Blog

Feature Image

HOW TO MANAGE YOUR HOME LOAN EMI SMARTLY

Posted on Monday February 25th, 2019

Are you super excited about moving to your dream house and you have taken a Home Loan to make this dream come true? Getting move to your house of dreams is the happiest moment for every individual with a satisfying feeling of lifetime asset. Now if you have taken a home loan then you also need to know how to manage it well. Here, ShubhBank proposing you to help out with some of the smart ways to manage your Home Loan EMIs.

MANAGEMENT OF MONEY: To pay any kind of loan, it becomes important to manage your finances well. Don’t keep messing your finances; get your money management skills in place. You must know where your money is getting invest and how it could benefit you. Save a good deal of amount rather than paying at random places that are not even going to pay you good returns.

OPT FOR A HIGH EMI: You can manage your home loan better by opting a high EMI. It can help you to reduce the loan tenure as a result your total interest to pay off the lender goes down with it and you will feel less financial burden. Paying off your Home Loan as soon as possible can help you to focus on other important things in life.

CALCULATE YOR FIGURES RIGHT: ShubhBank provides you with simple, easy and convenient way to handle your home loan. We know dealing with loan amount, loan tenure and interest rate you can sustain is complex calculation. So we provide you with online EMI calculators to determine what best option for you is and help you planning your loan EMIs and monthly budget accordingly.

SWITCH TO LOWER INTEREST RATE: Be aware of loan market and monitor the trends in rate of interest. Banks generally reduce their rate of interest at different times based on interest rate reset period. If you see a good dip in the interest rate, then switch to a lower interest rate than existing one that will shave a few years off your home loan. This can boost the prospects of home loan switch and ease the cost burden for the borrower.

DON’T MISS A LOAN PAYMENT: If you are in a bad financial situation somehow, you need to find an efficient way to pay your entire loan EMIs on time. The most crucial thing to consider from that is your credit score. Missing a repayment can adversely affect your credit score as the lenders in future will judge you on that part, Credit Score. Planning your monthly budget and other finances is the best way to save enough to make those EMI payments. Keep ensure yourself that not to spend on unnecessary things and save for repayments to have a good credit history to show in future borrowing.

Keeping all these points in mind, it will be like walking in a park by managing your home loan efficiently. It’s all about managing your finances right way. So haven’t you applied for housing loan yet, what are you searching for. ShubhBank can help you to “Get the Best offers on Home Loan“.