For most people to realize the goal of owning their own home takes a lifetime of savings, or even more than that. The only way for several people to reach the goal of owning a home is to take a home loan. You can get up to 90% of the value of the home you buy in the loan you receive from a lender. If you have a salaried income or have an income from a regular source, lenders will be ready to approve a home loan for you and you can take one quite easily. Nonetheless, if you do end up taking a loan to buy a new home, most of your finances go into repayments of EMIs that are often large amounts (with interest thrown in) as homes are big-ticket items. Furthermore, an upward trend in home loan interest rates may leave you in a financial crisis. However, fear not, there are some pointers to adhere to and these can lead to a reduction in your loan woes. A simple way to reduce the load of a home loan is to avail of a home loan balance transfer, and this is possible through Finserv MARKETS.
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How Do You Reduce a Home Loan Burden?
Here are a few ways that you can get your home loan burden reduced:
- Loan Tenure Extensions – You can opt for a home loan balance transfer and get the tenure of your EMI extended so that the burden on you every month is relieved. You may transfer your balance loan repayments to another lender at a lower rate of interest, for a longer tenure. You may opt for this avenue to lower your loan burden if you are an existing loan customer. The longer tenure will ensure that your EMI amount decreases, and you will also get assured lower home loan balance transfer interest rates.
- Consider a Longer Tenure Initially – When you initially take your loan, it’s a good idea to choose a longer loan repayment tenure. Nonetheless, a longer loan repayment tenure calls for more interest to be paid. Think of prepayment of your loan from time to time, whenever you acquire surplus cash.
- Larger Down Payment – When you start your loan-taking process, think of making a bigger down payment. This ensures you take a lower amount as your loan, and consequently, have lower repayments to make. Just because lenders offer you up to 90% of your property value as loan amounts, there’s no need to take the maximum as you end up having to pay more back.
- Compare Lender Offers – Before you opt for a loan, compare as many lenders as you can, checking offers and tenures, as well as fixed versus floating interest rates. Better than a home loan balance transfer that may not look good on your credit profile as it implies you need relief from a home loan burden, opting for loan offers of which you are capable of making payments easily is the best option.
Take Your Best Home Loan
At Finserv MARKETS, you can take your best home loan, choosing from partner lenders like Bajaj Housing Finance and PNB Housing Finance Limited.