Making additional home loan payments might be a wise financial move that will shorten the loan's term and lower your interest costs. However, effectively managing the additional payment process requires having a thorough awareness of how to pay extra EMI for home loan. You might ask your lender to raise your monthly payment to pay additional EMIs for your house loan. Read on to get the tips.
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How to Pay One Extra EMI for Home Loan?
Paying extra EMIs not only alleviates long-term financial burdens but also accelerates the journey to debt-free homeownership. You can make extra EMI payment by following the below tips.
You can use financial windfalls such as bonuses, tax refunds, or maturity proceeds from investments to make lump-sum prepayments. It's most beneficial to make these extra payments during the initial years of the loan when the interest component is higher.
If your income allows, opt to increase your EMI amount by a certain percentage each year. This approach ensures a faster reduction of the principal amount, leading to significant interest savings and a shorter loan duration.
If another lender offers a lower interest rate, consider refinancing your home loan. This can lead to reduced EMIs or a shorter loan tenure. However, factor in processing fees and other charges to ensure that the switch is cost-effective.
Most banks offer online facilities for making extra EMI payments. Log in to your net banking account, navigate to the loan section, and select the prepayment option. Follow the prompts to complete the transaction.
Alternatively, you can visit your bank branch to make extra payments through cheque or demand draft.
You must consider making at least one extra EMI payment annually. I hope you found this helpful.
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Making additional home loan payments might be a wise financial move that will shorten the loan's term and lower your interest costs. However, effectively managing the additional payment process requires having a thorough awareness of how to pay extra EMI for home loan. You might ask your lender to raise your monthly payment to pay additional EMIs for your house loan. Read on to get the tips.
How to Pay One Extra EMI for Home Loan?
Paying extra EMIs not only alleviates long-term financial burdens but also accelerates the journey to debt-free homeownership. You can make extra EMI payment by following the below tips.
You can use financial windfalls such as bonuses, tax refunds, or maturity proceeds from investments to make lump-sum prepayments. It's most beneficial to make these extra payments during the initial years of the loan when the interest component is higher.
If your income allows, opt to increase your EMI amount by a certain percentage each year. This approach ensures a faster reduction of the principal amount, leading to significant interest savings and a shorter loan duration.
If another lender offers a lower interest rate, consider refinancing your home loan. This can lead to reduced EMIs or a shorter loan tenure. However, factor in processing fees and other charges to ensure that the switch is cost-effective.
Most banks offer online facilities for making extra EMI payments. Log in to your net banking account, navigate to the loan section, and select the prepayment option. Follow the prompts to complete the transaction.
Alternatively, you can visit your bank branch to make extra payments through cheque or demand draft.
You must consider making at least one extra EMI payment annually. I hope you found this helpful.
Avail Home Loan via NoBroker at Lowest Rates and with Minimal Documentation.
Read more
Your Feedback Matters! How was this Answer?
Hi.
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I took a home loan from Bajaj Finserv but wasn’t happy with the interest I was paying. So, I asked one of my friends who works in the loan sector about how to reduce home loan interest rate in Bajaj Finserv. He told me about a couple of ways, one of which really helped. One was to prepay the home loan amount, which I did. Let me tell you about both ways below.
How to Reduce Interest Rate on Home Loan Bajaj Finance?
Here are some ways through which you can reduce the interest rate on your home loan:
Partial Prepayment: You can make extra payments above your EMI to lower down the interest rate. The interest rate is inversely proportional to the tenure. If you can prepay the loan amount, the interest rate will come down. This is a suitable option if you have enough funds.
Floating Interest Rate: This is a thing which you can do before you take the home loan. Floating interest rates keep on changing through the course of the home loan period. As compared to fixed interest rates, you can expect the floating rate to be more affordable. However, this is an option with larger risks. So, choose accordingly.
This is all I know about the methods to reduce interest rate on home loan from Bajaj Finance. I hope this helps.
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How to Reduce Home Loan Interest Rate in Bajaj Finserv?
tarikj
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2024-10-31T19:49:48+00:00 2024-10-31T19:49:49+00:00Comment
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