillingthehousingloaneligibilitycriteriatothe disbursal,ifoneisnotwell-awareofthenecessitiesbutoneofthe majorbenefitsisthelowerinterestratesthatitcomeswithas comparedtoanyotherformsofloan.Also,itprovidesanother significantadvantageofclaimingataxdeductiononEMIs.

  3. H,AreSomeTipsToGe LowerInterestRatesOnYo HomeLoan RGIVEMOREVALUE RSOLVEPROBLEM RHELPCUSTOMER Ifyouardentlywanttocallahouseyourownbutareconcernedabo managingyourfinanceswiththeEMIs,thebestwayistofindahom withalowerinterestrate.Here,aresometipstogetlowerinterestr onyourhomeloan: LoanAmount LoanTenure InterestRate ApprovalTime EligibilityCriteria DocumentationRequirements

  4. ChoosingTenureFor aHomeLoan Ifyouapplyforahomeloan,youmustbeawarethattheloan tenureisthedecidingfactorfortheinterestyouneedtopay. Althoughlongertenures(25to30years)willdecreasethemonthly installments,shortertenures(like10to15years)willreducethe overallinterestthatistobepaid.So,makesuretochoosethe tenurecarefullytoavoidhigherinterestpaymentsforyourloan. YoucanusethehomeloanEMIcalculatorforcheckingand comparingtheinterestsandtenure.

  5. GOFORPREPAYMENTS SAVEMONEY Dependingontherates,theinterestrateonloanscaneitherbe floatingorfixed.Lendersdonotchargeprepaymentonfloating-rate loans,soinsuchcasesyoucanmakefrequentprepaymentstimely thiswillreducetheprincipalamount,hencedecreasingthetotal interest,butthisisnotthesameforfixed-rateloans.Insuchscenari thelenderschargeacertainpercentageonprepayments,soyoumust alwaysensuretheprepaymentchargeswiththehomeloanproviders thatyoumayhavetopay

  6. BALANCETRANSFER CANBEONEOFTHE ALTERNATIVES Theconceptofbalancetransfercomesintolightwhentheborrower hasalreadystartedrepaymentsfortheloan.Ifyoucometoknowtha theinterestrateleviedbyyourhomeloanproviderissomewhathigh ascomparedtootherproviders,youcantransfertheexistingloan amounttoanotherbankorproviderwithlowerinterestcharges.Yet, balancetransfershouldbeamongthelastoptionstobeconsidered theborrowerasitcancausehigherpenaltiesinthecaseofdue payments.

  7. INTERESTRATES COMPARISON Itisalwaysadvisedtodosomeresearchonanyloanthatyouare planningtotake.Therearevariousfactorsthatonemustkeepinmin beforefinalizingahomeloan,oneofthembeingtheinterestratesth thelendercharges.Therearemultiplewaystogetabetterpictureo theinterestratesleviedbythelendersalongwithlowerinterestsand otherchargesoptions.So,it’smuchbettertocompareandanalyze differentratesprovidedbyvarioushomeloanprovidersandthenmake thefinaldecision.

  8. ContributeMore Thisisaverysimplewaytoreducetheinterestthatyoupayagainst theloan.Mostpeoplepreferpayingaloweramountasadown paymentinitiallyandletthehomeloanproviderfinancethemajorpa butinsteadofpayingless,itismuchmorereasonabletopayahighe amountasadownpaymentsincethehigheryoupayatthebeginnin thelesseristheloanamount,whichsubsequentlyreducestheoverall interestthatistobepaid.

  9. IMPROVEYOURCREDIT SCOREFORBETTER DEALS Acreditscoreisa3-digitnumberrangingfrom300to900thatshows yourcreditworthinesstothelenders.Itiscalculatedbasedonthe repaymenthistory,loanaccounttypes,lengthoftenureonloan accountsheld,andpaymenthabits.Ifyouhaveascoreofmorethan 750,youcangetbetterandlowerratesontheloan.Itisalsoseentha thehomeloanprovidersprefercustomerswithagoodcreditscoreand ifalltherepaymentsaretimelydone,thechancesforcharginglower interestratesbythelenderincreases.

  10. INCREASINGYOUR Therearemanyhomeloanprovidersthatallowtheborrowersto revisetheinstalmentsyearly.Thisisagoodoptionforthosewhoha beenpromotedandarenowdrawingahighersalaryastheycan choosetopayhigherEMIstoreducethetenure,whichwill substantiallylowertheoverallinteresttobepaid.YoucanusetheE CalculatortocalculateeasymonthlyEMIsforbetterplanningand payments.

  11. EXTRA ItisalwaysbettertopayanextraEMItosaveinterestandrepaythe loanamountfaster.Thisispreferablefortheborrowerswhoreceive annualbonusandisaneffectivetricktoreducetheoutstanding principal.

  12. Areyoulookingforahomeloantoachieveyourdreamofowningyourhouse?ClixCapitalisyourone-stopsolution.WeofferAreyoulookingforahomeloantoachieveyourdreamofowningyourhouse?ClixCapitalisyourone-stopsolution.Weoffer homeloansofupto₹2Crorewithaflexiblerepaymentperiodof25years.Althoughwehavecompetitiveinterestratesonhome loans,youcanusethetipsmentionedabovetogetlowerinterestratesonhomeloans.So,grabthebesthomeloaninterestrates thathelpyougetyourdreamhome.Applynow!

  13. OURVISION Tosummarize,thebesttimetoapplyforahomeloaniswhenyou areearningwellwithminimalfinancialobligations.Takingahome loanattherighttimewillensuretimelypaymentandboostyour creditscore.AtClixCapital,weofferhomeloansofupto₹2 Crorewith25yearsoftherepaymentterm.Availofourhomeloan attherighttimeandbecometheproudownerofyourdreamhome withoutanyfinancialcrunch.

  14. https://www.clix.capi tal/ FOLLOW NSOCIAL MEI MEDIA CallUs: 18002009898 Facebook: fb.com/ClixCapi tal Twitter: www.twitter.com/clixca pital Instagram: www.instagram.com/clixcap ital

  15. CLIX

More Related