How to Repay your home loan faster

Buying a home is a dream for many of us, but due to the high prices, only a few can afford to pay such a whopping amount. In such situations, buyers turn to banks for home loans. However, opting for a house loan is not that easy as the EMIs last for at least a decade and add to the burden for a majority.  But, don’t worry, we have listed a few tips that can help you to repay your home loan faster. You can opt for a higher EMI. It will help to reduce the loan tenure which means that the total interest that you’re supposed to pay to the lender also goes down. Further, home loan buyers also have the option to prepay the entire or part of the outstanding loan amount. Windfalls like bonus or maturity proceeds from insurance policies should be used to prepay a part of the home loan from time to time.

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Next option is that you can opt for a balance transfer. Under this option, you can transfer the entire outstanding loan amount to another lender at a lower rate of interest and other better terms and conditions. Lastly, you also have the option to maximize the down payment. Making a higher down payment when obtaining a home loan can reduce the principal amount. A lower principal amount means lower interest and EMI payments. So, in case you are struggling with debt-burden, take into account the above-mentioned steps to reduce your home loan interest rate burden. Also, don’t miss your EMI payments as it can severely affect your credit score.

 

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How to take a home loan from HDFC

HDFC is the largest housing finance company in the country offering home loans at all customer segments across income, geography and property type. It offers loans to borrowers to buy, construct or renovate a house at attractive interest rates. You can easily apply for the home loan by visiting the bank’s branch or through various online aggregators. The steps involved in both the processes are almost the same. But, in the case of online aggregators, you can compare various loan products and offers, and choose the one meeting all your requirements. The loan representative will guide you through the entire loan process. To apply for a home loan, visit the bank’s branch or online loans marketplace.

Fill in the application form containing your personal and employment details. Submit the documents. Post this, the HDFC’s representative will call you for the verification of documents. Then you will receive a sanction letter from HDFC mentioning the details of the loan. The sanctioned amount will be credited to your bank account. Once done, you need to hand over the original property documents to the bank. In case of the offline process, you need to visit the nearest bank’s branch. The HDFC’s representative will help you out to fill the home loan application and you will be required to submit important documents to complete the loan process.

Hence, availing a housing loan from HDFC has become easy due to online processes. You can sit back at home and apply for the loan without any hassle.

Profits of Getting Home Loan From MyLoanCare

Everyone dreams of purchasing their own house. With the ever-increasing property prices, people find it difficult to fulfill their dream. If you too have a dream of buying your own house and you don’t have the required funds, then you can avail a home loan. Taking a Low interest home loan has become easy with numerous banks and NBFCs offering home loan at affordable rates.

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You can apply for a home loan offline as well as online through MyLoanCare. Benefits of applying for a home loan through MyLoanCare are as follows: Different lenders charge a different interest rate. You can compare the interest rate of different lenders by visiting MyLoanCare website. If you are applying for a home loan online through MyLoanCare, then you don’t need to visit the bank and you can apply for it by sitting at home. MyLoanCare has various online tools like eligibility and EMI calculator, these tools are absolutely free. You can use them to check your loan amount eligibility and affordability i.e. whether the EMIs are pocket-friendly or not. When you apply for a home loan through MyLoanCare then a loan officer contacts you to explain the process and offers as per your eligibility.

Loan officer coordinates with you and partner banks throughout the loan process to ensure quick approval of your loan application. If you apply through MyLoanCare then you get attractive cashback also. MyLoanCare has a mobile app too, you can use it to apply for loans and cards, track loan status and apply for cashback, etc. So, keeping in mind the myriad of benefits discussed above, apply for a home loan through MyLoanCare.

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